Reno has steadily grown into a technological and production hub, attracting many notable businesses to the area. Part of this upward tick in activity lends itself to Nevada’s benefits for corporate and small businesses. Additionally, the influx of residents in Reno and the surrounding communities has significantly increased the demand for production and service-related industries.
Some have considered Reno to be a mini Silicon Valley as the business landscape swells. Here’s why the region should be on your list if you’re looking for “commercial real estate near me”:
The 2022 Milken Report ranked the greater Reno area in the top 20 for best-performing large cities. That puts it in the 2nd Tier among all large metropolitan areas based on a variety of factors, including job growth, wage growth, high-tech GDP, and housing affordability. Several companies who have already relocated to Reno have seen significant decreases in operating costs and employee cost of living. The most notable benefits include:
Not to mention, Reno is geographically situated as a gateway to western transport, making it all the more appealing for those acquiring commercial property for sale. Reno NV businesses have access to 60 Million customers by 1-Day Truck Service, making it a smart investment for both new and expanding companies that ship goods nationwide.
Business aside, Reno offers amazing natural beauty, outdoor enthusiast destinations a-plenty, and affordable housing for you and your workforce. This city has it all, and individuals will enjoy life outside of work thanks to Reno’s healthy balance of activities and cost of living.
The majority of businesses relocating to the Reno area are from the nearby San Francisco Bay Area. On average, Reno is 65.3% cheaper than San Francisco¹. Even after adjusting for income levels and cost of living, your dollar goes further in the Biggest Little City. Here is a cost comparison between both metropolitan areas:
| Table 1 | Reno (NV) | Bay Area (CA) |
|---|---|---|
| Office Lease Rates (Class A) | Reno: $30-39/SF/YR | San Jose: $60-66/SF/YR San Fran: $78-84/SF/YR |
| Average Hourly Earnings | $43.09 | $64.97 |
| Workers Compensation | Average Cost (per $100 payroll): $1.18 Payroll Cap: $36,000 |
Average Cost (per $100 payroll): $2.87 Payroll Cap: NA |
| Utility (elec.) Rates for Medium Sized Office | $0.78/kWh | $0.157/kWh |
| Right to Work State | Yes | No |
Table 1: EDAWN, "Why Reno, Business Cost Comparisons"
Evan Meyer, licensed Kidder Mathews Broker, currently has several commercial properties for sale in the Biggest Little City, along with attractive office space for rent. Reno NV offers numerous benefits that are competitive with other large metropolitan areas, so if you’re considering taking the plunge and calling Reno your new business hub, check out the listings below.
If you are considering relocating to Northern Nevada, a commercial real estate broker can help navigate the process. Evan Meyer is an experienced and qualified broker who strives to help his clients find their ideal space. His main goal is to help businesses reach optimal success, which starts with their location. He works with each of his clients individually to get the best deal possible on their new space.
Determining building classifications is more of an art than a science. There is no formal or international standard. Building classifications change from city to city. Here’s how Reno defines its classes:
Class A buildings are built to impress. These buildings are found in highly desirable areas, constructed with high-quality building materials, and require little if any, deferred maintenance. They typically command the highest rates in the market. Usually, the easiest way to determine a Class A building is by the exterior appearance.
Class B buildings are less impressive than Class A buildings. They are well-maintained and fully functional structures with adequate mechanical, security, and electrical systems. Class B buildings generate average rental rates.
Class C buildings are typically older, outdated, and suffer from deferred maintenance. This is the lowest classification on the spectrum, and these buildings are generally in less desirable locations. They usually need extensive repairs, are structurally obsolete and lack proper technology. Class C buildings get the lowest rental rates and may be more challenging to lease.
Whether you are interested in Class A, B, or C building, Evan Meyer can help. Reach out today!
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