Commercial RE Report

Las Vegas The Las Vegas Valley office market showed modest improvement from the preceding quarter. After a sustained period of price declines and little construction activity, the vacancy rate broke the five-year cycle of upward movement.  During the third quarter, the market reported 68,900 square feet of positive net absorption, pushing the vacancy down 11 basis points from … [Read more...] about Office Summary: Third Quarter 2010

Las Vegas The Las Vegas Valley industrial market continued to signal weakness as new space entered a market already dealing with a supply-demand imbalance.  As vacancies edged upward, reaching a new high, average asking rents declined modestly.  Although several projects remain stalled or delayed due to a lack of demand and an abundance of supply, nearly 351,000 square feet of … [Read more...] about Industrial Summary: Third Quarter 2010

Las Vegas         Vacancies remained relatively flat as average asking rents among anchored-retail centers continued their move downward during the second quarter of 2010.  Reporting a vacancy rate of 10.4 percent at the close of the second quarter of 2010, vacancies were relatively stable compared to the previous quarter, but linger 0.2 … [Read more...] about Retail Summary: Second Quarter 2010

Las Vegas         The Las Vegas Valley office market has yet to stabilize as vacancies edged upwards exerting downward pressure on average asking rents. During the second quarter, the market reported 426,800 square feet of negative net absorption, pushing the amount of occupied space down for the seventh consecutive quarter and to a level not … [Read more...] about Office Summary: Second Quarter 2010

Las Vegas The Las Vegas Valley industrial market continued to signal weakness with an increasing vacancy rate and falling average asking rents amid turbulent conditions within the sector.  No new inventory came to market as several projects remain stalled or delayed due to a lack of demand and an abundance of supply.  Nearly 351,000 square feet of industrial space in four … [Read more...] about Industrial Summary: Second Quarter 2010

Las Vegas     Vacancies within the Las Vegas commercial retail market moved upward while average asking rents continued to decline in anchored-retail centers during the first quarter of 2010.  Reporting a vacancy rate of 10.5 percent at the close of the first quarter of 2010, vacancies remain up 0.9 points from 9.6 percent during the same period of the prior year (Q1 2009).  … [Read more...] about Retail Summary: First Quarter 2010

Las Vegas The Las Vegas Valley office market continued to deteriorate with rising vacancies and diminishing rents.  Net absorption, or the change in the amount of occupied space between periods, remained negative for the sixth consecutive quarter. The market reported total first quarter negative net absorption of 81,200 square feet. The office market expanded by 84,800 … [Read more...] about Office Summary: First Quarter 2010

Las Vegas The Las Vegas Valley industrial market continued to struggle with higher vacancies while average asking rents slid downward in response to an ongoing supply-demand imbalance.  No new inventory came to market as current economic conditions have stalled or delayed construction activity for most proposed projects. The amount of occupied industrial space dipped to a … [Read more...] about Industrial Summary: First Quarter 2010

 Las Vegas During the fourth quarter of 2009, the Las Vegas commercial retail market remained stressed.  Vacancies remained elevated while declines in average asking rents continued to accelerate.  Vacancies during the fourth quarter of 2009 were 10.0 percent of inventory and compared to the prior year (Q4 2008) vacancies remain up 2.5 points from 7.5 percent. For comparison … [Read more...] about Retail Summary: Fourth Quarter 2009

Las Vegas The Las Vegas Valley office market reported its worst year on record, posting record-high vacancies, net move-outs and price declines in 2009.  Net absorption, or the change in the amount of occupied space between periods, remained negative for the fifth consecutive quarter. At the end of the fourth quarter, there were 38.1 million occupied square feet, the lowest … [Read more...] about Office Summary: Fourth Quarter 2009

Las Vegas The Las Vegas Valley industrial market continued to deteriorate with sustained negative absorption, while the remainder of ongoing construction projects wrapped up during the fourth quarter of 2009.  Inventory expanded by 462,000 square feet during the quarter, or 1.0 million square feet for 2009, pushing inventories to 103.6 million square feet at year end. Space … [Read more...] about Industrial Summary: Fourth Quarter 2009

Las Vegas During the third quarter of 2009, the Las Vegas commercial retail market expanded as several pre-leased, user-specific buildings completed construction during the quarter.  Overall, the market expanded by 516,300 square feet during the third quarter, bringing total retail inventory in anchored centers to 51.8 million square feet.  Expansions during the quarter … [Read more...] about Retail Summary: Third Quarter 2009

Las Vegas The Las Vegas Valley office market reported its fourth consecutive quarter of negative net absorption, suggesting the amount of space being vacated continues to outpace move-ins. Office market inventory expanded by 214,600 square feet during the past quarter, reaching 49.5 million square feet.  Additions to the market were concentrated in the south and southwest … [Read more...] about Office Summary: Third Quarter 2009