After two consecutive quarters of economic downturn brought on by the COVID-19 pandemic, Reno is beginning to see light at the end of the tunnel. The Reno office market closes out the year with 41,427 sq. ft. of positive net absorption in Q4 2020. As a result, vacancy rates decreased slightly falling from 11% to 10.7%, a decrease in 30 basis points (bps) quarter-over-quarter. Average asking lease rates in the market increased $0.05 from $1.80 to $1.85 in Q4 2020. While Reno is still stabilizing from the initial economic shock, these key indicators suggest the market is on track to recovery.