COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q2 2019 Q1 2019 Q2 2018
Office Inventory (SF) 55,819,089 55,694,384 55,334,460
Under Construction (SF) 446,614 445,769 384,924
Vacancy Rate 15.4% 15.4% 16.5%
Pricing (PSF) $2.02 $2.02 $2.00
Net Absorption (SF) 112,680 344,714 367,460
Completions (SF) 124,705 20,367 270,000
Industrial Market Snapshot Q2 2019 Q1 2019 Q2 2018
Industrial Inventory (SF) 128,851,454 126,165,240 123,174,377
Under Construction (SF) 5,149,688 6,392,078 4,571,964
Vacancy Rate 6.6% 5.9% 6.4%
Pricing (PSF) $0.65 $0.67 $0.63
Net Absorption (SF) 1,636,211 1,386,058 2,121,789
Completions (SF) 2,686,214 1,065,067 584,881
Retail Market Snapshot Q2 2019 Q1 2019 Q2 2018
Retail Inventory (SF) 54,698,661 54,666,838 54,062,438
Under Construction (SF) 424,125 455,948 636,223
Direct Vacancy Rate 7.6% 7.7% 8.1%
Total Vacancy Rate 9.2% 9.3% 9.8%
Pricing (PSF) $1.76 $1.74 $1.70
Net Absorption (SF) 66,786 257,426 12,685
Completions (SF) 31,823 215,000 125,000
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q2 '19

ECONOMIC TRENDS

2.4%

-2.5%

0.9%

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

REAL ESTATE MARKET TRENDS

Q2 '18
Q2 '19

18.1%

16.8%

17.3%

16.3%

16.6%

15.5%

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 '19

ECONOMIC TRENDS

4.0%

25.1%

5.0%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q2 '18
Q2 '19

6.4%

6.4%

5.6%

6.6%

$0.63

$0.65

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 '19

ECONOMIC TRENDS

0.7%

7.4%

5.0%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q2 '18
Q2 '19

7.8%

7.3%

8.7%

8.8%

$1.70

$1.76

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