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.