COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q3 2019 Q2 2019 Q3 2018
Office Inventory (SF) 55,946,589 55,819,089 55,674,017
Under Construction (SF) 374,110 446,614 196,136
Vacancy Rate 15.0% 15.4% 16.3%
Pricing (PSF) $2.03 $2.03 $2.02
Net Absorption (SF) 313,548 106,980 358,052
Completions (SF) 127,500 124,705 339,557
Industrial Market Snapshot Q3 2019 Q2 2019 Q3 2018
Industrial Inventory (SF) 131,276,227 128,851,454 124,159,015
Under Construction (SF) 5,421,969 5,232,043 5,951,466
Vacancy Rate 7.2% 6.6% 6.3%
Pricing (PSF) $0.64 $0.65 $0.63
Net Absorption (SF) 1,567,942 1,640,939 938,276
Completions (SF) 2,424,773 2,686,214 984,638
Retail Market Snapshot Q3 2019 Q2 2019 Q3 2018
Retail Inventory (SF) 54,746,661 54,698,661 54,165,838
Under Construction (SF) 462,467 364,467 565,823
Direct Vacancy Rate 7.5% 7.7% 7.9%
Total Vacancy Rate 9.0% 9.2% 9.5%
Pricing (PSF) $1.78 $1.76 $1.73
Net Absorption (SF) 155,206 66,786 223,565
Completions (SF) 48,000 31,823 103,400
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q3 '19

ECONOMIC TRENDS

0.5%

-0.3%

12.0%

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

REAL ESTATE MARKET TRENDS

Q3 '18
Q3 '19

18.0%

16.0%

17.2%

15.9%

16.3%

15.2%

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

Q3 '19

ECONOMIC TRENDS

5.8%

25.0%

12.0%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q3 '18
Q3 '19

6.4%

7.5%

5.6%

5.5%

$0.63

$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

Q3 '19

ECONOMIC TRENDS

0.1%

7.9%

3.2%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q3 '18
Q3 '19

7.4%

7.4%

9.1%

8.5%

$1.73

$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