COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q1 2021 Q4 2020 Q1 2020
Office Inventory (SF) 56,703,748 56,553,748 56,354,148
Under Construction (SF) 493,184 643,184 349,600
Vacancy Rate 16.5% 16.3% 14.5%
Pricing (PSF) $2.07 $2.06 $2.05
Net Absorption (SF) 5,705 -256,205 136,398
Completions (SF) 150,000 20,000 179,227
Industrial Market Snapshot Q1 2021 Q4 2020 Q1 2020
Industrial Inventory (SF) 137,906,941 137,694,977 133,304,299
Under Construction (SF) 11,603,104 8,038,874 6,483,665
Vacancy Rate 6.1% 7.3% 6.9%
Pricing (PSF) $0.68 $0.67 $0.67
Net Absorption (SF) 1,919,278 1,788,158 1,011,055
Completions (SF) 211,964 3,210,611 1,426,192
Retail Market Snapshot Q1 2021 Q4 2020 Q1 2020
Retail Inventory (SF) 55,164,870 55,046,401 54,773,229
Under Construction (SF) 340,098 261,954 436,411
Direct Vacancy Rate 7.3% 7.3% 6.8%
Total Vacancy Rate 8.5% 8.4% 8.1%
Pricing (PSF) $1.79 $1.79 $1.77
Net Absorption (SF) 75,228 36,463 132,909
Completions (SF) 118,469 136,047 0
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q1 '21

ECONOMIC TRENDS

5.2%

4.7%

38.6%

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

REAL ESTATE MARKET TRENDS

Q1 '20
Q1 '21

15.2%

16.3%

15.4%

17.8%

14.3%

16.2%

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 '21

ECONOMIC TRENDS

11.7%

-8.2%

-30.8%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q1 '20
Q1 '21

7.4%

6.0%

5.6%

5.4%

$0.67

$0.68

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 '21

ECONOMIC TRENDS

23.7%

4.1%

3.7%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q1 '20
Q1 '21

6.9%

6.4%

8.1%

8.6%

$1.77

$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