Las Vegas With no completions during the quarter, the industrial market witnessed some increased demand, reporting approximately 32,000 square feet of positive net absorption. However, for the year, absorption remained negative with 243,700 square feet of net move-outs. Average asking rates remained flat at $0.51 per square foot per month for the fourth consecutive quarter. … [Read more...] about Industrial Summary: Fourth Quarter 2012
NAI Alliance Reno
Retail Summary: Third Quarter 2012
Las Vegas While the vacancy rate in the Las Vegas retail sector remains elevated, it posted both consecutive-quarterly and annual declines during the third quarter of 2012. The market reported a vacancy rate of 10.2 percent during the third quarter, down 0.3 percentage points when compared to the prior quarter (Q2 2012). Compared to a year ago (Q3 2011), the vacancy rate … [Read more...] about Retail Summary: Third Quarter 2012
Office Summary: Third Quarter 2012
Las Vegas The office sector witnessed a quarter-over-quarter decline in vacancy rates for the first time in two years. During the third quarter of 2012, the vacancy rate fell to 25.2 percent, down 0.4 percentage points compared to the prior quarter (Q2 2012). However, the rate remains 0.3-percentage points higher than a year ago (Q3 2011). The sector reported approximately … [Read more...] about Office Summary: Third Quarter 2012
Industrial Summary: Third Quarter 2012
Las Vegas The Las Vegas industrial market continues to face a slower pace of market contraction, contributing to increased stability in the overall vacancies. The sector reported a vacancy rate of 18.6 percent during the third quarter of 2012. In the past 12 months, the sector has witnessed 674,500 square feet of negative absorption, an improvement over the negative 1.5 … [Read more...] about Industrial Summary: Third Quarter 2012
Retail Summary: Second Quarter 2012
Las Vegas Vacancies within the retail sector have remained in a relatively tight range during the past three years, suggesting increased stability has emerged within the sector. During the second quarter of 2012, the vacancy rate increased a modest 0.1-percentage point over both the prior quarter (Q1 2012) and prior year (Q2 2011) to 10.5 percent. With no new inventory … [Read more...] about Retail Summary: Second Quarter 2012
Office Summary: Second Quarter 2012
Las Vegas The office sector witnessed an increase in vacancies for the fifth consecutive quarter. The vacancy rate reached 25.6 percent by the mid-point of 2012, up 0.4 percentage points over last quarter. Compared to the same period last year, the vacancy rate reported a more dramatic 1.3 percentage point increase. Approximately 128,000 square feet of new office space … [Read more...] about Office Summary: Second Quarter 2012
Industrial Summary: Second Quarter 2012
Las Vegas The Las Vegas Valley industrial market continues to face challenges, including elevated vacancies. The industrial sector reported a vacancy rate of 18.5 percent by the close of the second quarter of 2012. Net absorption during the quarter was negative 103,000 square feet, which represented a slower pace of out-migration of industrial product compared to the … [Read more...] about Industrial Summary: Second Quarter 2012
Office Summary: First Quarter 2012
Las Vegas The office sector continues to remain fragile with further reductions in pricing amid relatively little change in the vacancy rate. The vacancy rate remained flat from the prior quarter at 25.2 percent (13.1 million square feet) by the close of the first quarter of 2012. On a year-over-year basis, the vacancy rate has increased 1.5 percentage points. Despite one … [Read more...] about Office Summary: First Quarter 2012
Industrial Summary: Fourth Quarter 2011
Las Vegas The Las Vegas Valley industrial market continues to report rising vacancies and further pricing adjustments. The vacancy rate moved upward to 19.0 percent as 418,900 square feet of negative net absorption was reported during the first quarter of 2012. For comparison purposes, the vacancy rate is up 0.4 percentage points from the previous quarter (Q4 2011), and is … [Read more...] about Industrial Summary: Fourth Quarter 2011
Retail Summary: Fourth Quarter 2011
Las Vegas The anchor-centered retail market recorded 196,600 square feet of positive net absorption during the fourth quarter of 2011, pushing the vacancy rate downward to 10.6 percent. While vacancies edged down by 0.3 percentage points from the third quarter of 2011, the overall vacancy rate remains higher than the 10.3 percent reported one year ago (Q4 2010). As the … [Read more...] about Retail Summary: Fourth Quarter 2011
Industrial Summary: Fourth Quarter 2011
Las Vegas The Las Vegas Valley industrial market continued to demonstrate signs of weakness in both net absorption and pricing. The vacancy rate pushed upward to a new all-time high of 18.5 percent as 476,900 square feet of negative net absorption was reported during the fourth quarter. The vacancy rate is up 0.6 percentage points from the previous quarter, and a larger … [Read more...] about Industrial Summary: Fourth Quarter 2011
Office Summary: Second Quarter 2011
Las Vegas Demand for office space in the Las Vegas valley remains relatively weak as new product entered the market. Inventory rose during the quarter to 50.4 million square feet as two new projects were completed. Office space totaling 145,000 square feet as part of the first phase of Tivoli Village and nearly 8,200 square feet of space on Henderson’s historic Water … [Read more...] about Office Summary: Second Quarter 2011