The Reno office market in Q3 2025 continued its steady recovery, with vacancy rates declining and asking rents rising. Net absorption remained positive, while construction activity slowed and sale prices surged. Explore our full Reno office market review for in-depth analysis and trends.
3Q 2025 Reno Office Market: Key Data Points
- Vacancy Rate Declines: Reno’s office vacancy rate fell to 7.1%, down 120 bps year-over-year.
- Asking Rents Rise Sharply: Average asking rent increased 11.4% YOY to $25.15 PSF.
- Net Absorption Remains Positive: Q3 posted 82K SF of net absorption, with 232K SF YTD—up 118% YOY.
- Construction Pipeline Contracts: Space under construction dropped 36.9% YOY to 229K SF.
- Sales Prices Surge: Average sale price per SF rose 47.6% YOY to $274.78.
- Cap Rates Increase: Cap rates climbed 60 bps YOY to 7.5%, reflecting shifting investor sentiment.
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