COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q3 2018 Q2 2018 Q3 2017
Office Inventory (SF) 55,941,509 55,601,952 55,045,111
Under Construction (SF) 256,136 444,924 785,621
Vacancy Rate 17.7% 17.8% 18.5%
Pricing (PSF) $2.00 $1.99 $1.95
Net Absorption (SF) 323,052 339,616 419,044
Completions (SF) 339,557 270,000 116,971
Industrial Market Snapshot Q3 2018 Q2 2018 Q3 2017
Industrial Inventory (SF) 124,325,171 123,340,533 120,553,515
Under Construction (SF) 5,832,091 4,534,706 3,929,788
Vacancy Rate 6.7% 6.7% 8.0%
Pricing (PSF) $0.63 $0.63 $0.61
Net Absorption (SF) 943,493 1,961,818 1,209,780
Completions (SF) 984,638 584,881 2,388,277
Retail Market Snapshot Q3 2018 Q2 2018 Q3 2017
Retail Inventory (SF) 54,162,762 54,059,362 53,649,612
Under Construction (SF) 582,869 686,269 499,750
Direct Vacancy Rate 7.4% 7.8% 8.2%
Total Vacancy Rate 9.0% 9.5% 9.8%
Pricing (PSF) $1.74 $1.69 $1.64
Net Absorption (SF) 333,076 87,326 21,152
Completions (SF) 103,400 125,000 0
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q3 '18

ECONOMIC TRENDS

3.2%

2.0%

4.3%

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

REAL ESTATE MARKET TRENDS

Q3 '17
Q3 '18

20.0%

18.9%

19.5%

18.7%

18.6%

18.0%

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

Q3 '18

ECONOMIC TRENDS

7.4%

15.4%

-6.2%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q3 '17
Q3 '18

8.2%

6.6%

7.0%

6.3%

$0.61

$0.63

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

Q3 '18

ECONOMIC TRENDS

2.9%

5.0%

5.2%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q3 '17
Q3 '18

6.6%

7.0%

9.6%

8.3%

$1.64

$1.74

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