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.