Industrial Expansion Continues
- Net absorption exceeded new supply in 22q2
- Vacancy reached a record low of 1.3%
- Asking rates increased to $1.12 PSF NNN
Southern Nevada’s industrial inventory expanded by 753,703 square feet, while 1.3 million square feet of space was absorbed. This brought vacancy down to 1.3%, the lowest vacancy rate we ever recorded in Southern Nevada. The weighted average asking rental rate for industrial space increased significantly to $1.12 per square foot (psf) on a triple net (NNN ) basis.
Have future reports delivered directly to your inbox - click here to subscribe to this and other regional e-mail delivery lists.