Greetings, I have 7500 sf of office space listed for lease at 50 Washington Street – the same building that is home to The Glenn Group. According to an article today in the RGJ Business Section, The Glenn Group recently was awarded the title of Reno’s Healthiest Place to Work at the Reno Chamber [...]
Post Tagged with: "Reno Commercial Real Estate"
Does it Make Sense to Own vs. Rent A Commercial Building?
Greetings, I recently spoke with Adrien Burney of Nevada State Development Corporation, an originator of SBA loans. She informed me the interest rates for the SBA portion of the SBA 504 loan was now down to 4.70%! An SBA 504 loan program involves two loans combined as a 1st and a 2nd mortgage. The 1st [...]
Green Commercial Office Leases
Greetings, Due to the slow economy and lack of new commercial construction, emphasis on green building practices has dwindled, at least temporarily. However, there is still some interest in green leases. Tenants and landlords sometimes share an interest in making their spaces conform to green, environmentally responsible standards. Here is a link to the article [...]
We just closed A Large Sparks Apartment Complex
Greetings, My partner, John Pinjuv, and I recently closed escrow on a 240 unit apartment complex in Sparks, NV. The property is called The Waterford. It is located right behind Western Village and backs up to the Sparks Marina. The sale price was $13.6 million, and the Cap Rate was 8.5%. The property was constructed [...]
Looking for a Commercial Lease
A friend of mine who owns an insurance business recently called me because her commercial lease is up the end of this year and she wants to start looking for new space. Her space needs put her in the 4500-5000 sf range. She was pleasantly surprised at the cheap lease rates that exist in South [...]
Reno Commercial Office Forecast
Greetings, I recently attended a CCIM (Certified Commercial Investment Member) economic forecast. I selected the office portion of the forecast, and the prognosis is pretty much more of the same for 2011. Read on and contact me if you have any questions! Have a good weekend. OVERVIEW: We heard it again last week from a [...]
How Does Shadow Space Affect the Reno Office Leasing Market?
Shadow office space is defined as office space where the tenant has shut down their operations but still have several years left on the lease. The tenant typically vacated the space during the recession and is continuing to pay the high rent rate that existed when the lease was originated several years previous. In order [...]
Manufacturing and Non-manufacturing Indexes – Both Up!
Greetings, According to Robert Bach, Chief Economist for Grubb & Ellis Company, the Institute for Supply Management (ISM) maintains two economic indexes. One measures manufacturing activity and the other measures non-manufacturing activity in the service sectors. The manufacturing sector index posted a 60.8 in January 2011, which is very positive, as it is the highest [...]
Few Multifamily Commercial Sales in Reno in 2010
In 2010, there were only 4 sales of multifamily properties with more than 10 units. The highest price was $1,550,000 for a 118 unit senior living facility on Beech Street, Reno. The price/unit was a paltry $13,136. The lowest price was $605,000 for a 32 unit property on Tripp Street, Reno. The price/unit here was [...]
Year End U.S. Office Market – How it Compares to Reno
The U.S. office market ended the year 2010, slightly better than 2009. While overall economic optimism continued to grow through the 4th quarter, that did not translate to increased demand for office space. The U.S. vacancy rate ended the 4th quarter at 17.7%, just 20 basis points below the 4th quarter of 2009. This snails [...]
