The Reno office market in 1Q 2026 shows modest improvement in vacancy alongside steady asking rents, while construction activity remains limited and sales pricing softens. Net absorption returned to positive territory after a weak prior quarter, though activity remains below year-ago levels. Explore our full Reno office market review for deeper insights into leasing, construction, and investment trends.
1Q 2026 Reno Office Market: Key Data Points
- Vacancy Rate Improves: Reno’s office vacancy declined to 7.3%, down from 7.7% YOY (–40 bps).
- Asking Rents Edge Up: Average asking rents rose to $2.09/SF/Mo, a 1.5% year-over-year increase.
- Construction Pipeline Stable: 215,054 SF remained under construction, down 2.8% YOY.
- Sales Prices Decline: The average sales price fell to $229/SF, an 11.9% YOY decrease.
- Net Absorption Positive but Lower YOY: Total net absorption reached 35,700 SF, a 32.3% YOY decline.
- No New Deliveries: 0 SF delivered in 1Q 2026, following 143,149 SF delivered in 1Q 2025.
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