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Las Vegas Market Reports

Las Vegas Office Market

Average Asking Rent (Price/SF) $1.70
Vacancy Rate (%) 17.1%
Net Absorption (SF) 21,390

Fourth-quarter completions and 2018 proposals assure a collection of construction and planning activity for sole office products including three notable projects under or near construction in the Southwest submarket: Russell Decatur Crossing's 20,000 square-foot Class B at 5700 S. Decatur Boulevard Building J, UNLV Corporate Center's 112,000 square-foot Class B at 8100 W. Sunset Road and the 152,000 square-foot Class A Credit One location at 6801 S. Cimarron Road; Downtown's 52,000 square-foot Class A neighborhood center aptly named Downtown 3rd - DT3R - begins construction in October 2017. In the South submarket construction will begin in December on Marnell Airport Center's 74,000 square-foot Building 3 located at 1855 E. Russell Road, and a Class A 51,000 square-foot property located at 300 E. Windmill Lane. In the Southeast submarket City Tower at 1 S. Water Street begins construction of the 192,000 square-foot Class A in March of 2018, and planning stages are advancing for the 56,000 square-foot Class B property, The Gateway, located at 3101 N. Boulder Highway.

Las Vegas Industrial Market

Average Asking Rent (Price/SF) $0.61
Vacancy Rate (%) 7.1%
Net Absorption (SF) 777,356

The Valley's industrial vacancy remains tight even as new speculative and built-to-suit developments begin to come down the pipeline and into fulfilment. Notable tenant movements include Encor Event Technologies in the Southwest submarket ultimately occupying 54,350 square feet at 3301 W, Martin Avenue; TCI Event Rentals occupying 47,306 square feet at 3290 S. Highland Drive and Sobel Westex occupying 18,888 square feet at 2950 S. Highland Drive in the Central submarket, Latium USA Trading, LLC and Safelite Fulfillment, Inc. both renewing 42,240 square feet, at 4601 E. Cheyenne Avenue in North Las Vegas, and Tissue Life LLC occupying 21,614 square feet at 6635 S. Eastern Avenue in the Airport submarket. Conversely, FF&E Logistical vacated 54,000 square-feet at 5220 Cameron Street and Eaglerider Motorcycles vacated 12,651 square feet at 7750 S. Dean Martin Drive in the Southwest; AHS Group Restaurant Equipment vacated 14,006 square feet at 4350 Arville Street in the West, and within the Airport submarket, Lynn's World Consignments vacated 24,024 square feet at 6320-6330 S. Pecos Road and Navistar Inc. Training vacated 13,872 square feet at 751 Pilot Road.



Las Vegas Office Market Report
3Q17
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Las Vegas Industrial Market Report
3Q17
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