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

Bar graph displaying Las Vegas CRE industrial pre-leased levels in Q1 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.

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