Perhaps 2017 will be remembered as the post-recession year when Southern Nevada land became expensive again. At midyear, 2017 is well behind 2016 in terms of acres sold, but on pace to match 2016 in terms of sales volume. The average price per square foot (psf) of land sold so far in 2017 is $9.07; an impressive increase when compared to 2016’s average of $3.72 psf and 2015’s $6.24 psf.
Occupancy in industrial buildings decreased to 94.6 percent in the second quarter of 2017 due to robust demand for the new industrial product entering the market, and continued demand for existing properties, especially in the light industrial and light distribution categories. A total of 3.7 million square feet of industrial space was completed in the first half of 2017 on 484.1 acres. An additional 8.34 million square feet of industrial space is either under construction or planned on 878.6 acres of land. As of midyear 2017, 78.2 acres of industrial land was sold with total sales volume of $25.5 million. The average sales price of industrial land was $7.48 psf, a tremendous increase from 2016 due to the impact of large parcel sales at Apex that occured in 2016.