Industrial Demand Hits New Heights
- Industrial market posted new record demand in 21q3
- Bulk warehouse continued to dominate the market
- Asking rates see significant increase to $0.81 PSF NNN
After a powerful Q2, 2021, Southern Nevada posted an even more powerful Q3, with net absorption hitting a new record 4.5 million square feet. Industrial vacancy decreased to 3.2%, the lowest it has been since 2006 during the boom that preceded the Great Recession. Asking rental rates for industrial space saw a sharp increase to $0.81 per square foot (psf) on a triple net (NNN ) basis from last quarter’s $0.74 psf NNN.
Have future reports delivered directly to your inbox - click here to subscribe to this and other regional e-mail delivery lists.