Reno Office Figures Q3 2026

In Q3 2026, market conditions remained broadly stable, with modest demand and a steady vacancy rate. Net absorption totaled approximately 21,000 sq. ft., improving on the small negative totals posted in the first half of 2026. Vacancy held at 9.5%, unchanged from Q2 2026, while availability edged down quarter-over-quarter from 13.6% to 13.1%. Leasing activity remained solid in Q3 2026 at 140,000 sq. ft., compared to the 60,000 sq. ft. completed in Q1 2026 and the 140,000 sq. ft. recorded in Q2 2026. While there were no deliveries and no space under construction, average asking rents eased from $2.32 per sq. ft. in Q2 2026 to $2.31 per sq. ft. in Q3 2026 but remained elevated relative to prior years.

From Q3 2021 through Q3 2026, the market transitioned from soft demand and rising vacancy to a tighter environment. In Q3 2021, net absorption totaled negative 25,000 sq. ft. and vacancy were 10.7%, and intermittent negative absorption through 2022 and 2023 occurred during a period when vacancy rose to 12.8% by Q4 2023 and availability reached 16.5%. Leasing volumes followed a similar arc, modest in 2022, stronger in 2023, peaking at 190,000 sq. ft. in Q2 2024 and fluctuating between 60,000 sq. ft. and 160,000 sq. ft. from 2025 through Q3 2026. In Q3 2021 asking rates were $1.85 per sq. ft. and steadily rose to $2.16 per sq. ft. in Q4 2025 and then reached the current $2.31 per sq. ft. in Q3 2026.