Over 30% of new industrial space coming to Las Vegas is already pre-leased in the first quarter of 2024

In 2023, Las Vegas saw the addition of 8.9 msf of industrial space in new deliveries yet managed to keep its vacancy rate relatively low at 2.4% by the end of the fourth quarter. Despite ongoing development, Las Vegas can sustain this low vacancy rate nationally by focusing on custom-built and pre-leased projects.
As of the first quarter of 2024, the market trend remains consistent. There are currently 12.8 msf under construction, with 34.8% of this space already more than halfway pre-leased. Most of these new projects fall within the 300,000 to 400,000 sf range, which will add a total of 4.2 msf to the market upon completion – 1.4 million of which is already more than 50% pre-leased. With Las Vegas continuing the same development pattern as seen in 2023, it is anticipated that industrial vacancy rates will remain stable throughout the year.

March 8, 2024

US-NV-LAS Las Vegas