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Las Vegas Market Reports

Las Vegas Office Market

Average Asking Rent (Price/SF) $1.91
Vacancy Rate (%) 13.0%
Net Absorption (SF) 276,750

The South and Southwest submarkets are enjoying a great deal of interest on account of their land and building space availability. The majority of office activity is occurring near the Bruce Woodbury Beltway (I-215), both north and south of the freeway. Along with Summerlin in the West, these submarkets are surrounded by quality residential developments suitable for professional and financial services employees. Continued development in these areas will garner interest from Raiders or Vegas Golden Knights executives, should they require additional or expansion spaces in preparation for their team's future. These communities are only 15 to 20 minutes from the Strip yet feel separate and distinct from Las Vegas; office developments coming online here are essentially small neighborhoods where professionals can work, play and live.

Las Vegas Industrial Market

Average Asking Rent (Price/SF) $0.68
Vacancy Rate (%) 4.4%
Net Absorption (SF) 1,766,57

Las Vegas remains an attractive location for institutional investors searching for low vacancies and new Class A properties. For years, Northern Nevada has maintained a grip over the larger industrial projects and national tenants. With the introduction of Apex Industrial Park in North Las Vegas and a focus on becoming a manufacturing and distribution hub, Southern Nevada is quickly assuring quality tenants that large-scale industrial business is possible in the Vegas Valley, with closer transit access to Phoenix and Los Angeles. Development growth in the Apex could potentially advance rapidly once a private/public partnership completes a 12-mile surface water pipeline. The pipeline, which is slated for completion in the fourth quarter of 2020, will provide water to the Apex, finally allowing the 3,000-acre development to fulfill its potential to create the 20,000 jobs. In slight contrast to North Las Vegas, Henderson has welcomed data centers, technology and more warehousing opportunities. Although more industrial parks are being built throughout Henderson, newer parks such as Matter Park @ West Henderson, a 26-acre mixed-use project with four industrial facilities, represent the forward momentum of the industrial sector.



Las Vegas Office Market Report
3Q19
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Las Vegas Industrial Market Report
3Q19
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