The Reno office market in Q4 2025 saw vacancy rates remain relatively stable while asking rents continued to rise. Construction activity slowed significantly, and net absorption turned negative, reflecting softer demand. Explore the full Reno office market report for detailed trends and submarket performance.
4Q 2025 Reno Office Market: Key Data Points
- Vacancy Rate Holds Steady: RVacancy registered at 7.3%, down 20 basis points year-over-year.
- Asking Rents Increase: Average asking rent climbed to $25.05/SF, a 6.0% year-over-year gain.
- Construction Pipeline Shrinks: Space under construction totaled 229,804 SF, down 36.9% from 2024.
- Sales Prices Decline: Average sales price fell to $200.76/SF, a 7.0% decrease year-over-year.
- Cap Rates Rise: Cap rates increased to 6.5%, up 100 basis points year-over-year.
- Net Absorption Negative: Q4 absorption was -58,377 SF, with 2025 absorption down 35.4% year-over-year.
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