COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q4 2023 Q3 2023 Q4 2022
Office Inventory (SF) 57,553,960 57,319,910 57,029,257
Under Construction (SF) 769,500 1,003,550 964,203
Vacancy Rate 14.9% 14.9% 15.4%
Pricing (PSF) $2.30 $2.28 $2.22
Net Absorption (SF) 208,389 83,022 213,281
Completions (SF) 234,050 61,510 434,613
Industrial Market Snapshot Q4 2023 Q3 2023 Q4 2022
Industrial Inventory (SF) 158,782,019 157,341,439 153,867,756
Under Construction (SF) 17,147,029 17,002,169 13,543,604
Vacancy Rate 5.3% 4.9% 3.9%
Pricing (PSF) $0.83 $0.83 $0.82
Net Absorption (SF) 792,684 634,992 2,285,538
Completions (SF) 1,440,580 538,976 2,593,954
Retail Market Snapshot Q4 2023 Q3 2023 Q4 2022
Retail Inventory (SF) 55,653,642 55,653,642 55,360,923
Under Construction (SF) 159,770 159,770 402,489
Direct Vacancy Rate 6.1% 6.1% 6.4%
Total Vacancy Rate 6.1% 6.1% 6.4%
Pricing (PSF) $1.89 $1.88 $1.82
Net Absorption (SF) -33,321 45,851 78,415
Completions (SF) 0 17,304 42,138
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q4 '23

ECONOMIC TRENDS

3.2%

-2.7%

28.4%

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

REAL ESTATE MARKET TRENDS

Q4 '22
Q4 '23

15.5%

14.1%

16.4%

16.1%

15.2%

14.5%

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 '23

ECONOMIC TRENDS

2.9%

17.7%

-0.2%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
INDUSTRIAL PRODUCTION INDEX

REAL ESTATE MARKET TRENDS

Q4 '22
Q4 '23

3.2%

5.3%

5.3%

4.8%

$0.82

$0.83

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 '23

ECONOMIC TRENDS

5.4%

4.0%

-1.3%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q4 '22
Q4 '23

4.4%

4.6%

8.1%

7.9%

$1.82

$1.89

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