Southern Nevada Las Vegas Valley’s office vacancy rate in Q1, 2017 increased by 0.1 points to 20.3 percent from Q4, 2016. Vacancy rates ranged from 15.4 percent for Class C space to a high of 27.0 percent for Class A space in Q1. Across the board, office submarkets are well above the 10 percent stabilized rate. There was one Spec Office completion in Q1, the 150,000 square … [Read more...] about Office Summary: First Quarter 2017
Commercial RE Report
Retail Summary: First Quarter 2017
SOUTHERN NEVADA The Las Vegas Valley’s overall industrial vacancy rate in Q1 2017 was 5.5 percent, 0.3 percentage-points up from the 4th quarter of 2016. The warehouse/distribution product type was responsible for the vacancy increase as vacancy was down in all other product types. A large amount of warehouse/distribution space came to market in the second half of 2016; and … [Read more...] about Retail Summary: First Quarter 2017
Retail Summary: Fourth Quarter 2016
Southern Nevada The Las Vegas Valley anchored retail had an encouraging finish to 2016 with vacancy dropping 0.7 points from 11.2 percent in Q3, 2016 to 10.5 percent in Q4, 2016. At the end of Q4, vacancy rates were 6.8 percent in power centers, 11.8 percent in community centers and 11.4 percent in neighborhood centers. Record high taxable sales are playing a significant role … [Read more...] about Retail Summary: Fourth Quarter 2016
Office Summary: Fourth Quarter 2016
Southern Nevada Las Vegas Valley’s speculative office vacancy rate in Q4, 2016 increased by 0.1 points to 20.2 percent from Q3, 2016. Compared to Q4, 2015, the office vacancy rate was up 0.2 points, from 20 percent. Vacancy rates ranged from 15.4 percent for Class C space to a high of 28.2 percent for Class A space at the end of Q4. The office market has fluctuated back and … [Read more...] about Office Summary: Fourth Quarter 2016
Industrial Summary: Fourth Quarter 2016
Southern Nevada The Las Vegas Valley’s overall industrial vacancy rate in Q4, 2016 was 4.8 percent. Since Q3, 2015 the Valley’s industrial market rate has been at full occupancy and has been absorbing new space while remaking the existing inventory to accommodate larger space demand. Q4 saw 2,045,634 square feet of completed space, all of it in the warehouse/distribution … [Read more...] about Industrial Summary: Fourth Quarter 2016
Retail Summary: Third Quarter 2016
Southern Nevada The Las Vegas Valley anchored retail vacancy rate ticked up from 11 percent in Q2, 2016 to 11.1 percent in Q3, 2016. At the end of Q3, vacancy rates were 7.8 percent in power centers, 12.8 percent in community centers and 11.2 percent in neighborhood centers. With the retail market just one point above the 10 percent stabilized rate and taxable retail sales at … [Read more...] about Retail Summary: Third Quarter 2016
Office Summary: Third Quarter 2016
Southern Nevada Las Vegas Valley’s speculative office vacancy rate in Q3, 2016 declined 0.2 points to 20 percent from Q2, 2016. Compared to Q3, 2015, the office vacancy rate is up 0.2 points, from 19.8 percent. Vacancy rates ranged from 15 percent for Class C space to a high of 28.2 percent for Class A space at the end of Q3. In terms of the trend, the Office market continues … [Read more...] about Office Summary: Third Quarter 2016
Industrial Summary: Third Quarter 2016
Southern Nevada The Las Vegas Valley’s overall industrial vacancy rate in Q3, 2016 was 5.2 percent, unchanged from Q2, 2016. As of Q3, it now appears that the industrial market rate is at full occupancy, as the market absorbs new space and the existing inventory is remade to fit the new demand for larger space. There were 565,340 square feet of industrial completions in Q3 … [Read more...] about Industrial Summary: Third Quarter 2016
Retail Summary: Second Quarter 2016
Southern Nevada The Las Vegas Valley anchored retail vacancy rate declined from 11.3 percent to 11 percent in the past 12 months. At the end of Q2, vacancy rates were 7 percent in power centers, 12.5 percent in community centers and 11.8 percent in neighborhood centers. With the retail market just 1 point above the 10 percent stabilized rate and taxable retail sales at … [Read more...] about Retail Summary: Second Quarter 2016
Office Summary: Second Quarter 2016
Southern Nevada Las Vegas Valley’s speculative office vacancy rate in Q2 2016 declined 2.5 points to 16.2 percent from Q1 2016. This was a big decline after the first rise in vacancy in four quarters during Q1. Vacancy rates ranged from 14.1 percent for Class C space to 21.3 percent for Class A space at the end of Q2. There was one office completion in Q2, the Park at … [Read more...] about Office Summary: Second Quarter 2016
Industrial Summary: Second Quarter 2016
Southern Nevada The Las Vegas Valley’s overall industrial vacancy rate in Q2, 2016 was 4.6 percent, a decline of 0.4 points from 5.0 percent in Q1, 2016. Q2’s decrease ended two quarters of increases in the industrial vacancy rate. However, with vacancies at low levels and positive economic trends, rate increases are currently more likely due to simple statistical … [Read more...] about Industrial Summary: Second Quarter 2016
Retail Summary First Quarter 2016
Southern Nevada The Las Vegas Valley retail vacancy rate dropped 0.2 percentage points to 10.1 percent in Q1, 2016, a positive start to the year. At the end of Q1, Southern Nevada’s vacancy rate was again lowest in power centers at 7.2 percent. Neighborhood and community centers were almost even with vacancy rates of 10.9 and 11 percent, respectively. As of the end of Q1, … [Read more...] about Retail Summary First Quarter 2016
Office Summary: First Quarter 2016
Southern Nevada Las Vegas Valley speculative office vacancy rate in Q1, 2016 rose 0.3 points to 18.7 percent from Q4, 2015. This was the first increase in the vacancy rate in four quarters. Vacancy rates ranged from 15.5 percent for Class C space to 23.5 percent for Class A space at the end of Q1. Although we saw a slight increase in the vacancy rate to begin the year, we … [Read more...] about Office Summary: First Quarter 2016
Industrial Summary: Fourth Quarter 2015
Southern Nevada The Las Vegas Valley’s overall industrial vacancy rate in Q1, 2016 was 5.0 percent, a rise of 0.3 points, from 4.7 percent in Q4, 2015. Q1’s increase was the second quarter in a row with an increase in vacancy rate. Still, with the vacancy rate at such a low level, these rises are not a cause for concern. The strong growth in demand for industrial space, along … [Read more...] about Industrial Summary: Fourth Quarter 2015
Retail Summary: Fourth Quarter 2015
Southern Nevada The Las Vegas Valley anchored retail vacancy rate rose slightly from 10.2 in Q3. 2015 to 10.3 percent in Q4, 2015. At the end of Q4, vacancy rates ranged from 7.5 percent in power centers to 11.2 percent in neighborhood centers. With the retail market just above the 10 percent stabilized rate and taxable retail sales at all-time highs, the Valley’s anchored … [Read more...] about Retail Summary: Fourth Quarter 2015