COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q4 2021 Q3 2021 Q4 2020
Office Inventory (SF) 56,481,748 56,481,748 56,313,748
Under Construction (SF) 1,172,123 1,172,123 643,184
Vacancy Rate 16.0% 16.3% 16.1%
Pricing (PSF) $2.12 $2.11 $2.07
Net Absorption (SF) 147,680 83,546 -260,643
Completions (SF) 0 18,000 20,000
Industrial Market Snapshot Q4 2021 Q3 2021 Q4 2020
Industrial Inventory (SF) 144,546,136 143,463,055 137,796,331
Under Construction (SF) 10,640,397 9,629,260 9,209,702
Vacancy Rate 4.9% 5.4% 7.6%
Pricing (PSF) $0.73 $0.71 $0.67
Net Absorption (SF) 1,730,479 3,316,892 1,609,416
Completions (SF) 1,083,081 2,343,881 3,210,611
Retail Market Snapshot Q4 2021 Q3 2021 Q4 2020
Retail Inventory (SF) 55,296,202 55,240,928 55,082,596
Under Construction (SF) 298,653 237,427 258,376
Direct Vacancy Rate 6.8% 7.0% 7.3%
Total Vacancy Rate 8.1% 8.5% 8.5%
Pricing (PSF) $1.79 $1.79 $1.79
Net Absorption (SF) 162,453 93,526 42,233
Completions (SF) 55,274 0 136,047
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q4 '21

ECONOMIC TRENDS

8.0%

-5.6%

14.8%

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

REAL ESTATE MARKET TRENDS

Q4 '20
Q4 '21

16.1%

15.9%

17.3%

17.3%

16.2%

15.6%

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 '21

ECONOMIC TRENDS

8.2%

17.7%

6.4%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
INDUSTRIAL PRODUCTION INDEX

REAL ESTATE MARKET TRENDS

Q4 '20
Q4 '21

8.1%

4.6%

5.7%

5.1%

$0.67

$0.73

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 '21

ECONOMIC TRENDS

14.0%

38.6%

-1.3%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q4 '20
Q4 '21

6.6%

6.2%

8.6%

7.8%

$1.79

$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