COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q2 2018 Q1 2018 Q2 2017
Office Inventory (SF) 55,593,539 55,323,539 54,919,727
Under Construction (SF) 470,650 724,783 842,592
Vacancy Rate 17.9% 18.0% 19.1%
Pricing (PSF) $1.98 $1.96 $1.95
Net Absorption (SF) 286,136 166,517 434,272
Completions (SF) 270,000 62,364 274,453
Industrial Market Snapshot Q2 2018 Q1 2018 Q2 2017
Industrial Inventory (SF) 123,215,533 122,755,652 118,165,238
Under Construction (SF) 4,659,706 3,808,237 4,340,797
Vacancy Rate 6.8% 7.8% 7.1%
Pricing (PSF) $0.63 $0.63 $0.61
Net Absorption (SF) 1,757,188 810,745 2,320,167
Completions (SF) 459,881 1,284,763 2,459,207
Retail Market Snapshot Q2 2018 Q1 2018 Q2 2017
Retail Inventory (SF) 54,059,362 53,934,362 53,649,612
Under Construction (SF) 920,869 1,014,046 374,750
Direct Vacancy Rate 7.8% 7.8% 8.2%
Total Vacancy Rate 9.5% 9.5% 9.8%
Pricing (PSF) $1.69 $1.70 $1.66
Net Absorption (SF) 98,252 38,437 188,450
Completions (SF) 125,000 0 75,638
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q2 '18

ECONOMIC TRENDS

3.1%

-0.4%

14.0%

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

REAL ESTATE MARKET TRENDS

Q2 '17
Q2 '18

21.1%

19.0%

20.0%

19.0%

19.4%

18.2%

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

Q2 '18

ECONOMIC TRENDS

5.9%

9.7%

15.1%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q2 '17
Q2 '18

6.8%

6.6%

7.5%

6.3%

$0.61

$0.63

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

Q2 '18

ECONOMIC TRENDS

2.4%

3.6%

3.8%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q2 '17
Q2 '18

6.9%

7.3%

10.0%

8.6%

$1.66

$1.69

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