Doherty Industrial Group Q1 2021 Las Vegas Market Report

Jerry Doty  /   April 20, 2021

Through the first quarter of 2021 the Las Vegas industrial market shows no signs of slowing down with all metrics pointing to another record year.

With the exception of a few months during the initial stages of the COVID-19 lockdown in 2020, the Las Vegas industrial market has continued to exceed all expectations and is on course to break previous high watermarks in new supply, absorption and pricing. E-commerce continues to lead the demand for new industrial space in Southern Nevada, with a majority of the Valley’s net absorption in warehouse distribution product and with only 935,068 square feet of new completions. The weighted average asking rates for industrial product in Southern Nevada increased to $0.74 psf NNN this quarter, a $0.03 psf increase from the previous quarter, and a $0.04 psf increase from one year ago. Despite delivering 935,068 square feet of new product the industrial vacancy dropped to 5.6%, a decrease of 0.8% from the end of 2020. At the close of Q1 2021, 5.4 million square feet of industrial space was under construction with approximately 32.9% pre-leased.

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