High Demand Drives Industrial Expansion
- Net absorption was strong in Q3
- Vacancy remained low at 1.3%
- Asking rates increased to $1.18 PSF NNN
Southern Nevada’s industrial inventory expanded by over 1.87 million square feet. Net absorption nearly matched this expansion at 1.84 million square feet. This kept vacancy at a very low 1.3%, still the lowest vacancy rate we have ever recorded in Southern Nevada. The weighted average asking rental rate for industrial space increased to $1.18 per square foot (psf) on a triple net (NNN ) basis, up from last quarter’s $1.13 psf NNN.
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