- 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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