Easing Into the New Year
Southern Nevada’s industrial market posted 4.8 million square feet of net absorption in 2019, down from the 5.2 million square feet of net absorption recorded in 2018, a possible sign that the initial wave of demand for warehouse/distribution space may be slowing down.
>> Southern Nevada absorbed more than 4.8 million square feet of industrial space in 2019
>> Industrial vacancy increased to 3.8 percent at year’s end
>> Completions of industrial space reached 5.4 million square feet in 2019
A total of 5.4 million square feet of industrial space was completed in 2019, more than in 2018’s total of 4.4 million square feet. The weighted average asking rate decreased by $0.01 to $0.72 per square foot (psf) on a triple net (NNN) basis.
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