COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q2 2020 Q1 2020 Q2 2019
Office Inventory (SF) 56,460,543 56,325,543 56,018,816
Under Construction (SF) 552,784 349,600 415,453
Vacancy Rate 14.8% 14.4% 15.4%
Pricing (PSF) $2.05 $2.05 $2.02
Net Absorption (SF) -95,424 148,235 135,828
Completions (SF) 135,000 179,227 124,705
Industrial Market Snapshot Q2 2020 Q1 2020 Q2 2019
Industrial Inventory (SF) 133,358,199 133,304,299 128,819,500
Under Construction (SF) 6,923,348 6,545,257 5,228,680
Vacancy Rate 6.6% 7.1% 6.6%
Pricing (PSF) $0.67 $0.67 $0.65
Net Absorption (SF) 721,703 968,179 1,640,939
Completions (SF) 53,900 1,426,192 2,686,260
Retail Market Snapshot Q2 2020 Q1 2020 Q2 2019
Retail Inventory (SF) 54,870,354 54,773,229 54,709,413
Under Construction (SF) 463,400 560,525 359,941
Direct Vacancy Rate 6.9% 6.8% 7.6%
Total Vacancy Rate 8.2% 8.1% 9.1%
Pricing (PSF) $1.77 $1.77 $1.76
Net Absorption (SF) 43,799 102,909 63,928
Completions (SF) 97,125 0 31,823
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q2 '20

ECONOMIC TRENDS

-6.7%

11.0%

19.6%

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

REAL ESTATE MARKET TRENDS

Q2 '19
Q2 '20

16.9%

15.7%

16.1%

15.8%

15.2%

14.6%

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

Q2 '20

ECONOMIC TRENDS

-7.7%

0.5%

-13.8%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q2 '19
Q2 '20

6.4%

6.8%

6.5%

5.4%

$0.65

$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

Q2 '20

ECONOMIC TRENDS

-17.0%

-4.5%

3.2%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q2 '19
Q2 '20

7.3%

6.8%

8.7%

8.2%

$1.76

$1.77

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