What’s Going On With Commercial Real Estate in Northern Nevada?

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What’s Going On With Commercial Real Estate in Northern Nevada?

March Blog 2022

We’ve been hearing all about the dwindling workforce, the continued popularity of remote work, and the explosive growth of e-commerce and online shopping in the news. But what does it all mean for the world of commercial real estate?

As a matter of fact, commercial real estate here in Northern Nevada is booming.

“Much like houses, when a property does come on, whether its office, retail, industrial, etc., it generally is not lasting long,” says Louie Damonte, realtor at YaYa Group, “Many sectors, especially industrial, are still seeing red hot lease rates and listing prices.”

Although more and more people are returning to shopping and dining in-person, online shopping boomed in the early days of the Covid-19 pandemic, and warehouse space remains in high demand. In fact, retail and e-commerce fulfillment organizations account for 40% of industrial leases.

Damonte also attributes the strong commercial real estate market in part to workers returning to the office after working remotely throughout much of the past two years.

“The office market has definitely stabilized,” Damonte says. “Retail is doing well too, but is seeing challenges in staffing, post-pandemic.”

Staffing challenges are not unique to Reno – with 10 million unfilled jobs nationwide and only 8.4 million people seeking employment, few industries are immune to the challenges of hiring in a competitive market.

Still, industrial real estate continues to be a strong investment, and here in Reno, we’re seeing companies like Panattoni building and developing all over the North Valleys. The

Tahoe Reno Industrial Center (TRIC) is also seeing expansion and development in the current market.

The Village at Rancharrah, is a prime example of strong retail development here in Northern Nevada. Since opening in 2021, the shopping center has become home to dozens of shops, bars, and restaurants, and drawn in some longtime Reno favorites, such as Perenn Bakery and Dorinda’s Chocolates.

Bottom line: despite – and perhaps even because of – our evolving economy, commercial real estate remains in high demand, and remains a strong investment.

Looking to make your own investment in commercial real estate? Browse our available listings, or contact us at yayarealty.com/ to get started.

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