CBRE

FIGURES|RENOINDUSTRIAL|Q42025

Broadertenantmixdriveshigher

absorptionasdecisioncyclesaccelerate

10.9%

VacancyRate

Note:Arrowsindicatechangefrompreviousquarter.

r2.0M

SFNetAbsorption

0

SFUnderConstruction

▲$0.82

NNN/LeaseRateExistingProperties

86K

IndustrialUsingEmploymentRenoMarket

FIGURE1:Vacancy&NetAbsorptionTrend

MARKETHIGHLIGHTS4,000,000NetAbsorptionVacancy14%

?TheRenoregionishometo581,900residentswithalaborforceof297,000.DuringQ4

2025,theindustrialsectorprovided86,140jobs,accountingfor29%oftotalemploymentin3,000,00012%

theregion.TheunemploymentrateendedQ42025at4.7%,down1-basis-point(bps)from

NetAbsorptionSF

thepreviousquarter.2,000,00010%

Vacancy

?TheoverallnetabsorptionoftheRenoindustrialmarketclosedQ42025atpositive21,000,0008%millionsq.ft.,upfrom130,433sq.ft.inQ32025.

06%

?Despitethelackofnewconstructionprojects,over1.6millionsq.ft.ofnewindustrial

producthasbeendeliveredtothemarket,thehighestithasbeensinceQ12024.-1,000,0004%

?Theaveragedirectaskingrateclosedthequarterat$0.82persq.ft.monthlyonaNNN

basis(NNN).-2,000,0002%

?OverallleasingactivityintheRenoindustrialmarketisreboundingasthisquarterclosed-3,000,0000%outtoover2.4millionsq.ft.ofgrossleasingactivity.

Source:CBREResearch,Q42025

1CBRERESEARCH?2026CBRE,INC.

FIGURES|RENOINDUSTRIAL|Q42025

2CBRERESEARCH?2026CBRE,INC.

INDUSTRIALOVERVIEWFIGURE2:SubmarketStatistics

TheRenoindustrialmarketwascomprisedofapproximately120

millionsq.ft.atthecloseofQ42025.TherewerefournewindustrialbuildingsdeliveredtothemarketinQ42025,totaling1.7millionsq.ft.Theconstructionpipelinehashaltedwithnothingunderwaywhile

15.8millionsq.ft.sitsinvariousplanningstages.

Theoverallaverageaskingleaserateattheendofthequarterwas$0.82NNN.TheCentral/AirportandSouthRenopostedthehighestaverageaskingratesat$0.94NNNand$1.02NNN,respectively.

DuringQ42025,theoverallvacancyratedecreasedto10.9%,whiletheavailabilityrateincreasedto15.1%.Subleasespacecontinuedtoflowintothemarket,whichrepresented2.3millionsq.ft.ofthetotalavailablespaceinQ42025.Thesesubleasespaceswereprimarily

smallerfootprints,withmostlistingsunder50,000sq.ft.AvailabilityofClassAandBspacesunder20,000sq.ft.continuedtotighten,

withdock-highandgrade-leveloptionsbecomingscarce.

TheRenoindustrialmarketcontinuedtoseerenewedmomentum,

drivenbyexpandingdatacenter-relatedrequirementsascontractorsandsupplierssoughttermleasetransactionstosupportstorage,

assembly,andfabricationpurposestotalingapprox.750,000sq.ft.ofleasingactivityfortheyear.3PLoperatorswerealsore-engaging

spaceoptions,contributingtorisingactivitylevels.EVdemandcontinuedtobeastabledemanddriverfortheNorthernNevadamarket.

Recentabsorptionhighlightedadiversifiedusermix,including

packagingfirms,high-techmanufacturers,andcomponentproducerssuchasvalveandactuatorcompanies.Marketdemandcontinuedtoremainbroadandincreasinglyactiveaselongatedtransactioncyclesfinallyresolved,resultinginaccelerateddecision-making.Renewalswerestrong,howeverearlysignspointtoapotentialflighttoqualityheadinginto2026.Tocloseouttheyear,inquiriesandtouring

activityhavenoticeablyincreased.

Submarket

Central/Airport

NetRentableArea

10,768,827

TotalVacancy(%)

6.5

TotalAvailability(%)

8.7

Q4NetAbsorption

44,100

YTDNetAbsorption

(98,339)

Average

AskingRateNNN($)

0.94

Bulk

8,107,353

7.6

10.0

44,100

(144,267)

0.92

Flex

2,661,474

2.9

4.6

0

45,941

1.14

EastValley

33,138,760

13.8

19.3

977,557

2,061,526

0.74

Bulk

32,016,071

13.8

19.4

977,557

2,139,026

0.74

Flex

122,687

0.0

0.0

0

0

N/A

NorthValley

28,220,034

13.3

18.4

3,480

770,448

0.80

Bulk

27,466,145

13.4

18.6

3,480

770,448

0.80

Flex

228,956

0.0

0.0

0

0

N/A

SouthReno

11,559,972

10.1

12.7

305,907

937,121

1.02

Bulk

9,651,461

11.0

14.0

325,159

962,765

.96

Flex

1,908,511

5.5

5.7

(19,252)

(25,637)

1.34

Sparks

31,256,116

7.7

11.1

543,885

(1,850)

0.80

Bulk

28,458,328

8.2

11.8

527,606

135,767

0.79

Flex

2,797,788

2.5

4.5

16,279

(137,094)

1.21

WestReno

3,095,868

9.3

9.3

134,030

261,928

0.86

Bulk

2,644,063

10.5

10.5

136,330

266,078

0.85

Flex

409,060

1.0

1.0

(2,300)

(4,150)

1.45

MarketTotal

119,498,551

10.9

15.1

2,008,936

4,012,405

0.82

Bulk

111,370,073

11.5

15.9

2,014,206

4,122,815

0.80

Flex

8,128,578

3.2

4.5

(5,270)

(120,950)

1.25

Source:CBREResearch,Q42025

FIGURES|RENOINDUSTRIAL|Q42025

3CBRERESEARCH?2026CBRE,INC.

FIGURE3:NotableLeaseTransactionsQ42025

TenantAddress

SF

Leased

Type

Confidential555MilanDr,Sparks

566,875

NewLease

DSVContract

Logistics,LLC

1200USAParkway,

Sparks

198,577

NewLease

Bitdeer

7071DavidAllen,Sparks

187,632

NewLease

BeekNevada,LLC

8700Boomtown

GarisonRd,Verdi

117,500

NewLease

Source:CBREResearch,Q42025

FIGURE4:NotableSaleTransactionQ42025

BuyerAddress

SF

Sold

Sale

Price

BOXVII-AOwnerLLC

455Denmark,McCarran

649,000

$81.6M

WoddleCards,LLC

210ConeyIslandDr,

Sparks

11,844

$2.7M

Source:CBREResearch,Q42025

FIGURE5:AskingRates

AskingRate

($/SF)一BulkFlexOverall

1.40

1.20

1.00

0.80

0.60

0.40

0.20

$1.25

$0.82

$0.80

Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420232023202320242024202420242025202520252025

Source:CBREResearch,Q42025

FIGURE6:Vacancy&Availability

(%)

16

14

12

10

8

6

4

2

0

Availability%

15.1

TotalVacancy%

11.2

Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42023202320242024202420242025202520252025

Source:CBREResearch,Q42025

FIGURE7:ConstructionActivity

Sq.Ft.

(000’s)ConstructionCompletionsUnderConstruction

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Q2

2023

Q3

2023

Q3

2024

Q4

2023

Q2

2024

Q4

2024

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2024

Source:CBREResearch,Q42025

FIGURE8:AverageAskingRatesbySizeSegment(Sq.Ft.)

Sq.Ft.(000’s)

$1.20

$1.00

$1.02$1.00

$0.86

$0.75

$0.80

$0.60

$0.40

$0.20

$0.00

0-49.9K50-99.9K100-249.9K250,000+

Source:CBREResearch,Q42025

FIGURES|RENOINDUSTRIAL|Q42025

SubmarketMap

Definitions

AverageAskingRate:DirectMonthlyLeaseRates.,TripleNet(NNN).Availability:Allexistingspacebeingmarketedfor

lease.TotalVacancyRate:DirectVacancy+SubleaseVacancy.

CBRE’smarketreportanalyzesexistingsingle-andmulti-tenantindustrialbuildingsthattotal5,000+sq.ft.within

definedsubmarkets,includingowner-occupiedbuildings.CBREassemblesal