A Record Year for Las Vegas Industrial
- Record 11.6 MM square feet of net absorption in 2021
- Vacancy hits lowest level ever at 2.3%
- Asking rates end year at $0.82 PSF NNN
Southern Nevada’s industrial market had record demand in 2021, with the year’s 11.6 million square feet of net absorption easily besting the previous record of 7.8 million square feet in 2017. Industrial vacancy decreased to 2.3% at the end of 2021, the lowest industrial vacancy rate we have recorded for Southern Nevada. Asking rental rates for industrial space ended the year at $0.82 per square foot (psf) on a triple net (NNN ) basis.
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