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Market insight is the essential ingredient in all of the services we offer. We monitor trends and make projections to help you make critical decisions. Our researchers continuously source and analyze data in every major global market, helping you adapt to drivers outside your industry and region that could impact your business. In addition, the Las Vegas office's research department is second to none, providing timely and accurate date on the Las Vegas commercial real estate market.

Recent Market Reports

Las Vegas Commercial Resarch Report
The Expansion Continues

2017 First Quarter | Las Vegas Quarterly | Market Report
With the Great Recession finally behind us, Southern Nevada’s economy is moving into expansion mode that should barring a national recession last through 2017 and 2018. Unemployment in the Las Vegas-Paradise MSA stood at 5.1 percent as of January 2017, down from 6.5 percent in January 2016. The national unemployment figure was 4.8 percent in January 2017, down from 4.9 percent in January 2016. The national labor force participation rate increased to 63.0 percent in February 2017, 0.2 points higher than in February 2016.

To read more, download the full Q1 Las Vegas Quarterly Report.

Boom!

2017 First Quarter | Las Vegas Industrial | Market Research Report
Southern Nevada has been threatening a construction boom for a few years now, and in 2017 that boom arrived. This quarter saw the completion of over 2.2 million square feet of new industrial projects, and the remainder of 2017 should see inventory expand by an additional 6.8 million square feet or more. New developments sent vacancy up to 6.1 percent from last quarter’s 5.2 percent, a large increase that will probably be repeated through the remainder of the year. The weighted average asking rate decreased to $0.63 per square foot (psf) on a triple net (NNN) basis, a $0.04 decrease from last quarter driven in part by the completion of all that warehouse/distribution space, but also by draw-downs in asking rates in the light distribution, light industrial and incubator sectors. Southern Nevada’s industrial job market improved in January 2017 (the latest month of data available) compared with January 2016, adding only 3,700 jobs in sectors usually associated with industrial real estate in the past twelve months, including 4,300 jobs in the construction sector. The transportation & warehousing sector lost 800 jobs over the past twelve months, which is not a welcome figure considering the large amount of warehouse/distribution product now being completed and under construction in Southern Nevada. The manufacturing sector added 300 jobs and the wholesale sector lost 100. Unemployment in the Las Vegas-Paradise MSA stood at 5.1 percent as of January 2017, down from 6.5 percent in January 2016. From January 2016 to January 2017, total employment in Southern Nevada has increased by 37,500 jobs.

To read more, download the full Q1 Industrial Market Report.

Office Market Report
Office Shines On

2017 First Quarter | Las Vegas Office | Market Research Report
Southern Nevada’s office market just keeps on keeping on. Not as dramatic as the industrial market, the office market managed to record yet another quarter of recovery in the first quarter of 2017. Net absorption was 127,479 square feet in the first quarter, an improvement from last quarter. This took vacancy down to 17.0 percent, an improvement from the peak of 22.5 percent five years ago. Vacancy rates in more desirable product are lower than 17.0 percent. Asking rates took a break from their steady upward climb and dropped to $2.02 per square foot (psf) on a Full Service Gross (FSG) in the first quarter.

To read more, download the full Q1 Office Market Report.

Retail Market Report
Retail Slows but Does Not Stop

2017 First Quarter | Las Vegas Retail | Market Research Report
The retail market hit another bump in the road in the first quarter, with negative net absorption brought about by the closure of some large anchor locations. Net absorption in the first quarter totaled negative 17,825 square feet, bringing the vacancy rate up slightly to 8.4 percent. Vacancy was still down on a year-over-year basis. The asking rental rate for retail space in the first quarter of 2017 was $1.36 per square foot (psf) on a triple-net (NNN) basis, $0.06 higher than one year ago.

To read more, download the full Q1 Retail Market Report.

Medical Office Market Report
Future Uncertain... Ask Again Later

2017 First Quarter | Las Vegas Medical Office | Market Research Report
Southern Nevada’s medical office market posted a fourth straight quarter of positive net absorption in the first quarter of 2017, which would be better news if this positive net absorption had also led to lower vacancy rates. Unfortunately, the completion of an 80,000 square foot medical office building in the Henderson submarket meant that vacancy increased. Still, vacancy remains lower than it was one year ago, and asking rental rates saw an increase of $0.05 per square foot (psf) on a full service gross (FSG) basis to $2.19.

To read more, download the full Q1 Medical Office Market Report.

Slow but Solid Start to 2017

2017 First Quarter | Las Vegas Land | Market Research Report
The first quarter of 2017 saw land sales decrease, compared to a quarter ago and compared to one year ago. In the first quarter there were 60 land sales totaling 454.16 acres with a total sales volume of $142.8 million. The average sales price for land in Southern Nevada in the first quarter of 2017 was $7.22 per square foot (psf), higher than in 2016 when large industrial land sales at Apex drove the average price per square foot lower, and a modest improvement over the last five years.

To read more, download the full Q1 Land Market Report.

Las Vegas Hotel Report
Hospitality Firing on All Cylinders

2017 First Quarter | Las Vegas | Hotel & Hospitality Report
After strong numbers in 2016, Southern Nevada’s hospitality market posted growth in most areas in January 2017, but saw only light sales in the first quarter of 2017. Visitor volume in January of 2017 was 3.51 million visitors, very slightly higher than in January of 2016. January gaming revenue was also stronger in 2017 than 2016, with $926 million taken in in the first month of 2017 compared to $811 million in the first month of 2016. The average daily room rate (ADR) and revenue per available room (RevPAR) were also up year-over-year. Room inventory did not increase in any meaningful way in 2016, and construction should remain light in 2017 as well.

To read more, download the full Q1 Hotel & Hospitality Report.

Las Vegas Multifamily Report
Sales Strong in 2016

2017 First Quarter | Las Vegas Multifamily | Market Research Report
According to statistics provided by REIS, multifamily vacancy in Southern Nevada decreased in the fourth quarter of 2016 (the most recent quarter of available data) to 3.2 percent. Vacancy was 0.1 points higher than in the third quarter of 2016 and 1.0 points lower than in the fourth quarter of 2015. Class A properties were 3.5 percent vacant in the fourth quarter, the same as last quarter. Class B/C properties were 2.8 percent vacant, 0.1 percentage point higher than one quarter ago.

To read more, download the full Q1 Multifamily Market Report.

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