COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q4 2022 Q3 2022 Q4 2021
Office Inventory (SF) 57,098,502 56,663,889 56,404,889
Under Construction (SF) 1,264,203 1,378,026 1,106,123
Vacancy Rate 15.5% 15.2% 15.9%
Pricing (PSF) $2.24 $2.19 $2.12
Net Absorption (SF) 197,454 113,184 145,672
Completions (SF) 434,613 0 0
Industrial Market Snapshot Q4 2022 Q3 2022 Q4 2021
Industrial Inventory (SF) 151,061,921 149,526,945 144,667,363
Under Construction (SF) 15,554,061 15,640,711 8,155,476
Vacancy Rate 3.9% 3.7% 4.6%
Pricing (PSF) $0.81 $0.79 $0.74
Net Absorption (SF) 1,156,590 1,682,972 1,675,669
Completions (SF) 1,534,976 1,441,463 1,044,281
Retail Market Snapshot Q4 2022 Q3 2022 Q4 2021
Retail Inventory (SF) 55,475,923 55,433,785 55,296,402
Under Construction (SF) 447,389 379,757 179,521
Direct Vacancy Rate 6.2% 6.3% 6.8%
Total Vacancy Rate 6.7% 7.0% 8.1%
Pricing (PSF) $1.84 $1.82 $1.79
Net Absorption (SF) 98,290 120,927 160,700
Completions (SF) 42,138 0 55,274
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q4 '22

ECONOMIC TRENDS

5.6%

-0.2%

0.9%

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

REAL ESTATE MARKET TRENDS

Q4 '21
Q4 '22

16.3%

15.5%

17.0%

16.4%

15.5%

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

Q4 '22

ECONOMIC TRENDS

6.2%

17.6%

0.2%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
INDUSTRIAL PRODUCTION INDEX

REAL ESTATE MARKET TRENDS

Q4 '21
Q4 '22

4.2%

3.2%

5.1%

5.3%

$0.74

$0.81

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 '22

ECONOMIC TRENDS

4.9%

11.4%

-1.3%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q4 '21
Q4 '22

6.1%

4.4%

7.9%

8.1%

$1.79

$1.84

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