COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q4 2017 Q3 2017 Q4 2016
Office Inventory (SF) 55,297,107 55,072,630 54,574,855
Under Construction (SF) 633,370 815,847 763,929
Vacancy Rate 18.7% 19.0% 20.1%
Pricing (PSF) $1.95 $1.95 $1.91
Net Absorption (SF) 328,353 362,787 255,885
Completions (SF) 224,477 116,971 142,150
Industrial Market Snapshot Q4 2017 Q3 2017 Q4 2016
Industrial Inventory (SF) 120,975,241 120,057,867 113,911,255
Under Construction (SF) 3,647,971 3,813,681 5,712,545
Vacancy Rate 7.4% 8.0% 6.8%
Pricing (PSF) $0.62 $0.62 $0.61
Net Absorption (SF) 1,541,974 1,272,161 750,582
Completions (SF) 917,374 2,388,277 806,402
Retail Market Snapshot Q4 2017 Q3 2017 Q4 2016
Retail Inventory (SF) 53,978,032 53,693,282 53,591,916
Under Construction (SF) 582,246 598,750 390,366
Direct Vacancy Rate 8.1% 8.3% 8.6%
Total Vacancy Rate 9.8% 10.0% 10.2%
Pricing (PSF) $1.65 $1.63 $1.62
Net Absorption (SF) 332,030 2,911 303,752
Completions (SF) 284,750 0 241,758
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q4 '17

ECONOMIC TRENDS

3.1%

-1.1%

12.5%

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

REAL ESTATE MARKET TRENDS

Q4 '16
Q4 '17

21.1%

20.2%

21.3%

19.8%

20.3%

19.0%

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 '17

ECONOMIC TRENDS

7.0%

7.5%

15.1%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q4 '16
Q4 '17

6.3%

7.4%

7.4%

6.9%

$0.61

$0.62

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 '17

ECONOMIC TRENDS

1.6%

3.4%

2.7%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q4 '16
Q4 '17

7.1%

6.7%

10.4%

9.4%

$1.62

$1.65

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