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COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area

Office Market Snapshot	Q2 2024	Q1 2024	Q2 2023
Office Inventory (SF)	57,700,960	57,700,960	57,258,400
Under Construction (SF)	828,000	870,500	1,283,060
Vacancy Rate	12.2%	11.8%	15.0%
Pricing (PSF)	$2.60	$2.64	$2.26
Net Absorption (SF)	-164,724	-39,343	261,166
Completions (SF)	0	147,000	159,143

Industrial Market Snapshot	Q2 2024	Q1 2024	Q2 2023
Industrial Inventory (SF)	168,679,974	163,819,342	156,802,463
Under Construction (SF)	10,650,203	14,778,319	13,119,158
Vacancy Rate	6.3%	4.7%	5.0%
Pricing (PSF)	$1.12	$1.05	$0.81
Net Absorption (SF)	2,451,563	2,839,644	779,195
Completions (SF)	4,860,632	5,037,323	2,350,189

Retail Market Snapshot	Q2 2024	Q1 2024	Q2 2023
Retail Inventory (SF)	55,691,342	55,691,342	55,636,338
Under Construction (SF)	496,970	496,970	164,774
Direct Vacancy Rate	5.7%	4.6%	6.1%
Total Vacancy Rate		0.0%	6.1%
Pricing (PSF)	$1.88	$2.08	$1.86
Net Absorption (SF)	152,652	102,827	287,086
Completions (SF)	0	37,700	275,415

Las Vegas Area Direct Vacancy Rates

Office
Industrial
Retail

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