COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q2 2022 Q1 2022 Q2 2021
Office Inventory (SF) 56,740,748 56,561,748 56,463,748
Under Construction (SF) 1,142,123 976,123 695,724
Vacancy Rate 15.4% 15.6% 16.4%
Pricing (PSF) $2.17 $2.13 $2.10
Net Absorption (SF) 251,907 335,680 -79,454
Completions (SF) 179,000 80,000 0
Industrial Market Snapshot Q2 2022 Q1 2022 Q2 2021
Industrial Inventory (SF) 147,935,082 147,126,340 141,128,801
Under Construction (SF) 11,437,675 10,373,096 8,082,037
Vacancy Rate 4.4% 4.6% 6.2%
Pricing (PSF) $0.76 $0.75 $0.66
Net Absorption (SF) 1,068,797 3,087,673 2,934,106
Completions (SF) 808,742 2,609,377 2,639,646
Retail Market Snapshot Q2 2022 Q1 2022 Q2 2021
Retail Inventory (SF) 55,433,785 55,425,515 55,241,128
Under Construction (SF) 139,900 124,770 184,387
Direct Vacancy Rate 6.4% 6.5% 7.2%
Total Vacancy Rate 7.5% 8.6%
Pricing (PSF) $1.79 $1.82 $1.80
Net Absorption (SF) 44,678 321,019 195,694
Completions (SF) 8,270 129,113 64,275
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q2 '22

ECONOMIC TRENDS

4.8%

-4.7%

-12.6%

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

REAL ESTATE MARKET TRENDS

Q2 '21
Q2 '22

16.1%

15.6%

17.7%

16.5%

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

Q2 '22

ECONOMIC TRENDS

8.8%

10.8%

3.7%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
INDUSTRIAL PRODUCTION INDEX

REAL ESTATE MARKET TRENDS

Q2 '21
Q2 '22

6.4%

4.0%

5.1%

4.9%

$0.66

$0.76

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 '22

ECONOMIC TRENDS

7.6%

25.5%

-1.3%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q2 '21
Q2 '22

6.6%

5.2%

8.1%

8.1%

$1.80

$1.79

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