The vacancy rate in larger office buildings 10,000 square feet or more rose to 13.34 percent in the Reno area in the third quarter, Colliers International reported last week.
Pushing the vacancy rate up from 13.13 percent three months earlier was the decision by Excel Communications to vacate 48,000 square feet at 5205 Mill St., Colliers said.
Garden office buildings, Colliers said, posted a 12.58 percent vacancy rate during the quarter.
About 188,000 square feet of garden office space came on the market during the quarter.
Tim Ruffin, a senior vice president with Colliers in Reno, said the vacancy rate in downtown properties stood at nearly 18 percent.
South Meadows properties were 10.38 percent vacant, and the Meadowood area recorded a 12.25 percent vacancy.
Rents continue to increase, Ruffin said, as construction and utility costs pressure landlords.
It's nearly impossible, he said, to find new space renting for less than $2 a square foot.
