COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q1 2018 Q4 2017 Q1 2017
Office Inventory (SF) 55,406,535 55,344,171 54,728,270
Under Construction (SF) 679,783 643,370 712,093
Vacancy Rate 18.3% 18.5% 19.6%
Pricing (PSF) $1.96 $1.95 $1.93
Net Absorption (SF) 148,651 311,257 235,911
Completions (SF) 62,364 224,477 106,351
Industrial Market Snapshot Q1 2018 Q4 2017 Q1 2017
Industrial Inventory (SF) 122,632,775 121,348,012 115,583,154
Under Construction (SF) 4,050,408 3,912,158 5,038,510
Vacancy Rate 7.9% 7.4% 7.2%
Pricing (PSF) $0.61 $0.62 $0.62
Net Absorption (SF) 639,999 1,533,774 865,757
Completions (SF) 1,284,763 917,374 1,429,748
Retail Market Snapshot Q1 2018 Q4 2017 Q1 2017
Retail Inventory (SF) 53,934,362 53,934,362 53,573,974
Under Construction (SF) 963,046 582,246 442,388
Direct Vacancy Rate 7.8% 7.9% 8.4%
Total Vacancy Rate 9.5% 9.6% 10.1%
Pricing (PSF) $1.71 $1.67 $1.66
Net Absorption (SF) 49,166 406,530 88,725
Completions (SF) 0 284,750 25,728
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q1 '18

ECONOMIC TRENDS

2.9%

0.7%

12.2%

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

REAL ESTATE MARKET TRENDS

Q1 '17
Q1 '18

21.4%

19.8%

20.7%

19.3%

19.9%

18.6%

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

Q1 '18

ECONOMIC TRENDS

7.3%

9.9%

15.1%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q1 '17
Q1 '18

6.8%

8.2%

7.5%

6.2%

$0.62

$0.61

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

Q1 '18

ECONOMIC TRENDS

2.5%

3.1%

3.8%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q1 '17
Q1 '18

7.1%

6.7%

10.3%

9.0%

$1.66

$1.71

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