COMMERCIAL

MARKET
MONITOR

Las Vegas Market Area
Office Market Snapshot Q1 2019 Q4 2018 Q1 2018
Office Inventory (SF) 55,944,277 55,923,910 55,314,353
Under Construction (SF) 431,769 244,136 634,557
Vacancy Rate 16.0% 16.6% 17.3%
Pricing (PSF) $2.01 $2.00 $1.96
Net Absorption (SF) 366,510 149,710 228,967
Completions (SF) 20,367 0 62,364
Industrial Market Snapshot Q1 2019 Q4 2018 Q1 2018
Industrial Inventory (SF) 126,202,070 125,137,003 122,626,326
Under Construction (SF) 6,353,705 5,723,214 3,808,237
Vacancy Rate 6.3% 6.4% 7.8%
Pricing (PSF) $0.67 $0.65 $0.61
Net Absorption (SF) 1,184,458 1,022,936 804,495
Completions (SF) 1,065,067 941,158 1,284,763
Retail Market Snapshot Q1 2019 Q4 2018 Q1 2018
Retail Inventory (SF) 54,666,838 54,451,838 53,937,438
Under Construction (SF) 809,923 694,923 729,400
Direct Vacancy Rate 7.7% 7.8% 7.9%
Total Vacancy Rate 9.2% 9.3% 9.6%
Pricing (PSF) $1.74 $1.76 $1.71
Net Absorption (SF) 262,259 308,833 24,541
Completions (SF) 215,000 286,000 0
Las Vegas Area Direct Vacancy Rates
  • Office
  • Industrial
  • Retail
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OFFICE MARKET

Q1 '19

ECONOMIC TRENDS

2.4%

0.0%

1.7%

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

REAL ESTATE MARKET TRENDS

Q1 '18
Q1 '19

19.2%

17.2%

18.2%

16.9%

17.4%

16.0%

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

Q1 '19

ECONOMIC TRENDS

6.9%

25.1%

-1.2%

INDUSTRIAL-USING EMPLOYMENT
MANUFACTURING TAXABLE SALES
NEW COMMERCIAL BUILDINGS PERMITTED

REAL ESTATE MARKET TRENDS

Q1 '18
Q1 '19

8.1%

5.7%

6.2%

7.2%

$0.61

$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

Q1 '19

ECONOMIC TRENDS

1.0%

7.5%

5.0%

RETAIL-USING EMPLOYMENT
TAXABLE RETAIL SALES
DISPOSABLE INCOME

REAL ESTATE MARKET TRENDS

Q1 '18
Q1 '19

6.8%

7.2%

9.0%

8.8%

$1.71

$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