COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q4 2020 Q3 2020 Q4 2019
Office Inventory (SF) 56,533,148 56,513,148 56,163,921
Under Construction (SF) 652,784 672,784 343,827
Vacancy Rate 16.3% 15.8% 14.4%
Pricing (PSF) $2.06 $2.05 $2.03
Net Absorption (SF) -261,711 -549,252 316,496
Completions (SF) 20,000 35,000 0
Industrial Market Snapshot Q4 2020 Q3 2020 Q4 2019
Industrial Inventory (SF) 137,695,027 134,484,366 131,878,107
Under Construction (SF) 7,967,482 6,277,374 6,626,837
Vacancy Rate 7.3% 6.4% 6.7%
Pricing (PSF) $0.67 $0.68 $0.66
Net Absorption (SF) 1,760,551 1,081,043 997,750
Completions (SF) 3,210,661 1,126,167 633,834
Retail Market Snapshot Q4 2020 Q3 2020 Q4 2019
Retail Inventory (SF) 55,046,401 54,910,354 54,773,229
Under Construction (SF) 426,954 295,301 354,381
Direct Vacancy Rate 7.2% 7.1% 7.0%
Total Vacancy Rate 8.4% 8.3% 8.4%
Pricing (PSF) $1.78 $1.79 $1.78
Net Absorption (SF) 74,845 -102,850 233,118
Completions (SF) 136,047 40,000 15,816
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q4 '20

ECONOMIC TRENDS

-9.2%

4.3%

29.0%

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

REAL ESTATE MARKET TRENDS

Q4 '19
Q4 '20

15.8%

16.0%

15.3%

17.6%

14.5%

16.1%

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

Q4 '20

ECONOMIC TRENDS

-2.7%

-8.2%

-13.7%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q4 '19
Q4 '20

7.1%

7.6%

5.4%

5.9%

$0.66

$0.67

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

Q4 '20

ECONOMIC TRENDS

-8.1%

-13.9%

3.7%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q4 '19
Q4 '20

7.1%

6.4%

8.2%

8.6%

$1.78

$1.78

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