The Northern Nevada industrial market finished off a strong year by recording the largest year-to-date net absorption total since 2016. Q4 2020 recorded 1.2 million sq. ft. of positive net absorption, pushing the year-end total to 4.3 million sq. ft. Occupiers continued to strengthen their supply chain this quarter due to the COVID-19 pandemic as highlighted by the 2.5 million sq. ft. of gross absorption recorded in Q4 2020. Overall, the market had strong leasing activity throughout the year as 7.9 million sq. ft. of leases were signed in 2020. Activity in the market helped drop market wide vacancy and availability rates by 120 basis points (bps) and 160 bps, respectively. This represents the largest quarter-over-quarter drop in vacancy in three years.