Southern Nevada put in a solid 1.8 million square feet of net absorption in the third quarter of 2017, bringing year-to-date net absorption up to 5.4 million square feet. Net absorption has outpaced new completions so far in 2017, with inventory increasing by 5.2 million square feet. Vacancy decreased in the third quarter to 4.9 percent, 0.4 points lower than one year ago and one quarter ago. The overall weighted average asking rate increased to $0.68
per square foot (psf) on a triple net (NNN) basis in the third quarter of 2017, a $0.03 increase from one year ago.