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Las Vegas Market Reports

Las Vegas Office Market

Average Asking Rent (Price/SF) $1.94
Vacancy Rate (%) 13.1%
Net Absorption (SF) 308,882

Several new developments are underway in Las Vegas. The Boring Co. is currently boring under the expanding Las Vegas Convention Center, building the foundation for the Valley's first people-mover that will transport thousands of conventioneers and businesspersons throughout the Convention District in the Central East submarket. Located just south of the Arts District and Downtown, the historic Huntridge Theater, which was left vacant for over a decade, has new ownership that has plans to create new retail, condos or office product. Luxury fitness operator Life Time acquired 14.9 acres across from Ikea in the Southwest for planned offices, apartments and a gym. Amazon has built several million square feet of warehouse and distribution space and recently announced that 125 corporate jobs will be located at Town Square Las Vegas in the South submarket. Outside interest and investment are accelerating, and developers (especially local) will have to keep pace with demand by supplying future office development. WeWork has leased space in the West at Two Summerlin, which provides the modern design and functionality being sought by firms, and the project serves as an archetype for the type of development that could lure investment from outside of Southern Nevada. Fortunately, there are already a few office products proposed or in the planning stages, so there is a concerted effort to confront this issue.

Las Vegas Industrial Market

Average Asking Rent (Price/SF) $0.68
Vacancy Rate (%) 4.7%
Net Absorption (SF) 870,621

When Canadian-based firm H&R REIT discussed its third-quarter purchase of the 913-acre former Faraday Future site in Apex Industrial Park for $16.9 million, ownership mentioned the possibility of future development. Although details have not been publicly disclosed, the company intends to begin construction of an industrial park on the site "immediately." With the uncertainty removed regarding Faraday Future, and the ongoing construction of the 12-mile water pipeline to be completed in 2020, the North Las Vegas submarket inventory could explode with new projects, ultimately reaching the goal of becoming a self-contained industrial village. In November, the North Las Vegas Planning Commission approved the plans of industrial gas supplier Air Liquide for a $150 million liquid nitrogen production plant. With Henderson surpassing Reno to become the second-largest city in Nevada, the Google Data Center set the stage for other large tenants to declare a spot in the Southeast submarket. The owner of Matter Real Estate Group declared new space must be constructed throughout the Valley, and the Southwest Matter Business Park @ Warm Springs (7930 West Warm Springs Road, 7925 West Arby Avenue) is a prime example of innovative construction and design. Fifty percent of the modern light industrial and mixed-use condo units under construction have been sold. Digital printing company Visual Impact PrePrint Las Vegas, LLC has mentioned creating a West Coast business hub in Las Vegas after opening a print facility in New Mexico. Premier Displays & Exhibits, Inc. has decided to relocate its New Jersey headquarters to Clark County along with 51 jobs, a "no-brainer" according to the company's president and CEO.



Las Vegas Office Market Report
4Q19
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Las Vegas Industrial Market Report
4Q19
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