COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q4 2019 Q3 2019 Q4 2018
Office Inventory (SF) 56,214,080 56,214,080 55,941,508
Under Construction (SF) 342,949 342,949 227,904
Vacancy Rate 14.5% 15.0% 16.1%
Pricing (PSF) $2.03 $2.03 $2.01
Net Absorption (SF) 303,880 350,984 141,918
Completions (SF) 0 127,500 0
Industrial Market Snapshot Q4 2019 Q3 2019 Q4 2018
Industrial Inventory (SF) 131,910,061 131,276,227 125,100,173
Under Construction (SF) 6,591,936 5,421,969 5,805,569
Vacancy Rate 6.9% 7.2% 6.2%
Pricing (PSF) $0.65 $0.64 $0.65
Net Absorption (SF) 997,750 1,567,942 1,022,936
Completions (SF) 633,834 2,424,773 941,158
Retail Market Snapshot Q4 2019 Q3 2019 Q4 2018
Retail Inventory (SF) 54,773,229 54,757,413 54,462,590
Under Construction (SF) 403,525 419,341 374,223
Direct Vacancy Rate 7.1% 7.5% 7.8%
Total Vacancy Rate 8.4% 9.0% 9.4%
Pricing (PSF) $1.76 $1.78 $1.76
Net Absorption (SF) 206,101 143,610 290,348
Completions (SF) 15,816 48,000 286,000
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q4 '19

ECONOMIC TRENDS

1.5%

-0.2%

6.1%

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

REAL ESTATE MARKET TRENDS

Q4 '18
Q4 '19

17.9%

15.4%

16.9%

15.4%

16.1%

14.7%

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 '19

ECONOMIC TRENDS

6.1%

21.8%

6.9%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q4 '18
Q4 '19

6.1%

7.1%

5.8%

5.4%

$0.65

$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

Q4 '19

ECONOMIC TRENDS

-0.1%

7.3%

3.2%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q4 '18
Q4 '19

7.3%

7.1%

9.0%

8.4%

$1.76

$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