Miller Industrial Properties released its
industrial real estate performance report for the last quarter of 2018, and it provides an illuminating round up of significant transactions and general market activity here in northern Nevada. The big takeaway? Possible glimmers of a market shift in the works.
From the report:
“Over the past three years, the Reno-Sparks industrial real estate market in Nevada has posted significant vacancy drops for 2016 and 2017. However, in Q4 2018 the vacancy actually jumped up by a significant 27%. Our reports commonly caution not to read too much into quarterly vacancy variations, but an annual variation of over 25% from the years prior might be something worth noting. When you factor in the amount of new construction planned, you have two of the three required factors to create a slightly overbuilt situation. The third factor is decreased demand and the fourth quarter of 2018 did indeed see low absorption. Time will tell if this is a developing pattern or just an anomaly.”
This issue of the Market Advisor goes into comprehensive detail about Q4 2018, covering lease rates, a vacancy analysis, gross and net absorption, market velocity, and forecasting for spring 2019. This is valuable information for anyone involved or considering becoming involved in northern Nevada’s industrial real estate market, and it’s available at no cost. Download your free copy of the fourth quarter 2018 Market Advisor now.