Market Highlights Q1 2021
Updated: May 4, 2021
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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