Commercial Come Back

Commercial Come Back

by Fred Myer

We are very excited to be a part of the commercial real estate industry in Reno NV. Commercial properties in Northern Nevada are turning a big corner and we are starting to see "The whole perception of investing in Reno change" according to many in the business, including myself. I started to feel it percolate even before the big announcements like Tesla and Switch ect., I noticed restaurants and bars being quickly leased up, which is indicative of the confidence that has been brought by these large national players moving into our market place. It's a whole new ball game here in Northern Nevada and it is very apparent to us in the industry. Most prevalent and noticeable is that our phone here at Myer Realty is ringing a lot more often than it use to, with many of those calls being investor/commercial and Industrial types of clients, and many from out of state.

The commercial retail sector has seen a dramatic change in vacancy, rates have dropped over 5% from it's high of 17.3% just a few short months ago. The Industrial/distribution market has preformed very well with close to 6% vacancy rate. Office space as always is a late bloomer, it was hit the hardest in the down turn and we were seeing lots of vacancy, this sector is typically the last to bounce back after such a sharp down turn in the market. And even here we are seeing some bright spots, especially in the South Reno area, with a vacancy factor close to 12% as opposed to the low of around 15%. The moral of this story is, our commercial market place here in Northern Nevada is roaring back with the new employment to support and sustain the growth.

Fred Myer

Myer Realty

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