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2022 Q1 Las Vegas Industrial Market Research Report

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Industrial Gains Momentum

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  • Net absorption increased year over year in 22q1
  • Vacancy reached a record low of 1.7%
  • Asking rates increased to $1.01 PSF NNN

After a record year in 2022, Southern Nevada’s industrial market is not slowing down. Vacancy decreased to 1.7% on 2.9 million square feet of net absorption. This is the lowest vacancy rate we have ever recorded in Southern Nevada; for comparison, vacancy was only as low as 3.1 % during the boom that preceded the Great Recession. The weighted average asking rental rate for industrial space increased significantly to $1.01 per square foot (psf) on a triple net (NNN ) basis.

 

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2022 Q1 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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