Commercial RE Report

Las Vegas The Las Vegas Valley industrial market reported its highest vacancy rate in history through the second quarter of 2009.  With nearly 12.3 million square feet of vacant industrial property, market-wide vacancies reached 12.0 percent of inventory, which exceeded the previously recorded high of 11.4 percent in the third quarter of 2002. The vacancy rate jumped from … [Read more...] about Industrial Summary: Second Quarter 2009

Las Vegas During the second quarter of 2009, the Las Vegas commercial retail sector in Southern Nevada remained weak as tenants vacated more space than they moved into, a trend that has prevailed for three consecutive quarters.  The amount of occupied space (46.3 million square feet) is at its lowest level since the third quarter of 2007; with nearly 4.5 million square feet … [Read more...] about Retail Summary: Second Quarter 2009

Las Vegas The Las Vegas Valley office market is facing significant challenges as the inventory base continues to expand even as office-using employment continues to contract. During the latest quarter, the market reported two major project completions totaling 364,800 square feet, which brought total inventory to 49.3 million square feet. Overall availability in the … [Read more...] about Office Summary: 2nd Quarter 2009

Las Vegas The Las Vegas Valley industrial market remained relatively flat, reaching 102.5 million square feet by the end of the first quarter of 2009.  Inventory levels grew modestly as one project completed construction (104,000 square feet), resulting in an expansion of 3.8 million square feet over the preceding 12-months.  This is the lowest new inventory level reported in … [Read more...] about Industrial Summary: First Quarter 2009

Las Vegas   During the first quarter of 2009, the Las Vegas commercial retail sector posted its second quarter of negative net absorption and a record-high vacancy rate.  Demand turned negative as a number of retail stores closed their doors and a significant amount of space entered the market.  Selected retail closings included Circuit City stores, Great Indoors in Boca … [Read more...] about Retail Summary: First Quarter 2009

Las Vegas The Las Vegas Valley office market is experiencing more empty offices than ever before with vacancies reaching a record-high 19.6 percent.  The latest vacancy figures are 2.0 points ahead of where they started the quarter and 4.9-points higher than the same quarter of last year (Q1 2008).  During the current cycle, vacancies reached their low point of 8.1 percent in … [Read more...] about Office Summary: First Quarter 2009

Las Vegas The Las Vegas Valley industrial market continued its expansion, reaching 102.4 million square feet by the close of 2008. Inventory levels grew by 1.2 million square feet as a number of projects completed construction during the quarter, resulting in an annual expansion of 5.2 million square feet. The market’s expansion fell short of the 2007 new supply total of 7.2 … [Read more...] about Industrial Summary: Fourth Quarter 2008

Las Vegas The Las Vegas commercial retail sector was impacted by weak local consumer spending and financial challenges impacting national retailers in 2008. During the fourth quarter of the year, the market expanded by 236,000 square feet reaching 50.5 million square feet in 326 anchored retail centers. On the year, the market welcomed 1.9 million square feet, although … [Read more...] about Commercial Retail Summary: Fourth Quarter 2008

Las Vegas The Las Vegas Valley office market continued to deteriorate in 2008 as new supply outpaced market demand. The latest economic conditions resulted in fewer office-using business expansions and relocations, pushing the vacancy rate to a record-high 17.3 percent. The latest availability figures represented a 0.5 point increase from the 16.8 percent vacancy rate reported … [Read more...] about Commercial Office Summary: Fourth Quarter 2008

Las Vegas Through the 3rd Quarter of 2008, the Las Vegas Valley industrial market continued to report vacancies in the single digits while limited near- to mid-term supply additions will likely keep availability in line with historical averages. During the quarter, the market posted 495,000 square feet of net absorption, bringing market demand for the first nine months of 2008 … [Read more...] about Commercial Industrial Summary: Third Quarter 2008

Las Vegas The Las Vegas commercial retail sector continues to be impacted by the current economic climate, a deteriorating housing market and low consumer confidence levels. Fundamentals within the market prompted the closing of various retail outlets over the past several quarters, with additional closures possible. Several national retailers have recently entered bankruptcy … [Read more...] about Retail Market Summary: Third Quarter 2008

Las Vegas By the close of the 3rd Quarter 2008, the Las Vegas office market reached new heights in terms of vacancy. With nearly 8.2 million square feet of available space and market inventory of 48 million square feet, vacancy levels reached 17.0 percent as of September 30, 2008. Availability represented a slight increase from the 16.8 percent reported in the preceding … [Read more...] about Office Market Summary: Third Quarter 2008

Las Vegas The Las Vegas Valley’s industrial market experienced rising vacancies due to a slowdown in market demand. During the 2nd Quarter of 2008, the market posted 695,000 square feet of net absorption, bringing demand for the first half of 2008 to 1.3 million square feet. Inventory levels increased by 1.5 million square feet during the second quarter, while project … [Read more...] about Industrial Market Summary: Second Quarter 2008

Las Vegas The Las Vegas commercial retail sector posted a record-setting level of vacant space in the 2nd Quarter of 2008. Recent market conditions, including the performance in the residential sector, prompted the closing of various retail outlets, including Thomasville Furniture, Wickes Furniture, Sharper Image and various grocery anchors, such as selected Smith’s and … [Read more...] about Retail Market Summary: Second Quarter 2008

Las Vegas The Las Vegas Valley office market reported its highest level of vacancy in recent history during the second quarter of 2008, 16.7 percent. During the quarter, a total of 1.3 million square feet completed construction, while a negligible amount of net absorption was reported at approximately 1,400 square feet. Availability reached a new peak of 7.9 million square … [Read more...] about Office Market Summary: Second Quarter 2008