Retail Sales and Leasing Report – 2nd quarter 2015

Retail Sales and Leasing Report – 2nd quarter 2015

Overview The Reno/Sparks 2nd quarter retail market continued to improve slowly. Vacancy rates have stayed much the same from the 1st quarter of 2015. The more notable completed leases in the 2nd quarter are Legends at Sparks, which signed leases with Oakley Vault, and the openings of Uniforms Factory and Jimmy John’s. Metro PCS, a cell phone store, opened another store on Oddie Blvd. Finally, Chase International signed a lease for 5,300 sq. ft., at D ‘Andrea Marketplace and Jersey Mike’s 1,400 sq. ft., at Redfield Promenade. Northern Nevada continues to improve in the retail market but further recovery is anticipated. Current Market Statistics Overall vacancy : 12% Shopping Center vacancy: 14.54% Power Center vacancy: 18.02% General Retail (freestanding) vacancy: 8.44% Lease rates: $1.10-$2.50 NNN Outlook Northern Nevada will still show signs of improvement, although at a slow pace. We will continue to see national and regional retailers show some interest in the area. The 3rd quarter looks like it is off to a good start with a few good tenants negotiating Leases at this time. Stay tuned! The DCG Retail team predicts that the interest of retailers in the area to continue. With housing sales improving in the area and good retail locations still available, the 3rd quarter of the year still should show signs of improvement in the Reno/Sparks. Rates will stay the same for 2015 and vacancy will continue to stay the same through next year.]]>

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