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Las Vegas Market Reports

Las Vegas Office Market

Average Asking Rent (Price/SF) $1.82
Vacancy Rate (%) 14.0%
Net Absorption (SF) 366,183

Nevada is known to be a business-friendly environment, and now Southern Nevada is beginning to be recognized as an investment center. The overall Vegas office landscape is filling in with Class A supplements and truer mixed-use developments prepared to accommodate active users and investment opportunities. Notable additions to the Vegas market include The Village, a 300,000-square-foot retail/dining/office/medical development; The Bend, a 200,000-square-foot retail/office project; and UnCommons, another mixed-use development offering 800 luxury apartments and 500,000 square feet of office space. As Las Vegas grows the Class A inventory, the areas for most attractive office product will continue to disperse from Summerlin throughout the Vegas Valley.

Las Vegas Industrial Market

Average Asking Rent (Price/SF) $0.63
Vacancy Rate (%) 4.8%
Net Absorption (SF)   741,360

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
1Q19
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Las Vegas Industrial Market Report
1Q19
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