COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q3 2023 Q2 2023 Q3 2022
Office Inventory (SF) 57,319,910 57,258,400 56,594,644
Under Construction (SF) 1,003,550 1,035,060 1,078,026
Vacancy Rate 14.9% 14.9% 15.1%
Pricing (PSF) $2.28 $2.26 $2.19
Net Absorption (SF) 74,643 294,272 146,976
Completions (SF) 61,510 159,143 12,000
Industrial Market Snapshot Q3 2023 Q2 2023 Q3 2022
Industrial Inventory (SF) 157,102,923 156,802,463 151,273,802
Under Construction (SF) 17,240,685 14,120,550 14,692,296
Vacancy Rate 4.7% 4.9% 3.7%
Pricing (PSF) $0.83 $0.82 $0.78
Net Absorption (SF) 610,573 904,123 3,357,389
Completions (SF) 300,460 2,350,189 3,195,320
Retail Market Snapshot Q3 2023 Q2 2023 Q3 2022
Retail Inventory (SF) 55,653,642 55,636,338 55,318,785
Under Construction (SF) 159,770 127,074 334,857
Direct Vacancy Rate 6.0% 6.1% 6.4%
Total Vacancy Rate 7.0%
Pricing (PSF) $1.88 $1.87 $1.83
Net Absorption (SF) 45,851 305,495 115,515
Completions (SF) 17,304 275,415 0
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q4 '22

ECONOMIC TRENDS

3.2%

-0.2%

28.4%

OFFICE-USING EMPLOYMENT
OCCUPIED SPACE PER EMPLOYEE
S&P 500 ADJ. CLOSING PRICE

REAL ESTATE MARKET TRENDS

Q4 '21
Q4 '22

16.3%

15.5%

17.0%

16.4%

15.5%

15.2%

MEDICAL VACANCY RATE
PROFESSIONAL VACANCY RATE
CLASS B VACANCY RATE
Millions
Inventory (in SF) and Vacancy Rate
Millions
Supply vs. Demand Trailing 12-Month Total (in SF)
  • Completions
  • Absorption
Millions
Vacant Inventory (in SF) and Average
Asking Rate
Millions
Planned and Under Construction (in SF)
  • Planned
  • Under Construction
 

INDUSTRIAL MARKET

Q3 '23

ECONOMIC TRENDS

2.9%

17.6%

-0.2%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
INDUSTRIAL PRODUCTION INDEX

REAL ESTATE MARKET TRENDS

Q3 '22
Q3 '23

3.0%

5.0%

$0.78

$0.83

DISTRIBUTION VACANCY RATE
MANUFACTURING VACANCY RATE
AVERAGE ASKING RATE
Millions
Inventory (in SF) and Vacancy Rate
Millions
Supply vs. Demand Trailing 12-Month Total (in SF)
  • Completions
  • Absorption
Millions
Vacant Inventory (in SF) and Average
Asking Rate
Millions
Planned and Under Construction (in SF)
  • Planned
  • Under Construction
 

RETAIL MARKET

Q3 '23

ECONOMIC TRENDS

5.4%

4.4%

-1.3%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q3 '22
Q3 '23

4.7%

8.1%

$1.83

$1.88

POWER CENTER VACANCY RATE
NEIGHBORHOOD VACANCY RATE
AVERAGE ASKING RATE
Millions
Inventory (in SF) and Vacancy Rate
Millions
Supply vs. Demand Trailing 12-Month Total (in SF)
  • Completions
  • Absorption
Millions
Vacant Inventory (in SF) and Average
Asking Rate
Millions
Planned and Under Construction (in SF)
  • Planned
  • Under Construction