Reno Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $25.82 2023 Avg. Asking Rent
  • 2.05% Y-o-Y Avg. Asking Rent Change
  • 15.43% 2023 Office Vacancy Rate
  • $47.4M2023 Total Office Sales
  • $228.99Avg. Sale Price/SF

Reno office price per square foot in 2023 was $25.82 on average. This marked a +2.05% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.43% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $47.4M. Reno office space commanded an average sale price per square foot of $228.99.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Reno Class A & A+ Office Space$26.37
  • Reno Class B Office Space$25.10
  • Nevada Class A & A+ Office Space$33.97
  • Nevada Class B Office Space$24.97
  • Nevada Class C Office Space$29.75

Reno, NV Office Asking Rents by Class

2023 Office Vacancy Rates in Reno

Submarket Asking Rents Vacancy Rates
Reno - South Central $27.18 15.75%
Reno - South $24.71 19.24%
Reno - Airport $17.96 16.32%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Reno market was 15.43% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Reno was 15.75% in the Reno - South Central submarket, while the highest office vacancy in the market was 19.24%, recorded in Reno - South.

Reno Office Sale Price per SF

  • $228.992023 Avg. Price per SF
  • 15.15%Y-o-Y Avg. PpSF Change
  • $47.4M2023 Office Sales Volume
  • 52023 Number of Transactions

Reno, NV Sale Price per SF Trend

  • Reno Avg. Sale Price per SF in 2023$228.99
  • Nevada Avg. Sale Price per SF in 2023$202.77
Reno office space cost in 2023 marked a +15.15% change compared to the previous year. The sale price for office space in Reno averaged $228.99 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Nevada average office sale price during the same time period was $202.77 per square foot.

2023 Office Sales Volume

  • Reno, NV Total Office Sales Volume in 2023 $47.4M
  • Reno, NV Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Reno office market in 2023, adding up to a yearly sales volume of $47.4M. Notably, the largest transaction on the market saw 1195 Corporate Blvd change hands for $13,100,000 on 11/20/2023.
Data provided by Commercial Edge

Coworking Spaces in Nevada

2023 Office Construction in Reno, NV

  • Reno, NV Total SF under construction in 2024 236,483
Largest Office Properties Recently Completed in Reno
Office building Address SF Completed
3700 Barron Way 3700 Barron Way, 89511 12,815 2008
835 Maestro Dr 835 Maestro Dr, 89511 6,063 2008
835 Maestro Dr 835 Maestro Dr, 89511 6,063 2008
10765 Double R Blvd Suite 200 10765 Double R Blvd Ste 200, 89521 15,542 2007
7520 Longley Lane Suite 101 7520 Longley Ln, 89511 7,968 2007
132 East 2nd Street 132 E 2nd St, 89501 3,312 2006
5414 Longley Lane Suite A 5414 Longley Ln, 89511 3,010 2006
1130 Selmi Dr 1130 Selmi Dr, 89512 1,296 2006
Reno Tahoe Tech Center - 10615 Professional Circle 10615 Professional Circle, 89521 46,810 2005
Quail North West 1675 Robb Dr, 89523 9,600 2005

Worth noting among recent office completions on the Reno market is 3700 Barron Way, which is currently the largest new office development in the city, at 12,815 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Reno commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.