Las Vegas industrial real estate market report

Q3 2021

The industrial market continued to improve in the third quarter as leasing activity was strong despite rising rents. Investments in industrial properties are on pace to approach $2 billion in sales for the year, well above the annual high-water mark of $1.6 billion in 2017. Vacancy rates continued to decline to 4.5%, matching the lowest level in the last fifteen years. It has been a great year for the local industrial market across a variety of measures and the near-term outlook is bright as the country continues to recover from the pandemic.

4.9%

Economic conditions

The industrial sector has seen employment rise by 4.9% through the first three quarters of 2021.The industrial sector has seen employment rise by 4.9% through the first three quarters of 2021.

35.3%

Recovery rate

The price of construction materials has increased by 35.3% in 2021, contributing to rising asset prices and rents both nationally and in Las Vegas.

74.3%

Retail demand

Annual leasing activity is 74.3% higher since the start of the pandemic relative to the prior 10-year average.

4.5%

Retail supply

Vacancy rates declined to 4.5%, matching the lowest vacancy rate in the last 15 years.

8.8%

Pricing trends

Asking rents have increased by 8.8% since the onset of the pandemic.

12.9%

Capital markets

Asset prices have grown by 12.9% year-over-year, reaching an average of $158 psf in Q3.

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