News and Updates on Reno Commercial Offices
When entering into Reno, you will come across a huge sign that says âThe Biggest Little City in the Worldâ. Indeed for a city of its size, it is a very busy place. This is because of their gaming industry it is famous for and the birthplace of the well known Harrah Entertainment Corporation. The city of Reno NV, is the fourth most populated city in the state of Nevada with an estimated population of 217, 091 people. It has a fairly high average growth rate of about 16.6 percent. Reno is a desert city set in the foothills of the Sierras. Before the conception of Las Vegas, Reno was the gambling city of the United States.Â As the city grew though, leasing a Reno office space has become more common for local companies (cpas, lawyers, medical offices, etc.). However, the gaming industry is still a flourishing industry in this city, gathering tourists there in droves from major cities nearby.Â Sparks, Fernley, and the downtown area are other hot spots for businesses to open a location.
Commercial Development / Vacancy Rate In Reno:
New office space and commercial real estate developments in the Reno area have been consistently expanding in the city to help balance the gaming industry – with examples like The Summit and the Legends at Sparks Marina.Â Some large corporations have also set up offices here such as the PC-Doctor, Bally Technologies and Braeburn Capital.Â Reno experienced itâs worst ever office space vacancy rate this year with an alarming 21% vacancy rate (this includes serviced units, business park listings, private offices, shared and conference rooms, etc.). South Meadows, south of the downtown district was hit the hardest with a rate of 32%. Realtors believe that it will take three to fours years for Reno Nevada to come out this downslide, even though the rest of the nation is showing some improvement in certain areas – to read more on other commercial markets read our office space articles. It is worthwhile to mention here that crime rates in the city are still at a manageable rate of 53 crimes per one thousand residents; violent and property crimes combined.Â Â Like the rest of the country, office space prices and rental rates have plummeted, in some areas and commercial buildings they have seen rates drop by up to 40%.Â Of course there are a lot of factors to consider like location, amenities (internet, parking, access, admin, etc.), and lease terms – the longer lease you sign the better deal you will get (6, 12 or 24 months).
Reno Local Economy and Commercial Tourism:
With tourism being its main source of income, Reno city officials have put in a lot of effort to make the city of Reno more diverse with many choice hotels and facilities catering to the visitorsâ needs (as Lake Tahoe is only 1 hour away). Large hotel casinos like the Atlantis and Grand Sierra Resort serve as a one stop center where you can find everything under roof (some even offer executive suites for rent, larger conference rooms for company meetings, and full admin support with internet, voice mails, etc.). The Peppermill was actually voted the best hotel casino in the state by gaming magazine readers. There are many annual events that take place here which attract a huge crowd to its city. Some of these are the classic car convention, Hot August Nights, and a motorcycle fan gathering and rally called the Street Vibrations. The Great Reno Balloon Race is held here every year and a lot of people come from all over the United States to watch and enjoy these events. Reno is famous for being used as movie sets made to look like Las Vegas.Â For more history and facts about Reno use wikipedia.Â Downtown Reno is being turned into an upscale living area with many condominiums coming up. Developers have restyled old buildings into upscale buildings that have increased their value tremendously. The Residences at Riverwalk Towers is one such place.Â Overall Reno is a growing city with a demand for office spaces to rent, as the local economy tries to survive the nationwide recession. The nightlife in Reno is vibrant with bars and nightclubs that offer entertainment needs.
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