Southern Nevada The Las Vegas Valley’s overall industrial vacancy rate in Q2 2017 was 6 percent, up 0.5 percentage-points from the first quarter. Vacancies were up in every product type except for incubator. However, that did not put a dent in completions. A large amount of new space came to market during the quarter. The industrial market appears to be continuing to … [Read more...] about Industrial Summary: Second Quarter 2017
RCG Economics
Retail Summary: First Quarter 2017
Southern Nevada The Las Vegas Valley retail market started 2017 with a small rise in the vacancy rate - 0.3 points from 10.5 percent in Q4, 2016 to 10.8 percent in Q1, 2017. At this point, the Valley’s retail market is generally stabilized. However, this “stabilized” state, just below the surface, remains in flux. The Las Vegas Valley retail market started 2017 with a small … [Read more...] about Retail Summary: First Quarter 2017
Office Summary: First Quarter 2017
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
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
Spending Power: Nevada’s Retail Market
With the peak holiday spending in their rearview mirrors, Nevada retailers say they are cautiously optimistic about continued growth in 2017. “Retail is trending positive. I’m conservatively bullish and would be happy with one to two percent growth next year,” said Kevin Budny, senior general manager of the Galleria at Sunset in Henderson. “We were comparable to 2015 this … [Read more...] about Spending Power: Nevada’s Retail Market
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
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
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
Office Summary: Fourth Quarter 2015
Southern Nevada The Las Vegas Valley spec office vacancy rate in Q4, 2015 declined 0.1 points to 18.4 percent from Q3, 2015. Compared to Q4, 2014, the office vacancy rate is down 0.5 points, from 18.9 percent. Q4’s vacancy rate drop means that the Valley’s office market has improved for four straight quarters. Vacancy rates ranged from 13.3 percent for Class C space to 27.1 … [Read more...] about Office Summary: Fourth Quarter 2015
Retail Market: Nevada’s Retail Shows Slow, Steady Improvement
The retail component of Nevada’s commercial real estate industry continues to recover, with vacancy rates slowly dropping. Southern Nevada In the Silver State’s southern region, the retail sector shows “moderate recovery,” said John Restrepo, principal of RCG Economics, a Las Vegas-based firm providing market trend analysis and economic research. Lower gas prices have left … [Read more...] about Retail Market: Nevada’s Retail Shows Slow, Steady Improvement
Office Summary: Third Quarter 2015
Southern Nevada Las Vegas Valley “spec office” vacancy rates during Q3, 2015 declined 0.3 points to 21.3 percent from Q2, 2015. Compared to Q3, 2014, the office vacancy rate is down 0.3 points, from 21.6 percent. Q3’s vacancy rate-decline means that the Valley’s office market has been improving for seven of the last eight quarters. Vacancy rates ranged from 15.2 percent for … [Read more...] about Office Summary: Third Quarter 2015
Office Summary: Second Quarter 2015
Southern Nevada Las Vegas Valley spec office vacancy rates during Q2, 2015 ranged from 16.3 percent for Class C space to 32.1 percent for Class A. The overall vacancy rate was 21.6 percent, a decline from 21.7 percent recorded in Q1, 2015. Compared to Q2, 2014, the vacancy rate is down 1.1 points from 22.7 percent. Q2’s decline in vacancy rate makes 6 quarters with an … [Read more...] about Office Summary: Second Quarter 2015
Retail Summary: First Quarter 2015
Southern Nevada The Las Vegas Valley anchored retail vacancy rate rose 0.5 points from 11.4 percent in Q4 2014 to 11.9 percent in Q1 2015. At the end of Q1, vacancy rates ranged from 9.3 percent in Power Centers to 12.7 percent in both Community and Neighborhood Centers. The first quarter makes two consecutive quarters with a rising vacancy rate. Still, this increase is not … [Read more...] about Retail Summary: First Quarter 2015