Office market well positioned to weather COVID-19 pandemic

  • In the wake of strict work-from-home guidelines related to the coronavirus pandemic, the Reno office market posted 22,505 sq. ft. of negative net absorption in Q2 2020. As a result, the market wide vacancy rate increased to 8.8% by the end of the quarter. Average asking lease rates declined from the start of 2020 from $1.85 per sq. ft. to $1.81 per sq. ft. in Q2 2020.