The Northern Nevada industrial market continued to build off its momentum from the previous year by posting strong market fundamentals again in Q1 2021. Gross absorption for the quarter reached 1.9 million sq. ft. while net absorption was also robust, posting positive 1.3 million sq. ft., representing the seventh quarter in a row where net absorption totaled more than positive 800,000 sq. ft. Low vacancy rates have also allowed for sizable increases in asking lease rates as both bulk and flex asking rates experienced an increase. Bulk industrial product has seen asking lease rates climb 23% since the start of 2019. Market conditions continue to favor owners in the short term as rental increases are contributing to larger returns on investments and favorable transaction terms for owners while low vacancy rates make it harder for tenants to find the right space.