Logistical Demand Remains Strong
- Net absorption increased year-over-year in the second quarter of 2020
- The trend of new completions outpacing net absorption ended
- Industrial vacancy increased to 4.5 percent
Southern Nevada’s industrial market posted 2,036,052 square feet of net absorption in the second quarter of 2020, an improvement over last quarter and higher than one year ago. Industrial vacancy increased in the second quarter, but remained low at 4.5 percent. The weighted average asking rate decreased by $0.01 to $0.71 per square foot (psf) on a triple net (NNN) basis. The business closures enacted in March 2020 has apparently bifurcated the industrial market, with large warehouse/distribution properties seeing continued strong net absorption while other property types struggled.
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