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The Latest on what has been Happening in Commercial Real Estate for Northern Nevada!

Check out what has been happening in Commercial Real Estate for Northern Nevada.

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Reno’s Market is Hot, Hot, Hot!

Nevada Welcomes Tesla

Tesla Motors announced this month it would build an electric car battery plant in Gilman’s industrial park, the Tahoe-Reno Industrial Center. It’s expected to be one of the biggest buildings in the world and, if all goes as planned, deliver up to 22,000 jobs, $100 billion in economic impact and a new industry to help power Nevada’s economy.

 

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New AquaRefinery Occupies 135,000-square-foot facility, located in northern Nevada’s Tahoe-Reno Industrial Center (TRIC)

AquaMetals

Aqua Metals, a lead-acid battery recycling company, is now one step closer to revolutionizing battery recycling with the opening of their new AquaRefinery. The 135,000-square-foot facility, located in northern Nevada’s Tahoe-Reno Industrial Center (TRIC), is designed to recycle lead batteries in an environmentally friendly manner.

Read Article Here >>http://www.nnbw.com/news/23166131-113/aqua-metals-celebrates-opening-of-aquarefinery#

Reno, Nevada Ranks 3rd in the Nation for rising Apartment Rental Rates

Rising Apartment Rental Rates
With a whopping average of 12% increase in rents from 2015 to 2016. Reno’s rising rental cost is matching a trend seen in many cities nationwide related to home affordability. Nationwide, apartment rent grew by 4.7 percent last year, compared to 3.5 percent growth in 2014. Drivers for rising apartment rates cited by the Abodo report include:
1.       Job growth: About 2.7 million new jobs were added in the United States last year, with 2.6 million jobs expected to be added this year.
2.       More demand: Home ownership is down to 63.8 percent from its peak of near 70 percent. Ownership also could drop to 62.5 percent before bottoming out.
3.       Student debt: The average student debt for recent graduates is more than $30,000, making it more difficult for young professionals to afford a home.
4.       Rising costs: Many new rental properties have higher price tags due to being more upscale. Higher costs for construction and land are also leading to higher rental rates for new apartments once built.
 
A big factor in the rent increases in Reno, NV especially is a lack of supply, the recession put a hold on any new apartment construction which has caused hefty demand. Cities such as San Jose and Las Vegas that started apartment Construction with a lot of momentum are now seeing some of the biggest drops in rents as they have oversupplied the market. That gap between winners and losers again points to the fact that there are some big disparities in rental markets across the country. Yet, broadly speaking, market conditions remain firmly in favor of property owners. Rent growth will remain positive overall in the near term but will eventually drop to more modest levels in the future, likely more in line with the rate of inflation.

More and More Investors are turning to the Reno Market

More and more investors are turning to the Reno market, considered a tertiary market compared to the Bay Area as a primary market and Sacramento metro area as a secondary market. In both areas, prices are higher and the opportunities for a healthy return on investment fewer.

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Tahoe Reno Industrial Center Growing Fast

Tahoe Reno Industrial Center

Instead of gold and silver, the Tahoe Reno Industrial Center is mining commerce. Instead of miners with picks and shovels, entrepreneurs with iPads trek to the industrial park to set up manufacturing and distribution facilities.

TRIC, with more than 100,000 acres, covers 54 percent of Storey County’s land area plus a chunk of Lyon County. With more than 30,000 developable acres, it’s the largest industrial park in the world and will include the largest single manufacturing facility once Tesla’s ion battery gigafactory goes online.

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The Urban Land Institute (ULI) advised the City of Reno to “think differently” about the Virginia Street Corridor

Virginia Street Proposals

The city spent $125,000 for the ULI panelists who were tasked with providing candid advise to the City of Reno regarding the land use and economic development potential of the Virginia Street Corridor. They examined the corridor from McCarran Street, north of the University of Nevada, Reno to the Convention Center just south of Peckham Lane. The panelists spent several days touring the Reno area, meeting with city leaders and conducting 90 interviews in preparation for their panel presentation.

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Atlantis Casino Resort Spa was named to Forbes’ 2016 list of America’s 250 Best Mid-Size Employers

Atlantis Casino named in Forbes Magazine

Four Nevada mid-size employers made the list, and Atlantis was the only Northern Nevada mid-size employer that Forbes recognized. A Forbes midsize employer has 1,000 to 5,000 employees.

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The Reno Relocation Team (ReloReno.com) is a team of businesses working together in relocating companies to the Northern Nevada area. Our professional team will coordinate a comprehensive network of services to companies relocating, setting up, expanding or building a new facility.