Retail summary: 4th quarter 2015

Retail summary: 4th quarter 2015

Provided by Gary Tremaine of Dickson Commercial Group As 2015 came to a close, the Reno/Sparks retail market continued to improve from the previous quarters. Lease rates have improved from 2014 and we are seeing interest from national tenants again; along with local tenants expanding their businesses. UFC Gym, Dunkin Donuts, Nutrishops, Grateful Gardens, Full Pedal Indoor Cycling, Jimmy Johns and others are all looking to open new stores in the area. Larger, new leases signed such as Petco, Sleep Number Mattress, and Chick-Fil-A shows a national interest in the Reno/Sparks market. Investors are also showing confidence as there were also some notable sales of retail properties this year:Southwest Pavilion, Smithridge Center, CrossRoads Shopping Center, and SouthCreek. The market saw an overall vacancy of 10.9 percent. The general freestanding vacancy was 7.9 percent, the shopping center vacancy 13.1 percent and the power center vacancy is 17.2 percent. Lease rates were between $1.35 to $3.00 NNN. Reno/Sparks will be seeing a steady growth in retail. Expect to see new development starting and, in the case of Legends at Sparks Marina, a continuation of the exterior pads developed. While major franchises are moving into the area, the market for big box stores is notably not a major interest generator. The interest of retailers in the area will continue to grow. With housing sales up and good retail locations still available, 2016 should show signs of improvement in the Reno/Sparks market. Rates will increase this year and vacancy will continue to go down throughout next year. View the original Nevada Business Magazine here]]>

Leave a Reply