Seattle-based commercial real estate company Kidder Mathews' expansion continued Wednesday, when the company announced it has opened an office in the "biggest little city in the world," Reno, Nevada.
Kidder, the Puget Sound region's largest commercial real estate services company based on the number of brokers, launched a West Coast expansion in late 2014. It has opened offices in San Diego, Phoenix, Sacramento, California, and now Reno.
"It is a logical next step for us due to the business flow out of the greater Bay Area and Sacramento markets, where we have four offices," Kidder Mathews Chairman and CEO Jeff Lyon said in a statement.
The company's focus in Reno is the industrial sector. Reno has one of the hottest industrial markets in the West. The sparsely populated area has land as far as the eye can see, and it's home to Tesla's new $5 billion Gigafactory. The market has 80 million square feet of industrial space, or about 10 million square feet less than the amount of warehouse space in southeast King County.
Nevada ranks No. 5 and California No. 48 on the Tax Foundation's State Business Tax Climate Index. Due to its proximity to California, Nevada is an attractive option for companies that want more cost-effective manufacturing and distribution solutions, according to Lyon, who said he sees "a tremendous opportunity" to expand in Reno. (Washington state ranks No. 12 on the index.)
Kidder has hired four industrial brokers in Reno: J. Michael Hoeck, Michael Nevis, Dave Simonsen and Steve Kucera.
Kidder, a privately held brokerage known for using commission structures and a nontraditional corporate structure to land top-producing brokers, now has more than 500 brokers and staff in 13 offices in Washington, Oregon, California, Arizona and Nevada.
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