Southern Nevada The Las Vegas office market vacancy rate fell to 24.8 percent in the third quarter of 2014. Compared to the prior quarter, vacancies fell 0.4 percentage points. Meanwhile, the vacancy rate is down 0.7 percentage points compared to a year ago. While the office market vacancy rate remains significantly higher than its industrial and retail counterparts, it has … [Read more...] about Office Summary: Third Quarter 2014
Commercial RE Report
Industrial Summary: Third Quarter 2014
Southern Nevada In the third quarter of 2014, the Las Vegas industrial market vacancy rate reached single digits for the first time since the fourth quarter of 2008. The rate fell to 9.3 percent during the period, which is down 0.8 percentage points from the prior quarter (Q2 2014). Compared to a year ago, industrial vacancies have declined 3.4 percentage points. The Las Vegas … [Read more...] about Industrial Summary: Third Quarter 2014
Retail Summary: Second Quarter 2014
Southern Nevada The Las Vegas retail vacancy rate reported a slight increase in the second quarter of 2014. The rate rose 0.1 percentage point compared to the prior period (Q1 2014) to 9.1 percent. However, compared to a year ago, the retail vacancy rate remains down 0.7 percentage points. Since the high of 11.1 percent reached in the third quarter of 2010, vacancies have … [Read more...] about Retail Summary: Second Quarter 2014
Office Summary: Second Quarter 2014
Southern Nevada The Las Vegas office vacancy rate declined in the second quarter of 2014 after increasing in the first quarter of the year. During the latest period, the sector reported a vacancy rate of 25.2 percent, which is down 0.4 percentage points from the prior quarter. Compared to a year ago, vacancies have fallen 0.5 percentage points. The office market vacancy rate … [Read more...] about Office Summary: Second Quarter 2014
Industrial Summary: Second Quarter 2014
Southern Nevada The Las Vegas industrial market vacancy rate stood at 10.9 percent by the end of the second quarter of 2014. The latest period represents a decline of 0.9 percentage points when compared to the prior quarter. Compared to a year ago (Q2 2013), industrial vacancies in the Valley have fallen an even more substantial 3.4 percentage points. The vacancy rate is now … [Read more...] about Industrial Summary: Second Quarter 2014
Retail Summary: First Quarter 2014
Southern Nevada The Las Vegas retail market continued to witness increased demand in the first quarter of 2014 as the sector reported positive net absorption for the fourth consecutive quarter. The retail market vacancy rate fell to 9.0 percent by the end of the first quarter, which is down 0.1 percentage point from the prior period. Compared to a year ago, the vacancy rate is … [Read more...] about Retail Summary: First Quarter 2014
Office Summary: First Quarter 2014
Southern Nevada Demand for Las Vegas office space stalled in the first quarter of 2014 as the market reported a vacancy rate of 25.8 percent. Despite the slight uptick in office vacancies during the first quarter, they have now reported year-over-year declines for two consecutive quarters. Office inventory increased to 52.8 million during the first quarter of the year, due … [Read more...] about Office Summary: First Quarter 2014
Industrial Summary: First Quarter 2014
Southern Nevada The Las Vegas industrial market continued to witness substantial demand in the first quarter of 2014. The sector’s vacancy rate fell to 12.2 percent during the period, which is down 0.8 percentage points from the prior quarter. Compared to a year ago, vacancies are down an even more dramatic 2.8 percentage points. The industrial market vacancy rate has … [Read more...] about Industrial Summary: First Quarter 2014
Retail Summary: Fourth Quarter 2013
Southern Nevada The Las Vegas retail vacancy rate fell below 10 percent or the first time since 2008 as it ended 2013 at 9.2 percent. The latest rate is down 0.2 percentage points from the prior quarter and represents a decline of 0.8 percentage points from the prior year. During the fourth quarter, the retail sector reported positive net absorption with 147,900 square feet … [Read more...] about Retail Summary: Fourth Quarter 2013
Office Summary: Fourth Quarter 2013
Southern Nevada The Las Vegas office sector ended 2013 on a somewhat positive note as it reported positive net absorption for the third consecutive quarter. While the vacancy rate remains elevated, the latest period represents a decline of 0.2 percentage points compared to the prior quarter. Compared to a year ago, the rate is down 0.3 percentage points. During the quarter, … [Read more...] about Office Summary: Fourth Quarter 2013
Industrial Summary: Fourth Quarter 2013
Southern Nevada In 2013, the Las Vegas industrial market reported the highest net absorption since 2007. The vacancy rate at the end of 2013 was 13.8 percent, which represents a decline of 0.4 percent from the prior quarter. Compared to a year ago (Q4 2012), the vacancy rate reported an even more substantial decline of 2.6 percent. With no completions during the fourth … [Read more...] about Industrial Summary: Fourth Quarter 2013
Retail Summary: Third Quarter 2013
Southern Nevada During the third quarter of 2013, the Las Vegas retail market continued to witness increased demand, largely sourced to tenants occupying previously vacant anchor spaces. The overall vacancy rate fell to 9.6 percent during the quarter, representing a decline of 30 basis points (0.3 percentage points) from the prior quarter (Q2 2013). The rate is down 70 basis … [Read more...] about Retail Summary: Third Quarter 2013
Office Summary: Third Quarter 2013
Southern Nevada The Las Vegas office vacancy rate declined for the second consecutive quarter, reaching 25.9 percent by the close of the third quarter of 2013. Although the latest period represents a decline of 40 basis points when compared to the prior quarter, vacancies remain elevated. Compared to a year ago, the vacancy rate is up 10 basis points. Despite no completions … [Read more...] about Office Summary: Third Quarter 2013
Industrial Summary: Third Quarter 2013
Southern Nevada The Las Vegas industrial market vacancy rate fell to 14.8 percent in the third quarter of 2013, which is the lowest it has been since the first quarter of 2010. Compared to the prior quarter (Q2 2013), vacancies are down 70 basis points (0.7 percentage points), while they have fallen 220 basis points (2.2 percentage points) since last year (Q3 2012). Since the … [Read more...] about Industrial Summary: Third Quarter 2013
Retail Summary: Second Quarter 2013
Southern Nevada The retail market continued to report stabilizing conditions in the second quarter of 2013 as vacancies improved. The vacancy rate fell to 9.8 percent during the second quarter, down 30 basis points from the prior quarter. Compared to a year ago, the rate reported a more substantial decline of 90 basis points. The second phase of Desert Marketplace was the only … [Read more...] about Retail Summary: Second Quarter 2013