Las Vegas Office Market
| Average Asking Rent (Price/SF) | $1.89 |
| Vacancy Rate (%) | 13.8% |
| Net Absorption (SF) | 231,744 |
Due to its close ties with the leisure and hospitality sector, the overall Las Vegas metro was severely hindered at the beginning of the pandemic with the immediate closure of businesses and tourist destinations that the metro relies on. Since March 2020, the Las Vegas metro has made significant strides in recovering employment, with the unemployment rate seeing decreases each month. While the metro still ranks among the highest in the nation in terms of unemployment, May 2021’s mark of 8.9% represents a far cry from the market high in April 2020 of 34.0%. Although heavily dependent on the tourist industry, vaccine rollout and more businesses opening, the metro is primed for recovery if the pandemic continues its path on being contained.
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Las Vegas Industrial Market
| Average Asking Rent (Price/SF) | $0.72 |
| Vacancy Rate (%) | 5.0% |
| Net Absorption (SF) | 1,894,890 |
The recent solid performance of the Las Vegas industrial market continued into the second quarter of 2021, with many metrics pointing to a fundamentally sound market: strong positive net absorption, a decreasing vacancy rate and rising asking rents. The acceleration of ecommerce spending, a broader economic recovery, a lower cost of doing business relative to the Southern California markets, as well as Las Vegas’s access to large population centers within a one-day truck drive, are tailwinds underpinning continued industrial market strength.
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