The Northern Nevada industrial market turned in healthy market fundamentals in Q2 2021, posting the seventh quarter in a row of positive net absorption. Net absorption for the quarter totaled 1.3 million sq. ft. while gross absorption finished at 1.7 million sq. ft. which helped push the market wide vacancy rate down 60 basis points (bps) to 2.7%, representing the lowest vacancy rate in the market since Q3 2018.