The following reflects Reno office market conditions as of Q3 2026.
The Reno office market in Q3 2026 experienced year-over-year decreases in vacancy, unemployment, rental rates, and construction deliveries. Explore our full Reno office market report for deeper insights into leasing trends, sale activity, and under-construction projects.
Frequently Asked Questions
What is the Reno office vacancy rate in Q3 2026?
The Reno office vacancy rate was 6.8% in Q3 2026, according to Kidder Mathews research. That is down from 7.2% in Q2 2026 and 7.3% in Q3 2025, a year-over-year decline of 50 basis points. (Data source: CoStar)
How much office space is under construction in Reno in Q3 2026?
Reno had 205,069 square feet of office space under construction in Q3 2026, according to Kidder Mathews research. That compares with 219,051 square feet in Q2 2026 and 211,251 square feet in Q3 2025, a year-over-year decrease of 2.9%.
What are average asking office rents in Reno in Q3 2026?
Average asking office rents in Reno were $2.11 per square foot per month in Q3 2026, according to Kidder Mathews research. Rents were unchanged from $2.11 in Q2 2026 and compare with $2.12 in Q3 2025, a year-over-year decline of 0.3%. (Data source: CoStar)
What was Reno office net absorption in Q3 2026?
Reno office total net absorption was 111,137 square feet in Q3 2026, according to Kidder Mathews research. Net absorption measures the change in occupied space over a period, so a positive figure means more space was taken up than given back. Year to date through Q3 2026, net absorption totaled 153,089 square feet, down 46.2% from 284,366 square feet in the same period of 2025.
How much new office space was delivered in Reno in Q3 2026?
Reno delivered 20,000 square feet of new office construction in Q3 2026, according to Kidder Mathews research. That same 20,000 square feet is the 2026 year-to-date total, compared with 286,261 square feet delivered in the same period of 2025, a decrease of 93.0%.
What are office cap rates in Reno in Q3 2026?
The average Reno office cap rate was 6.5% in Q3 2026, according to Kidder Mathews research. That is up from 6.3% in Q2 2026 and 100 basis points lower than the 7.5% recorded in Q3 2025. (Data source: CoStar)
What is the average office sales price per square foot in Reno in Q3 2026?
The average Reno office sales price was $140.54 per square foot in Q3 2026, according to Kidder Mathews research. That is down from $350.71 in Q2 2026 and $265.59 in Q3 2025, a year-over-year decrease of 47.1%. (Data source: CoStar)
What was the largest office sale in Reno in Q3 2026?
The largest significant office sale in Reno in Q3 2026 was 2597 Mill St in the Sparks submarket, which sold for $6,995,000, or $72 per square foot, according to Kidder Mathews research. Maple Oak, LLC purchased the 97,000-square-foot property from the Regional Transportation Commission of Washoe. The highest price per square foot among the quarter’s significant sales was 5510 Longley Ln in Meadowood, which sold for $3,960,000 ($350 per square foot) to Inductive Innovation, LLC.
What were the largest office lease transactions in Reno in Q3 2026?
The largest significant office lease in Reno in Q3 2026 was 14,500 square feet at 6140 Plumas St in the Meadowood submarket, signed in August 2026, according to Kidder Mathews research. Ormat Technologies was the landlord and the tenant was undisclosed. Other significant leases included 5,000 square feet at 995-1007 Greg St in Sparks to Nwestco, LLC and 3,500 square feet at 5190 Neil Rd in Meadowood to Legacy Sports International, both signed in July 2026.
What office projects are under construction in Reno in Q3 2026?
The largest office project under construction in Reno in Q3 2026 is Reno City Center at 219 N Center St in the Downtown submarket, totaling 191,251 square feet and owned by CAI Investments, LLC, with delivery scheduled for Q4 2026, according to Kidder Mathews research. Two smaller projects are also underway: 5450 Longley Ln in Meadowood (7,800 square feet, delivering Q2 2027) and 4824 Sparks Blvd in Sparks (6,018 square feet, delivering Q2 2027).
How is the Reno office market trending year over year as of Q3 2026?
As of Q3 2026, Reno office vacancy, unemployment, rental rates, and construction deliveries all moved lower year over year, according to Kidder Mathews research. Vacancy fell 50 basis points to 6.8%, average asking rents slipped 0.3% to $2.11 per square foot per month, and construction deliveries declined 93.0%. Year-to-date total net absorption remained positive at 153,089 square feet, though 46.2% below the same period of 2025. (Data source: CoStar)
Last updated: Q3 2026. Data source: CoStar. Compiled by the Kidder Mathews Research Group.
Q3 2026 Reno Office Market: Key Data Points
Explore our full Reno office market review for deeper insights into leasing trends, sale activity, and submarket performance.
- Vacancy Rate: Reno office vacancy was 6.8% in Q3 2026, down from 7.2% in Q2 2026 and 7.3% in Q3 2025 (-50 bps year over year).
- Net Absorption: Total net absorption was 111,137 SF in Q3 2026 and 153,089 SF year to date, 46.2% below the 284,366 SF recorded in the same period of 2025.
- Asking Rents: Average asking rents held at $2.11 per SF per month, unchanged from Q2 2026 and down 0.3% from $2.12 in Q3 2025.
- Under Construction: 205,069 SF was under construction, led by the 191,251-SF Reno City Center in Downtown, scheduled for delivery in 4Q 2026.
- Construction Deliveries: Deliveries totaled 20,000 SF year to date, down 93.0% from 286,261 SF in the same period of 2025.
- Cap Rates and Pricing: The average cap rate was 6.5%, down 100 bps year over year, while the average sales price was $140.54 per SF, down 47.1% from $265.59 in Q3 2025.
- Largest Sale: 2597 Mill St in Sparks (97,000 SF) sold for $6,995,000, or $72 per SF, to Maple Oak, LLC.
Market Breakdown Q3 2026
| Metric | 3Q26 | 2Q26 | 3Q25 | YOY Change |
|---|---|---|---|---|
| Under Construction (SF) | 205,069 | 219,051 | 211,251 | -2.9% |
| Vacancy Rate | 6.8% | 7.2% | 7.3% | -50 bps |
| Average Asking Rents/SF/Mo | $2.11 | $2.11 | $2.12 | -0.3% |
| Average Sales Price/SF | $140.54 | $350.71 | $265.59 | -47.1% |
| Cap Rates | 6.5% | 6.3% | 7.5% | -100 bps |
Market Breakdown Year to Date
| Metric | 3Q26 | 2026 YTD | 2025 YTD | YOY Change |
|---|---|---|---|---|
| Construction Deliveries (SF) | 20,000 | 20,000 | 286,261 | -93.0% |
| Total Net Absorption (SF) | 111,137 | 153,089 | 284,366 | -46.2% |
Significant Sale Transactions Q3 2026
| Property | Submarket | SF | Sale Price | $/SF | Buyer | Seller |
|---|---|---|---|---|---|---|
| 2597 Mill St | Sparks | 97,000 | $6,995,000 | $72 | Maple Oak, LLC | Regional Transportation Commission of Washoe |
| 5510 Longley Ln | Meadowood | 11,320 | $3,960,000 | $350 | Inductive Innovation, LLC | Brent & Jennifer Farr |
| 3189 Mill St | Central/Airport | 12,691 | $3,195,000 | $252 | 3189 Mill Street Investments, LLC | Beck, LLC |
Significant Lease Transactions Q3 2026
| Property | Submarket | SF | Transaction Date | Landlord | Tenant |
|---|---|---|---|---|---|
| 6140 Plumas St | Meadowood | 14,500 | August 2026 | Ormat Technologies | Undisclosed |
| 995-1007 Greg St | Sparks | 5,000 | July 2026 | Gopal Aggarwal | Nwestco, LLC |
| 5190 Neil Rd | Meadowood | 3,500 | July 2026 | Lansing Companies | Legacy Sports International |
Significant Under Construction
| Property | Address | Submarket | SF | Owner | Delivery Date |
|---|---|---|---|---|---|
| Reno City Center | 219 N Center St | Downtown | 191,251 | CAI Investments, LLC | 4Q 2026 |
| 5450 Longley Ln | 5450 Longley Ln | Meadowood | 7,800 | Dennis Banks Construction | 2Q 2027 |
| 4824 Sparks Blvd | 4824 Sparks Blvd | Sparks | 6,018 | VPC Investors, LLC | 2Q 2027 |
Data as of Q3 2026. Source: CoStar. Prepared by the Kidder Mathews Research Group.
ContactGARY BARAGONA |
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