Vacancies Increase for Retail Space

Retail vacancies in northern Nevada continue to climb.  The Nevada Appeal reports vacancies at record levels in the Reno-Sparks area.

Vacancies are at 14.7 per cent of the total available space, caused in large part by the closure of some big-box stores, such as Circuit City.  Vacancies for stores with less than 20,000 ft are at about  18.5 per cent.  At the same time rents have decreased a corresponding amount to a reduction of 15 to 20 percent.

The retail and commercial businesses will continue to struggle until the housing market improves.

Carson City has also noted a large number of vacant commercial properties and store fronts.

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