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Las Vegas Market Reports

Las Vegas Office Market

Average Asking Rent (Price/SF) $1.82
Vacancy Rate (%) 14.6%
Net Absorption (SF) 146,305

The Howard Hughes Corporation delivered the six-story, 144,574 -square-foot, LEED-certified, Class A Two Summerlin building to the amenity-rich West submarket in August. Notable tenant occupations included international law firm Greenberg Traurig. This building is able to command lease rates at or over $3.00/SF because the Summerlin area has consistently grown from a carefully curated, master-planned neighborhood into an upscale community for commercial tenants to enjoy. In order to attract larger institutional tenants and capital, Las Vegas as a whole will have to competing office markets such as Phoenix and Denver by demonstrating the ability to construct buildings similar to Two Summerlin or the 60,000-square-foot, Class B St. Rose Corporate Center #1 that Sansone delivered in January.

Las Vegas Industrial Market

Average Asking Rent (Price/SF) $0.63
Vacancy Rate (%) 5.4%
Net Absorption (SF) 593,683

The cosmetics giant Sephora has joined the warehouse and distribution community in North Las Vegas by constructing a Class A 715,460square-foot distribution center scheduled for August 2019 at Tropical Distribution Center, which already includes Amazon's 855,000-square-foot Class A distribution center under construction. For existing properties, physical occupations in the North Las Vegas submarkets such as Ruby Has absorbing 97,080 square feet at 3717 Bay Lake Trail and Art Guild Inc. absorbing 87,007 square feet at 4490 Nexus Way helped push the year-to-date absorption further over 1 million square feet. Overall, nearly 6 million square feet of industrial space is under construction across the Valley, there is, after nearly 700,000 square feet delivered for the third quarter. Average asking rents for the Valley have increased to $0.63/SF triple net, a 1.6% year-over-year from the third-quarter of 2017, and 1.6% from the second quarter of 2018.



Las Vegas Office Market Report
3Q18
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Las Vegas Industrial Market Report
3Q18
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