Las Vegas industrial real estate market report
Q2 2025
Development activity (msf)
A wave of new supply is driving vacancy upward, with 4.6 million square feet delivered in Q2 2025 alone, pushing total availability to a record 23 million square feet.
Available space (msf)
Despite record availability at 25 million square feet, positive net absorption of 450k square feet in Q2 shows that tenant demand is still active and absorbing space at a measured pace.
Average monthly asking rents
Monthly asking rents remain stable at $1.12 per square foot, with strong pricing in Southwest Las Vegas, the Airport area, and Northwest Las Vegas.
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