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Las Vegas Market Reports

Las Vegas Office Market

Average Asking Rent (Price/SF) $1.89
Vacancy Rate (%) 13.7%
Net Absorption (SF) 234,323

Competition for Regus Executive Suites has landed: The We Company (WeWork) has debuted in Las Vegas and recently occupied nearly 50,000 square feet in Two Summerlin, and WeWork has plans for two more locations in the Valley. Although the community is master-planned, Downtown Summerlin represents a model of excellence and sustainability for office development in Las Vegas. Two Summerlin, which is the first development to use precast concrete panels in Southern Nevada, boasts not only LEED Silver status, but also having 80% of its space pre-leased before the second-quarter opened. The construction of Class A space is critical to the growth of office inventory in Las Vegas, and several developers are following suit. For instance, in the Southwest submarket, LaPour Cos. and G2 Capital Development have recently announced plans to break ground on Narrative, a four-story, 100,000-square-foot office project at the corner of Durango Drive and Buffalo Drive. This is in addition to the UnCommons, the mixed-use project that contains 500,000 square feet of office space located in the Southwest submarket. Phase II is also set to begin on the 112,000-square-foot UNLV Technology Park as the shell and core were completed in the second quarter, and occupancy is expected to begin in the third quarter of 2019. The majority of transformative projects have remained in the western part of the Valley, with the exception of 100 S. City Parkway in Downtown near Symphony Park, a proposed 200,000-square-foot Class B property; however, the Valley must continue to create large blocks of Class A space to keep up with local demand and investment needs.

Las Vegas Industrial Market

Average Asking Rent (Price/SF) $0.65
Vacancy Rate (%) 4.3%
Net Absorption (SF)  920,686

Investors are flocking to Las Vegas due to low vacancies in warehouse and distribution subtypes. Not surprisingly, investors have been especially interested in warehouse sales listings, as development in the last decade has ramped up construction of top-tier institutional investment properties. The largest deals for the second quarter were $17.4 million for 95,889-square-foot 7000 West Post Road (as part of a larger portfolio with two national Amazon locations), and $10.45 million for two-story, 63,624-square-foot 5045 Geist Avenue, built this past April.



Las Vegas Office Market Report
2Q19
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Las Vegas Industrial Market Report
2Q19
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