The Reno office market closed Q1 2021 with 21,230 sq. ft. of positive net absorption, the second consecutive quarter of occupancy gains in the last year since the start of the COVID-19 pandemic. The market wide vacancy rate continued its downward trend and is now sitting at 9.9% and the availability rate decreased to 13.4%. Average asking lease rates increased to $1.86 per sq. ft., surpassing pre-Covid levels. All indicators are pointing toward a full economic recovery for the Reno office market.