Market Highlights Q1 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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