The Northern Nevada Industrial market saw a slight uptick in vacancies as the region continues to adapt to 2025’s deliveries.
Colliers recently released a report that found Q1 2026 saw the depletion of the industrial pipeline in the region. Only one delivery was seen in the sector, a 238.7KSF speculative facility at the Port of Nevada in Fernley. There were no construction starts during Q1.
Absorption
The quarter had a net absorption of 494.2KSF. This is substantially less than Q1 2025, which had an absorption of 3.1MSF. However, it is a notable improvement from the previous quarter, which had a net absorption of -417.1KSF.
The report noted the large quantity of space delivered throughout the last year will shift the regional market toward absorbing the existing space, as opposed to creating more of it.
Vacancy/Rents
Q1 had an overall vacancy rate of 12.5%, which is up 0.1%, or 10 basis points, quarter-over-quarter. One year ago, the vacancy rate hovered at 10.7%. The report also cited the recent deliveries as the cause of the uptick in vacancy.
The average asking rent fell to $0.78/SF, which reflects a decline of $0.01/SF QoQ. This slow decline has been a trend, as Q1 2025 had an asking rental rate of $0.80. The sector saw rental prices peak at $0.90/SF in 2023.
To view Colliers’ report in its entirety, click here.
