Average Industrial Lease Size Shrinks in Reno

Reno's industrial sector enjoys the best fundamentals in the market. The market vacancy rate rests just above 3%, and net absorption — measuring the difference between move-ins versus move-outs — has averaged 4.8 million square feet annually over the past three years, having already reached 2.2 million square feet in 2023. Demand has been strong and the 11.2 million square feet of new inventory coming to the market over the past three years has done little to add significant availability to the market.