Office construction deliveries in Reno have plummeted year-over-year by 93% in Q3 2026.
Kidder Mathews recently released its Q3 2026 Reno Office Market Report. The amount of space under construction declined both quarter-over-quarter and YoY. Q3 2026 had 205.1KSF of space under construction; Q2 2026 had 219.1KSF, and the Q3 2025 pipeline had 211.3KSF. This reflects a YoY change of -0.29%.
Vacancy rates showed a slight improvement and declined from 7.2% to 6.8% QoQ. In Q3 2025, vacancies sat at 7.3%. This reflects a YoY change of 50 basis points.
Average asking rents remained completely flat QoQ at $2.11/SF. YoY, there was a slight decline from $2.12/SF, which is 0.3% lower.
The average sales price experienced a stark decline in both QoQ and YoY data. In Q2 2026, the average sales price was $350.71/SF. The average sales price in Q3 2025 was $265.59. This is juxtaposed with the $140.54/SF average sales price in Q3 2026, which is a negative 47.1% change YoY.
Cap rates ended Q3 2026 at 6.5%, which is up QoQ and down YoY. The previous quarter saw cap rates at 6.3%, while the previous year had cap rates at 7.5%.
This quarter’s 20KSF is the only quarter of the year to have any deliveries. For reference, deliveries totaled 286.3KSF by this time last year.
Year-to-date, the market has absorbed 153.1KSF, with 111.1KSF coming in Q3. At this time in 2025, the market had absorbed 284.4KSF. This marks a YoY change of negative 46.2%.
The report is available here.
