Las Vegas During the fourth quarter of 2012, the office sector witnessed a quarter-over-quarter increase in vacancy rate. The market-wide vacancy rate for the fourth quarter of 2012 was 25.3 percent, up 0.3 percentage points when compared to the prior quarter (Q3 2012). Over one-fourth of existing office space has now been vacant for five consecutive quarters. For the year, … [Read more...] about Office Summary: Fourth Quarter 2012
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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
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
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
Office Summary: Fourth Quarter 2011
Las Vegas The office sector’s performance continues to struggle as pricing fell amid a continued supply-demand imbalance. Rising three-tenths of one percent from the prior quarter, the vacancy rate reached yet another all-time high at 25.3 percent by the close of the fourth quarter of 2011. For the year, the vacancy rate climbed 1.5 percentage points. Despite weak market … [Read more...] about Office 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
Office Summary: First Quarter 2011
Las Vegas The Las Vegas Valley office market witnessed a modest decline in vacancy with continued downward price adjustments. While no new space completed construction during the quarter, the market reported 97,300 square feet of positive net absorption, sliding the vacancy rate 0.2 percentage points to 24.0 percent. Looking ahead, eight projects totaling nearly 1.2 … [Read more...] about Office Summary: First Quarter 2011
Office Summary: Fourth Quarter 2010
Las Vegas The Las Vegas Valley office market turned downward again as vacancies rose amid additional price declines. While no new space completed construction during the quarter, the market reported 118,800 square feet of negative net absorption, pushing the vacancy to a new high of 24.2 percent. For all of 2010, a record low 105,800 square feet completed construction … [Read more...] about Office Summary: Fourth Quarter 2010