NAIOP Northern Nevada sat down with industry leaders Kyle Rea (Tolles Development), Chase Houston, SIOR (LOGIC Commercial Real Estate), and Lea Wilson (OneStudio D+A) to discuss how office demand, design, and investment are evolving in the region. Here’s what they had to say about where we are—and where we’re headed.
Q: What’s the current state of the office market in Northern Nevada?
Chase Houston: The market has held up better than many projected. In Downtown Reno, vacancy is around 11%, and well-located properties with quality finishes are still seeing strong activity. Investment interest hasn’t disappeared—just become more selective.
Kyle Rea: I’d echo that. We’re not seeing distress in the way other metros are. Instead, there’s been a shift toward “right-sizing”—companies are reevaluating how much space they actually need and where they want to be.
Kyle Rea
Q: Has hybrid work permanently changed office demand, or is there still a place for traditional space?
Kyle Rea: Hybrid isn’t a trend—it’s a reset. But people still want a place to connect. What’s changed is that the office has to earn the commute. That’s where thoughtful design and amenities come in.
Lea Wilson: Exactly. People aren’t just coming to the office to sit at a desk—they want spaces that support collaboration, creativity, and wellness. Flexibility in layout is key. This requires planning to accommodate varied work schedules, but also times where the entire team is there and needs functional space.
Lea Wilson
Q: How has office design shifted since the pandemic?
Lea Wilson: Clients are prioritizing features such as natural light, and access to the outdoors over private, dedicated offices. We’re designing fewer static spaces and more zones—quiet areas, breakout spots, wellness rooms.
Kyle Rea: We’re also seeing increased demand for hospitality-driven environments—coffee bars, lounges, outdoor work areas. It’s all about creating a reason to show up and balancing that with the work that needs to be achieved.
Chase Houston
Q: What’s your outlook for the next 3–5 years in this market?
Chase Houston: I see steady, organic growth—especially from local companies that are expanding thoughtfully. We’re not reliant on one big splashy relocation. Instead, it’s a lot of smaller, strategic moves from businesses that are committed to Northern Nevada and growing at a sustainable pace.
Kyle Rea: I think we’ll see more repurposing of older product and a continued flight to quality. The days of filling space just to fill it are over—tenants are being intentional.
Q: Any advice for companies approaching their office space needs in Northern Nevada?
Lea Wilson: Understand what tenant improvement allowances really cover—and what they don’t. TI (tenant improvements) budgets aren’t infinite, so having clear priorities early in the design process can make all the difference in allocating budget to must-haves.
Chase Houston: I don’t see lease rates going down anytime soon. If you’re a stable business and you find a space you like, consider signing a longer-term lease—or even buying. Locking in now could protect you from rising costs.
Kyle Rea: Engage a broker early. This market isn’t one where you just browse listings and pick a space. Brokers bring strategy, relationships, and insight into deals you won’t find on the open market. That guidance is more valuable than ever right now.
About the Panelists
Kyle Rea is Chief Operating Officer of Tolles Development Company. A Reno native and past NAIOP Northern Nevada president, Kyle leads investment strategy and business development with a focus on impactful, community-first projects.
Chase Houston, SIOR is Senior Vice President at LOGIC Commercial Real Estate, where he specializes in office and industrial leasing and sales. He brings over a decade of experience and deep knowledge of the Northern Nevada market.
Lea Wilson is the Director of Interior Design at OneStudio D+A. Known for her bold aesthetics and solutions-minded approach, Lea designs workplace environments that are flexible, human-centered, and brand-aligned.
