Reno Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $24.71 2024 Avg. Asking Rent
  • 3.87% Y-o-Y Avg. Asking Rent Change
  • 13.67% 2024 Office Vacancy Rate
  • $58.9M2024 Total Office Sales
  • $168.69Avg. Sale Price/SF

Reno office price per square foot in 2024 was $24.71 on average. This marked a +3.87% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.67% across all asset classes combined. The 7 transactions that closed here throughout 2024 amounted to a total sale volume of $58.9M. Reno office space commanded an average sale price per square foot of $168.69.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Reno Class A & A+ Office Space$25.69
  • Reno Class B Office Space$24.05
  • Nevada Class A & A+ Office Space$35.48
  • Nevada Class B Office Space$24.43
  • Nevada Class C Office Space$19.01

Reno, NV Office Asking Rents by Class

2024 Office Vacancy Rates in Reno

Submarket Asking Rents Vacancy Rates
Reno - Downtown $54.16 16.30%
Reno - South Central $28.57 10.14%
Reno - South $24.86 20.86%
Reno - Central $19.80 4.31%
Reno - Airport $17.60 12.25%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Reno market was 13.67% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Reno was 4.31% in the Reno - Central submarket, while the highest office vacancy in the market was 20.86%, recorded in Reno - South.

Reno Office Sale Price per SF

  • $168.692024 Avg. Price per SF
  • -36.84%Y-o-Y Avg. PpSF Change
  • $58.9M2024 Office Sales Volume
  • 72024 Number of Transactions

Reno, NV Sale Price per SF Trend

  • Reno Avg. Sale Price per SF in 2024$168.69
  • Nevada Avg. Sale Price per SF in 2024$200.82
Reno office space cost in 2024 marked a -36.84% change compared to the previous year. The sale price for office space in Reno averaged $168.69 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Nevada average office sale price during the same time period was $200.82 per square foot.

2024 Office Sales Volume

  • Reno, NV Total Office Sales Volume in 2024 $58.9M
  • Reno, NV Total Number of Office Sales Closed in 2024 7
A total of 7 deals closed on the Reno office market in 2024, adding up to a yearly sales volume of $58.9M. Notably, the largest transaction on the market saw Park Center Tower change hands for $28,416,000 on 3/12/2024.
Data provided by Commercial Edge

Coworking Spaces in Nevada

2024 Office Construction in Reno, NV

Largest Office Properties Recently Completed in Reno
Office building Address SF Completed
5435 Kietzke Lane 5435 Kietzke Lane, 89511 10,438 2023
835 Maestro Dr 835 Maestro Dr, 89511 6,063 2008
10765 Double R Blvd Suite 205 10765 Double R Blvd Ste 205, 89521 15,542 2007
7520 Longley Lane Suite 101 7520 Longley Ln, 89511 7,968 2007
132 East 2nd Street 132 E 2nd St, 89501 3,312 2006
Reno Tahoe Tech Center - 10345 Professional Circle 10345 Professional Circle, 89521 64,360 2005
Reno Tahoe Tech Center - 10615 Professional Circle 10615 Professional Circle, 89521 46,810 2005
Quail North West 1675 Robb Dr, 89523 9,600 2005
SIERRA VISTA OFFICE CAMPUS 10589 Double R Blvd, 89521 7,850 2005
645 Sierra Rose Drive #201 645 Sierra Rose Drive, 89511 1,323 2005

Worth noting among recent office completions on the Reno market is 5435 Kietzke Lane, which is currently the largest new office development in the city, at 10,438 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Reno commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.