COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q4 2018 Q3 2018 Q4 2017
Office Inventory (SF) 55,949,634 55,949,634 55,277,713
Under Construction (SF) 244,136 196,136 708,849
Vacancy Rate 17.0% 17.2% 17.9%
Pricing (PSF) $2.00 $2.01 $1.95
Net Absorption (SF) 101,290 381,544 327,537
Completions (SF) 0 339,557 224,477
Industrial Market Snapshot Q4 2018 Q3 2018 Q4 2017
Industrial Inventory (SF) 125,261,027 124,319,869 121,465,587
Under Construction (SF) 6,668,519 5,835,531 4,013,248
Vacancy Rate 6.9% 6.8% 7.5%
Pricing (PSF) $0.64 $0.66 $0.62
Net Absorption (SF) 810,183 782,773 1,389,703
Completions (SF) 941,158 984,638 917,374
Retail Market Snapshot Q4 2018 Q3 2018 Q4 2017
Retail Inventory (SF) 54,448,762 54,162,762 53,934,362
Under Construction (SF) 705,869 576,769 383,946
Direct Vacancy Rate 7.6% 7.7% 7.9%
Total Vacancy Rate 9.1% 9.3% 9.6%
Pricing (PSF) $1.76 $1.74 $1.67
Net Absorption (SF) 316,148 321,141 412,294
Completions (SF) 286,000 103,400 284,750
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q4 '18

ECONOMIC TRENDS

4.2%

-1.8%

-5.2%

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

REAL ESTATE MARKET TRENDS

Q4 '17
Q4 '18

19.4%

18.5%

18.8%

17.9%

18.1%

17.1%

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 '18

ECONOMIC TRENDS

5.0%

21.2%

4.8%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q4 '17
Q4 '18

7.5%

6.8%

7.0%

6.5%

$0.62

$0.64

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 '18

ECONOMIC TRENDS

3.2%

6.4%

5.0%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q4 '17
Q4 '18

6.5%

7.2%

9.1%

8.4%

$1.67

$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