Las Vegas industrial real estate market report

Q2 2023

Three key market themes:

18.0 msf

2023 Development Activity (sf)

As the Southwest United States continues to grow its industrial footprint outside of California, Las Vegas’s industrial market has continued to set records for development activity – with Las Vegas adding 6.1 msf of new inventory to the market during the first 2 quarters of the year, and an additional 11.8 msf of new developments that have broken ground.

Within the first 2 quarters of 2023 Las Vegas is already nearing the 5-year moving average for annual deliveries of 6.7 msf – with 6.1 msf already delivered during Q1 and Q2.


Total vacancy rate

The total vacancy rate in Las Vegas remained steady in the first half of the year – with Q1 and Q2 posting a total vacancy rate of 3.1%.

Though the total vacancy rate saw an increase of 110 basis points from Q4 2022 to Q1 2023, owners and investors should not be overly concerned as Las Vegas experienced record low vacancy rates throughout 2022, and the current total vacancy rate of 3.1% is 31.1% lower than the 5-year moving average of 4.5%.


Transaction volume (Q2)

Transaction volume for industrial sales increased significantly in the 2nd quarter, with sales quadrupling quarter-over-quarter with $408.9m transacted during the quarter.

Along with overall transaction volume (by $ amount), it should be noted that industrial properties held their value well - as the price per square foot on completed sales was reported to be $204/sf.


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