Demand Strong Ahead Of Pandemic
- Net absorption increased year-over-year in the first quarter of 2020
- Completions outpaced net absorption for the fourth straight quarter
- Industrial vacancy increased to 4.1 percent
Southern Nevada’s industrial market posted 1,282,170 square feet of net absorption in the first quarter of 2020, an improvement over last quarter and higher than one year ago. Industrial vacancy remained low in the first quarter, at 4.1 percent, but was still 0.9-points higher than it was one year ago. The weighted average asking rate decreased by $0.02 to $0.70 per square foot (psf) on a triple net (NNN) basis. After a 2019 that saw lower overall net absorption than 2018, the impact of the COVID-19 pandemic and the many disruptions it has caused could pose a challenge to the industrial market.
Have future reports delivered directly to your inbox - click here to subscribe to this and other regional e-mail delivery lists.