NAIOP Southern Nevada’s Bus Tour Committee is proud to present the 2025 Bus Tour – “Searching for The Golden Ticket”. We look forward to continuing the storied tradition of the NAIOP Bus Tour in our virtual format. Despite some economic uncertainty on the national stage, the Las Vegas real estate market continues to demonstrate remarkable resilience and momentum. Across the Valley, new development projects are emerging and each one reflects a golden opportunity that demonstrates the strength and adaptability of our local economy.
Las Vegas commercial real estate continues to reach new heights, fueled by our city’s growing reputation as a premier destination for sports, entertainment and business. On the demand side, new players are entering the market and planting their flags in this ever-evolving landscape. The success of our region is amplified by the collaboration between developers and NAIOP’s network of architects, engineers, contractors, brokers and consultants, working together to turn possibilities into progress. These partnerships are key to attracting new businesses and jobs to southern Nevada, supporting long-term sustainability and helping diversify our local economy.
This year, we’re thrilled to present 43 industrial, office and retail projects that have either recently been completed or are actively under construction. The Bus Tour Committee’s goal is to showcase these exciting new developments to our members and highlight the continued growth of the Las Vegas market. We extend our sincere thanks to the NAIOP Board of Directors, the Bus Tour Committee and all of our member sponsors and advertisers. Your time, energy and support make this event possible – we couldn’t do it without you. As you search for the Golden Ticket and discover what’s next, we want to welcome you to the 2025 NAIOP Southern Nevada Bus Tour! We thank you for your attendance as we celebrate the next chapter in southern Nevada’s development.
The Northwest Submarket is bounded by the 215 Beltway to the West, US 95 and Rancho Drive to the east, Charleston Boulevard to the south, and includes everything north within those boundaries. As of Q3 2025, this market consists of 5.7 million SF of office space, which represents 13.7% of the total office space tracked in the Las Vegas Valley. Q3 shows a 12.8% direct vacancy rate in this submarket, which is 10 basis points lower than the market’s direct vacancy rate quarter-to-date. This indicates relative stability in occupancy.
The direct average asking rate in the northwest is currently $2.27 PSF FSG, with Class A commanding higher rates at $2.93. An increasing “flight to quality” has driven higher rents on well-located Class A spaces with nearby amenities. This is similar to the overall market trend in 2025, where prime Class A spaces continue to see elevated leasing activity compared to Class B and C spaces.
Construction activity in the Northwest remains subdued. The most significant future development being an office condo project totaling 34,200 square feet currently planned to deliver in the Centennial area around Q2 2026.
Demand for owner/user opportunities remains steady; however, with limited options available for both tenants and buyers, the market continues to rely on existing inventory. Constrained supply and low vacancy have slowed leasing velocity, as tenants face few viable relocation alternatives. As a result, many existing tenants in the submarket are opting to renew in place. Others looking to get into the Northwest Submarket continue to wait for better available options. This trend is likely to persist until new inventory is delivered at scale.
The West Las Vegas Office Submarket, a prominent professional corridor with over 7 million SF of office inventory, demonstrates remarkable resilience in the face of mixed market signals in early 2025. Geographically defined by properties west of the I-15, between Charleston and Tropicana, this submarket maintains an exceptionally low overall vacancy rate of 8% across all office classes. This stability is anchored by a high-performing Class A segment and robust owner-user sales activity, both of which continue to drive appreciation in rental rates and purchase prices.
This strength is exemplified by the success of developments from Howard Hughes Holdings. In the heart of the submarket, its three Class A office buildings (totaling 617,000 SF) in Downtown Summerlin maintain a 96% occupancy rate. Capitalizing on this momentum, Hughes delivered Meridian, a two-building Class A project in Summerlin South. The project has had strong demand, with one building already fully leased to six high-caliber tenants including Google Fiber, Eide Bailly and Regus.
The submarket’s robust performance extends beyond leasing activities to include a dynamic owner-user sales market. Demand along the Charleston corridor is particularly high, emphasized by recent acquisitions from Las Vegas Paving (10600 W Charleston) and Shield Legal (10550 W Charleston). This robust sales activity has spurred multi-tenant office building conversions, with an emphasis on smaller office condominiums. A prime example of this trend is 10777 W Twain, where units are achieving prices exceeding $595 PSF.
The performance of both new and existing properties highlights a clear trend: modern, amenity-rich office spaces command premium rents and sales prices from leading organizations. Consequently, the West Submarket is solidifying its position as a premier destination for companies seeking sophisticated office solutions that support future growth and enhance their corporate profile in a competitive market.
The Southwest Industrial Submarket within Las Vegas is strategically located in the central southwest portion of the Valley with convenient access to the master planned communities of Summerlin, Mountains Edge, Southern Highlands and Inspirada via the I-215 /I-15 freeways. This centralized location between large residential areas has created an opportunity for industrial development to flourish, alongside Class A office that lies adjacent to the I-215, totaling 48 million SF of product as of Q2 2025. The current vacancy of the Southwest Submarket is 4.3%.
So far in 2025, 765,044 SF of product has been delivered. An additional 1,384,504 SF is expected to close by the year, if not into early 2026. Most of the product under construction and completing is in the light distribution/midbay category. A few of the most notable projects within this calendar year include: Beedie’s Pioneer Sunset, a condo project with only four suites not spoken for, Phelan Commerce Center a for sale or lease full building project with two buildings sold/leased. The Heller Companies have finished construction on two buildings totaling 108,000 SF at Dean Martin Business Center. Majestic Realty completed its most recent project and is in the beginning stage of the next phases.
Within the Southwest Submarket land supply remains sparse. Developable sites that have the ability to become industrial are few and far between with high listing prices. The majority of the vacant parcels within the Southwest Submarket remain owned by the state or private individuals with the intention of being zoned in a residential capacity. A large number of the current tenants within the Southwest Submarket are groups that directly service the master planned communities around the Valley with home builders, tile company showrooms, landscaping and home improvement and closet manufacturers prevalent in the area. Expect to see the southwest remain a strong infill market moving forward.
The Southwest Submarket is the second largest submarket consisting of 8.8 million SF, trailing only the Northwest Submarket by 11%. Over the past two years, the southwest is the only submarket that has experienced a significant amount of new development. Recently, there has been a slowdown in construction activity due to lack of available land and the cost of construction, but the market and businesses continue to dictate the preferred office location: the southwest. Due to its proximity to major master planned communities of Summerlin to the west and Henderson to the east, the demand for office inventory in the southwest has allowed landlords to increase rental rates to over $3.22 PSF FSG. With these rental rates and a lack of new office construction, it will allow buildings, such as Halo Tower (210,000 SF), the ability to achieve strong rents in a desired premium submarket.
In addition to leasing, the owner-user market still proves successful as sale volumes increased 8% from Q2 2024 to Q2 2025, which includes new construction and second-generation office space. Buyers of this product tend to be from medical, legal and financial sectors, purchasing on average 5,000 SF. New office construction, delivered in grey shell has reached pricing up to $400 PSF and second-generation office has seen pricing as high as $600 PSF. Vacancy for the Southwest Submarket remains steady at 8.4% for Q2 2025, a slight decrease from Q1 2025, which was at 8.6%. Overall vacancy and lease rates within the submarket have remained relatively steady compared to other submarkets. Sublease availability is at a low 0.8%. Overall, the submarket has proven resilient as overall availability remains well below the Valley average.
The Southwest Submarket is one of only a few in the Valley with continued interest from developers of all product types ranging from owner/user to corporate tenants, mixed use projects and new construction. It is the only area where there is action from both users and developers. It remains the most desirable area in the Valley.
The West Henderson Industrial Submarket, the southernmost in the Valley, is the newest submarket and has become one of the fastest-growing areas in the region over the last seven to eight years. Comprised of approximately 7.1 million SF, the submarket is strategically located with direct access to the California border via I-15 while also being in close proximity to Harry Reid International Airport and the Las Vegas Strip. As of Q2 2025, the vacancy rate sits at 14.9%, mainly due to two large distribution buildings being vacant: a 482,300 SF building owned by Ares and a 330,720 SF building owned by Dermody.
West Henderson experienced 29,637 SF of net absorption in Q2 2025, which may sound light, but this is primarily due to the fact that available inventory is lacking aside from the two large distribution buildings previously mentioned. Currently, 2.86 million SF is under construction, with approximately 1.4 million SF planned. An important thing to note is that of the 2.86 million SF under construction, 2.37 million SF is Haas Automation, which will be used for manufacturing/distribution and is scheduled to deliver in Q1 2026.
As of Q2 2025, West Henderson has delivered 77,664 SF of new product, with a total of 420,000 SF expected to be delivered by year end (Overton Moore’s three freestanding buildings at Southern Gateway at I-15). Once this project is delivered, there will be very few new deliveries in the future. The limited amount of new product is mainly due to the fact that most developable land is owned by the City of Henderson, and until land sites are released to the public, new projects are unlikely to enter the pipeline anytime soon.
East Henderson stands as the third largest industrial submarket in the Las Vegas Valley. Positioned along the I-215 and US 95, the East Henderson Submarket is a distribution hub for local, regional and national users. The submarket currently totals 18.5 million SF of existing industrial space, with 965,000 SF under construction and an additional 5.6 million SF in proposed future developments.
As of Q2 2025, the vacancy rate in East Henderson is 9.3%, slightly below the Valley-wide average, with most of the vacant space in the bulk distribution segment between 100,000 and 500,000 SF. Asking rates vary by product type, with mid-bay space ranging from $1.18 to $1.35 per SF (NNN) and bulk distribution product ranging from $0.88 to $1.05 per SF NNN.
Absorption in Q2 showed a modest decline, with negative 36,000 SF of absorption for the quarter and negative 51,000 SF of absorption year-to-date. Despite this, leasing activity has remained steady, with over 263,000 SF signed so far this year. Net absorption is expected to rise as additional leases are executed throughout the rest of the year.
The submarket’s construction pipeline remains active. Notable projects include OMP’s Warm Springs Commerce Center, a six-building development totaling 504,983 SF, scheduled for completion in Q3 2025. Serrano Development Group will deliver a 94,147 SF building divisible into four bays, with completion anticipated in Q2 2026. Additionally, Alton Industries is developing a build-to-suit 346,203 SF two building campus at 1796 Whitney Mesa Drive, expected to deliver in Q3 2026.
While vacancy is temporarily elevated due to new deliveries, East Henderson’s fundamentals remain strong. With its strategic location, robust infrastructure and active development pipeline, the submarket is well-positioned to remain one of the most desirable industrial hubs in the Las Vegas Valley.
As of mid-2025, Henderson’s office market remains steady, supported by strong demand and limited but strategic deliveries of new product. The market includes 5.6 million SF across 281 buildings, largely Class B and C, with just eight Class A buildings totaling about 583,000 SF. Overall vacancy dropped to 11.4% from 12.2% in Q1 and slightly below the Las Vegas Valley average. Asking rents have increased modestly to $2.65/SF FSG from $2.63/SF FSG a year ago.
Hendersons net absorption YTD totals nearly 85,000 SF, contrasting with negative absorption across the Valley. Corporate companies such as Haas Automation and Levi’s have planted their flags in Henderson and as they build/grow, so do jobs and demand for ancillary professional services. The December 2024 opening of West Henderson Hospital brought 150 beds and hundreds of new jobs, fueling medical office demand in the area, while the new 160,000 SF indoor sports and entertainment complex, slated to deliver in Fall 2026, will further enhance Henderson’s live-work-play dynamic.
Demand is evident with The View at Seven Hills, a 75,036 SF office/medical condo project, now with more than 50% sold at shell prices of $325 to $345/SF, with much of their recent momentum being driven by medical users. Paysign, Inc. and AtkinsRéalis expanded with sizable, long-term leases, while several other local companies have opened satellite offices or renewed and expanded within Henderson. Despite this demand, new office deliveries remain limited, making Class B and C building refreshes a focus over the next 12–24 months. A “flight to quality” continues to shape tenant decisions.
Henderson stands out as a leading office submarket, offering value, connectivity, expanding residential communities and robust retail amenities further strengthened by ongoing job growth in healthcare, logistics and manufacturing.
The Las Vegas Airport Submarket remains a premier industrial location due to its central location and proximity to the Strip. The submarket began 2025 with positive momentum but saw a shift in the second quarter. As of Q2 2025, the 15.9 million SF of inventory recorded a 3.9% vacancy rate, a normalization from the 3.2% in Q2 2024. This contributed to the average asking rent adjusting to $1.30 PSF.
However, these headline figures do not capture the market’s full story. Leasing velocity for quality space remains robust, demonstrated by several large transactions. Amerityre Corporation leased a new 40,346 SF building at 888 E. Pilot Road, while other significant deals included a 39,929 SF lease on E. Post Road and a 37,384 SF commitment from EO Solutions on S. Eastern Avenue. The presence of institutional landlords like Prologis, BKM and Schnitzer Properties continues to anchor the submarket.
Investment activity reflects continued market confidence. High-value owner-user and investment sales in Q2 included the $10.57 million sale ($378 PSF) of 7095 Placid Street to the Nevada Department of Agriculture. Other notable transactions include a 20,256 SF warehouse on Trade Center Drive for $7.2 million ($355 PSF) and a 22,400 SF building purchased by an owner-user for $6.28 million ($280 PSF).
With virtually no new construction pipeline and high barriers to entry, the Airport Submarket’s land-constrained nature continues to drive a flight to quality. While headline metrics have normalized, strong demand for premier assets from both tenants and buyers keeps the market fundamentally healthy.
The North Las Vegas/Apex Submarket is the largest submarket in the greater Las Vegas Valley consisting of roughly 84 million SF or 46% of the overall market and 69% of the distribution product type in Las Vegas. Southern Nevada, specifically North Las Vegas/Apex, remains one of the most active markets for e-commerce/logistics in the southwest region due to its proximity to the southern California ports, lower occupancy costs and quality labor pool.
North Las Vegas ended 2024 at an 11% vacancy rate with 3.2 million SF in net absorption (66% of the market’s overall absorption). As of Q2 2025, the vacancy rate sits at 11.3%, up from 6.6% in with 848,000 SF of net absorption YTD (56% of the market’s overall absorption).
The significant increase in the vacancy rate is attributed to two record setting years of new construction deliveries combined with a slowdown in tenant demand. As a result, North Las Vegas has seen a decrease in rental rates over the last year with landlord’s offering aggressive concessions in the form of free rent and tenant improvements. Tenant demand, specifically for bulk distribution, started off slow through the first two quarters of 2025 with only three new leases signed over 150,000 SF. That stated, North Las Vegas has seen a promising uptick in demand and an increase in tenants actively trading paper since the start of Q3, positioning the submarket for a much stronger finish to end the year.
In terms of new construction, North Las Vegas/Apex has delivered 2.1 million SF YTD with 2.15 million SF currently under construction, which makes up 53% of the total under construction pipeline within the Valley. There is an additional 10.6 million SF in the planned pipeline which is 50% of the total planned projects within the Valley. However, North Las Vegas/Apex alone makes up 70% of all vacant space in the Valley.
The Las Vegas Strip remains Nevada’s most dynamic retail market, driven by more than 41 million annual visitors seeking world-class dining, luxury shopping and unique entertainment. Retail vacancy is scarce despite some of the highest rents in the country, ranging from $100 to $800 PSF annually depending on size, location and visibility.
Among the Strip’s most notable projects is Gindi Capital’s BLVD, featuring Netflix House in nearly 100,000 square feet, alongside tenants such as Lululemon, Abercrombie and JD Sports. The project also includes a 110,000-square-foot rooftop dining terrace, featuring an 8,000 SF In-N-Out and numerous other food and beverage (F&B) options. Live music is also energizing the Strip, with Jason Aldean’s Kitchen + Bar, Ole Red and Bottled Blonde catering to demand for nightlife and country-themed entertainment. Adding to the pipeline, The Top Gun Experience at The Strat, scheduled for 2028, will feature flight simulators, themed dining and immersive attractions.
Culinary expansion remains central to growth as well. Both the Venetian and Miracle Mile have reimagined their food courts into curated food halls offering experiential yet approachable dining. Meanwhile, London-based restaurant group, Gymkhana, is opening one of its first U.S. flagships at Aria, bringing upscale Indian cuisine to the market and solidifying Las Vegas as a global culinary destination.
Off the Strip, Area 15 continues to drive experiential retail. Its 20-acre zone two expansion is anchored by the recently opened 110,000 SF Universal Horror Unleashed and will also include Museum of Ice Cream, iFly Indoor Skydiving, among other experience-based retail and F&B.
Looking ahead, redevelopment projects continue to reshape the Strip. The new A’s stadium at the former Tropicana site is underway with a projected 2028 opening, and the Hard Rock’s Guitar Hotel tower is rising on the former Mirage site, adding another iconic destination to the skyline.
These projects highlight how Las Vegas is evolving into an experiential, entertainment-first destination where food halls, sports and pop culture attractions drive both leasing momentum and visitor demand.
The Las Vegas retail pad market has remained very healthy and active in 2025 when compared to last year’s deal flow. Largely made up of quick service restaurant (QSR) drive-thrus, gas stations, car washes and taverns, the pad market has seen continued growth throughout the Valley even as some other asset types in commercial real estate have slowed. The corridors that are still seeing the highest volume of deals are North Las Vegas (east of Decatur), Blue Diamond Road (south going toward Southern Highlands) and West Henderson (along St. Rose and into Inspirada). There has also been a nice burst of deals at Lake Mead Parkway toward Boulder Highway.
For this market, ground lease rates with no landlord contribution in the major growth corridors will range from $125,000 to just north of $200,000 annually in rent while built-to-suit deals with heavy landlord responsibilities/deliveries will be north of $225,000 annually in rent. Specific to the carwash use, deals are consistently in the $200,000 to $250,000 range for ground lease but coupled with permit contingencies.
Cap rates for single tenant NNN deals that are new construction with corporate signatures are still hovering in the 4.75% to 5.50% range thus far in 2025. Deals that have traded in this market consistently, are Starbucks, Circle K gas stations, Raising Canes, 7-Eleven, Terrible Herbst gas stations and a variety of taverns.
Notable retail pad tenants new to the market or looking to land include: First Watch, 7 Brews Coffee, Costa Vida, Swig, Slim Chickens, Smalls Sliders and Bliss Car Wash. Brands that are already in the market and continuing to expand via pad deals are Dutch Bros, Chipotle, Chick-Fil-A, Shake Shack, Darden Restaurants, Popeyes, Zippy’s Hawaiian and Wow Carwash.
Restaurants continue to be the primary driver of retail development in the Las Vegas Valley. Landlords see restaurants the same way they used to see a traditional big box anchor – as traffic generating magnets that fuel activity for the balance of the retail center. Activity in quick service restaurants (QSRs) and full-service dining remains elevated, with new deals being signed in nearly every submarket.
Rising construction costs, uncertain entitlement timelines, and a volatile sales market on a proposed exit have made restaurant development challenging. Still, brands including Dutch Bros, McDonald’s, Chipotle, Shake Shack, Starbucks, Panda Express, Chick-Fil-A, Darden Restaurant concepts and Applebee’s remain aggressive. These more established groups now compete with new-to-market entrants like Bojangles, Better Buzz Coffee, Swig, Angie’s Lobster, Mission BBQ and Zippy’s – all operators that are opening doors and reporting strong early performance in our market.
Depending on the size, retail corridor, delivery condition and general deal structure, QSRs are generally paying anywhere from $75,000 to over $200,000 annually in rent on true ground leases with no landlord contribution.
The notable Stephanie Street Corridor has been especially active, with groups such as Zippy’s, Longhorn Steakhouse, Applebee’s, Lazy Dog and Mission BBQ either signed leases or opened locations in the last 24 months. Other active retail corridors include Blue Diamond, Cadence, North Decatur, Craig Road and South Summerlin/Southwest. There are also healthy amounts of activity in trade areas that were previously forgotten about at sites that sit on East Charleston, Boulder Highway and East Lake Mead.
For landlords, restaurants are often the first call on new development sites. Their early commitment validates a project and helps attract follow-on tenants. While long approval and construction timelines remain hurdles, the strong rents and proven traffic these users generate continues to justify the effort.
Buffets and food courts are out and food halls are in. COVID accelerated the demise of the buffet and ushered in the era of the food hall in Las Vegas. Perhaps the market was already headed there, and the pandemic just sped it up. The year of 2018 saw the opening of Block 16 Urban Food Hall at the Cosmopolitan. Today, food halls are up and down the Las Vegas Strip with Resorts World and their Famous Foods Street Eats, Aria’s Proper Eats Food Hall and the new Via Via at Miracle Mile. For locals there is the Eat Your Heart Out food hall at Durango Station Casino, a Hawaiian favorite, Stix coming to UnCommons to replace the Sundry Food Hall and Cheong Dam Food Hall at Spring Mountain & Durango (also a great example of repurposing a retail building).
Food halls are a desirable option for a restaurant operator. Typically, there is a lower cost to open and lower overall overhead along with a built-in customer base. This is a great opportunity for an entrepreneur, or even an established restaurant that wants to try something new. For diners, the appeal is undeniable. Food halls offer a diverse array of cuisines in a communal setting, perfect for groups seeking variety. From established brands to innovative startups, the food hall boom is bringing a new flavor and energy to the Las Vegas dining scene.
