Despite the challenging economic climate from the COVID-19 pandemic, the Reno retail market posted record high market fundamentals for Q1 2021. The overall market posted 111,845 sq. ft. of positive net absorption, the second consecutive quarter of positive absorption and the highest number of occupancy gains for the region in three years. Both vacancy and availabilities rates decreased to 5.1% and 6.4%, respectively. The average asking lease rate increased by $0.14 to $1.61 NNN quarter-over-quarter.