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2021 Q3 Las Vegas Industrial Market Research Report

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Industrial Demand Hits New Heights

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  • 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.

 

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2021 Q3 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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