Las Vegas industrial real estate market report

Q4 2022

6.4 msf


Development activity nearly reached its pre-covid heights in 2022 - increasing 45.1% from the year prior with 6.4 msf of industrial space delivered during the year. Las Vegas’s Northern, Speedway, and Southeastern/Henderson submarkets showed the most growth accounting for 5.1 msf of the 6.4 msf of total space delivered.

Development activity is projected to double in 2023 with another 12.9 msf currently under construction.
6.6 msf

Net absorption

Total net absorption was down following the largest single year of positive absorption in 2021. Year-over-year net absorption decreased by 2.6 msf (-27.9%) – which brought 2022’s total net absorption to 6,608,717 sf. 

Although total net absorption was down from the year prior it should be noted that net absorption in 2022 was still higher than 4 out of the past 5 years – and shows strong signs of growth following setbacks caused by the pandemic.

Asking rental rate

Las Vegas’s quality industrial product remains in high demand, with rents continuing to increase for the 10th consecutive year – ending Q4 with a record-setting $12.17 psf.

As industrial market demand continues to grow at record levels companies have been willing to pay a premium on space needed for their businesses. 
9.6 msf

Total availabilities

Total availabilities are up greatly in 2022 – ending the year with 9.6 msf of total available industrial space in Las Vegas, with 1,717,910 sf of the total available space currently vacant. 
2.1 msf

Total vacancies

Total vacancies have continued to decrease over the past three years – with 2022 ending with only 2.1 msf of total vacant space and a total vacancy rate of 1.9%, both of which are the lowest values the Las Vegas industrial market has seen to date.

Investment sales volume

The Las Vegas industrial market continues to post strong transaction numbers – with transaction volume by dollar amount reaching $1,239,260,998 across 40 transactions. 

Though transaction volume was down slightly year-over-year (-8.8%) the Las Vegas industrial market’s strength is evidenced by the record-setting average price per sf in 2022 ($203.26 psf).

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