Industrial Gains Momentum
- 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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