Industrial Leads The Way
- Net absorption remained strong in the third quarter of 2020
- Almost 4 million square feet of new industrial product was completed this quarter
- Industrial vacancy increased to 6 percent
Southern Nevada’s industrial market posted 1,629,405 square feet of net absorption in the third quarter of 2020. This was lower than one quarter ago, but an improvement over the third quarter of 2019. Unfortunately, demand was exceeded by supply this quarter, with nearly 4 million square feet of new industrial product coming on the market. This increased overall industrial vacancy to 6 percent. Asking rental rates remained relatively stable at $0.77 per square foot (psf) on a triple net (NNN) basis.
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