COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q1 2020 Q4 2019 Q1 2019
Office Inventory (SF) 56,389,543 56,210,316 55,958,111
Under Construction (SF) 349,600 343,827 414,537
Vacancy Rate 14.4% 14.4% 15.5%
Pricing (PSF) $2.05 $2.03 $2.02
Net Absorption (SF) 166,700 312,353 374,369
Completions (SF) 179,227 0 20,367
Industrial Market Snapshot Q1 2020 Q4 2019 Q1 2019
Industrial Inventory (SF) 133,304,299 131,878,107 126,133,240
Under Construction (SF) 6,482,693 6,588,791 6,474,479
Vacancy Rate 7.1% 6.9% 5.9%
Pricing (PSF) $0.67 $0.65 $0.67
Net Absorption (SF) 957,384 997,750 1,357,142
Completions (SF) 1,426,192 633,834 1,065,067
Retail Market Snapshot Q1 2020 Q4 2019 Q1 2019
Retail Inventory (SF) 54,773,229 54,773,229 54,677,590
Under Construction (SF) 560,525 403,525 391,764
Direct Vacancy Rate 6.8% 7.0% 7.7%
Total Vacancy Rate 8.1% 8.3% 9.2%
Pricing (PSF) $1.76 $1.77 $1.75
Net Absorption (SF) 113,256 219,070 251,804
Completions (SF) 0 15,816 215,000
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q1 '20

ECONOMIC TRENDS

-12.8%

1.2%

5.4%

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

REAL ESTATE MARKET TRENDS

Q1 '19
Q1 '20

16.7%

15.0%

16.2%

15.4%

15.1%

14.2%

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

Q1 '20

ECONOMIC TRENDS

-3.1%

18.4%

6.9%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q1 '19
Q1 '20

5.5%

7.5%

6.5%

5.6%

$0.67

$0.67

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

Q1 '20

ECONOMIC TRENDS

-36.5%

0.5%

3.2%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q1 '19
Q1 '20

7.3%

6.8%

8.7%

8.1%

$1.75

$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