Market Highlights Q1 2021

Updated: May 5

A quick review of what's happening in the Las Vegas Commercial Real Estate Markets.

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Industrial

  • 2.4 million SF of net absorption

  • Within the past year, manufacturing employment has increased by 10%

  • 8.5 million SF under construction with half pre-leased

  • 90% of new construction taking place in North Las Vegas and Henderson

  • New construction delivered in Quarter 1 near 700,000 SF

  • Top Occupiers: E-Commerce, Tech, Manufacturing, Retail, Wholesale, Construction

  • Current Average Lease Rates: $.75 PSF

  • Current Average CAM: $.20 PSF

  • Average Purchase Price: $195 PSF


Retail

  • -62,500 SF net absorption

  • In recovery with several business closures seen in the Southeast, Southwest and East Central submarkets

  • 560,000 SF under construction across the valley

  • Top Occupiers: Hard Goods Retailers, Service Retailers, Quick Service Restaurants

  • Current Average Lease Rates: $1.50 PSF

  • Current Average CAM: $.50 PSF

  • Average Purchase Price: $245 PSF


Office

  • -28,000 SF net absorption

  • Vacancy rate increased 12%

  • Over 300,000 SF under construction

  • Office Markets experiencing a shift to mixed-use

  • Current Average Lease Rates: $2.00 PSF

  • Current Average CAM: $.25 PSF

  • Average Purchase Price: $200 PSF


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