Doherty Industrial Group Q2 2020 Report

Jerry Doty  /   July 21, 2020

THE LAS VEGAS INDUSTRIAL MARKET SHOWED ITS RESILIENCY IN THE
SECOND QUARTER WITH OVER 2 MILLION SQUARE FEET OF ABSORPTION.

Despite the closure of non-essential businesses for the majority of the quarter demand remained strong in all product types. As anticipated, there was a slight increase in direct vacancy to 4.5% as well as a rise in sublease space. New construction persevered with nearly 800,000 square feet completed, 6.2 million square feet under construction and 11.9 M square feet planned. The North Las Vegas submarket continues to obtain the highest net absorption and new deliveries. The recently formed West Henderson submarket is quickly becoming a hot spot for a variety of industries from local businesses to national
publicly traded companies and will continue to evolve with approximately 866,560 square feet under construction.

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