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Las Vegas Market Reports

Las Vegas Office Market

Average Asking Rent (Price/SF) $1.81
Vacancy Rate (%) 14.7%
Net Absorption (SF) 243,899

The Las Vegas office market continues to evolve from a piecemeal plan that accommodated local users a half-century ago to a refined pool of projects that draws national companies interested in the future. Local owners and developers have observed recent national and international quests for new and secondary headquarters with the accompanying corporate preferences and are now making steps to enhance Vegas' reputation. Aristocrat Technologies just held a ribbon-cutting ceremony for 10200 Aristocrat Way, a $45 million, three-story, Class A, 180,000 square-foot property with park in Summerlin continuing a trend of building in the western part of the Valley near the 215 Beltway in the Southwest submarket.

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
4Q18
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Las Vegas Industrial Market Report
3Q18
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