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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

From Recovery to Expansion in 2016

2016 Fourth Quarter | Las Vegas Quarterly | Market Report
Southern Nevada posted a strong 2016 (so far), recovering from the Great Recession and laying the foundations for economic expansion. With a national recession in the near future unlikely, we think Southern Nevada’s economy will continue to grow through 2017 and 2018.

Unemployment in the Las Vegas-Paradise MSA stood at 5.5 percent as of October 2016, down from 6.4 percent in October 2015. The national unemployment figure was 4.9 percent in October 2016, down from 5.0 percent in October 2015. The national labor force participation rate dropped to 62.8 percent in October 2016, but was 0.4 points higher than in October 2015.

To read more, download the full Q4 Las Vegas Quarterly Report.

2016: Back in the Groove

2016 Fourth Quarter | Las Vegas Industrial | Market Research Report
If 2015 marked a mini-boom year for Southern Nevada’s industrial market, when tenants and developers started making up for lost time, then 2016 was the year the industrial market got back into its groove. 2016 was not as strong a year as 2015, but it did have sustainable growth throughout the entire industrial market. Net absorption in 2016 was 3.5 million square feet, compared to 4.9 million square feet of net absorption in 2015. Arguably, more construction in 2016 would have increased that net absorption figure. Industrial inventory grew by 3.3 million square feet in 2016, with another 4.5 million square feet under construction as of the fourth quarter. Vacancy decreased this year to 5.3 percent from last year’s 5.6 percent. This is the lowest industrial vacancy in Southern Nevada since 2006. The weighted average asking rate increased to $0.67 per square foot (psf) on a triple net (NNN) basis, a $0.04 increase from 2015.

To read more, download the full Q4 Industrial Market Report.

Office Market Report
2016 Positive, But Room for Improvement

2016 Fourth Quarter | Las Vegas Office | Market Research Report
Southern Nevada has now experienced five years of healthy net absorption in the office market. Net absorption totaled 687,966 square feet in 2016, down from 2015 but much improved from 2014. Total office completions were lower this year than last. Office vacancy ended the year at 17.3 percent, down almost 1.0 percentage point from 2015, and down almost 5.0 percentage points from the peak vacancy of 22.0 percent in 2012. Continued healthy demand for office space has driven asking rates upward to $2.03 per square foot (psf) on a Full Service Gross (FSG) in 2016, an increase of $0.07 psf over 2015.

To read more, download the full Q4 Office Market Report.

Retail Market Report
Retail Ends 2016 on High Note

2016 Fourth Quarter | Las Vegas Retail | Market Research Report
The retail year ended on a positive note, after a brief slowdown in the middle of the year. Fourth quarter net absorption of 234,591 square feet brought annual net absorption up to 889,587 square feet. This healthy demand brought retail vacancy in 2016 down to 8.3 percent from 2015’s 9.5 percent, a substantial improvement. New completions remained subdued, with retail inventory expanding by only 216,920 square feet in 2016. Should the market remain healthy in 2017, we believe that the pace of retail development will increase. The asking rental rate for retail space in 2015 was $1.36 per square foot (psf) on a triple-net (NNN) basis, $0.05 higher than one year ago.

To read more, download the full Q4 Retail Market Report.

Medical Office Market Report
Medical Office Improves in 2016

2016 Fourth Quarter | Las Vegas Medical Office | Market Research Report
Southern Nevada’s medical office market posted its second straight quarter of positive net absorption in the fourth quarter of 2016, after net absorption dipped into negative territory over the four quarters previous. Net absorption was positive in 2016, at 24,693 square feet. This was significantly lower than the 149,292 square feet of net absorption recorded in 2015. Vacancy dropped to 16.5 percent at the end of 2016, down from 2015’s 16.8 percent vacancy, and down more substantially from the recent high of 17.9 percent recorded in the second quarter of 2016. The weighted average asking rental rate decreased to $2.15 per square foot (psf) on a full service gross (FSG) basis, $0.04 lower than at the end of 2015.

To read more, download the full Q4 Medical Office Market Report.

Land Sales End 2016 Strong

2016 Fourth Quarter | Las Vegas Land | Market Research Report
The fourth quarter of 2016 turned in a surprisingly strong performance in terms of land sales in Southern Nevada, improving on the third quarter and making 2016 as a whole the strongest year for land sales in five years. In 2016, there were 310 land sales totaling 4,029 acres with a total sales volume of $652.9 million. The average sales price for land in Southern Nevada in 2016 was $3.72 per square foot (psf), lower than in the last five years, but showing an upward trend in the second half of the year.

To read more, download the full Q4 Land Market Report.

Las Vegas Hotel Report
Hospitality Firing on All Cylinders in 2016

2016 Fourth Quarter | Las Vegas | Hotel & Hospitality Report
Southern Nevada’s hospitality market posted strong numbers in 2016, and looks poised for mild expansion in 2017. Visitor volume in the first ten months of 2016 was an improvement over the first ten months of 2015, with 856,000 more visitors in the 2016 period than 2015. Gaming revenue was also stronger in 2016 than 2015, with $149.8 million taken in in the first ten months of 2016 than during the same period in 2015. 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, although 2017 should see more completions than 2016.

To read more, download the full Q4 Hotel & Hospitality Report.

Las Vegas Multifamily Report
Sales Strong in 2016

2016 Fourth Quarter | Las Vegas Multifamily | Market Research Report
According to statistics provided by REIS, multifamily vacancy in Southern Nevada decreased in the third quarter of 2016 (the most recent quarter of available data) to 3.8 percent. Vacancy was 0.3 points lower than in the second quarter of 2016 and 0.8 points lower than in the third quarter of 2015. Class A properties were 4.7 percent vacant in the third quarter, 0.3 percentage points higher than last quarter. Class B/C properties were 2.9 percent vacant, 0.5 percentage points lower than last quarter.

To read more, download the full Q4 Multifamily Market Report.

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Knowledge Leader Spring/Summer 2015
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