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2021 Q2 Las Vegas Industrial Market Research Report

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Record Demand

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  • Industrial market posts record demand in 21q2
  • Bulk warehouse dominates, but other sectors improve
  • Strong demand brings increased asking rates

Southern Nevada’s industrial market had an exceptionally strong performance in the second quarter of 2021, posting more than 3.3 million square feet of net absorption a new record. Industrial vacancy decreased to 4.4%, the lowest vacancy rate in Southern Nevada since the first quarter of 2020, and an indication that the market has recovered from the “COVID recession”. Asking rental rates increased to $ 0.75 per square foot (psf) on a triple net (NNN) basis.

 

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2021 Q2 Las Vegas Industrial Market Research Report

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John Stater

Research Manager

Las Vegas

John has managed the research and GIS (Geographic Information Services) departments at Colliers’ Las Vegas office for more than two decades. During that time he has been collecting, analyzing and reporting on the commercial real estate market of Las Vegas, NV, building the research department at Colliers International's Las Vegas from the ground up, establishing a database of properties, availabilities and lease and sales comps with over 20,000 records covering the industrial, office, retail, land, multifamily, hospitality, medical office markets, as well as Southern Nevada's economy in general. He also writes for the Vegas CRE Insider blog. As his office's GIS manager, he produces local, regional and national maps.

In his spare time, John writes, designs and publishes games and does freelance work in the game industry and economic research.

 

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