Jerry Doty / April 21, 2020
THE FIRST QUARTER OF THE NEW DECADE BEGAN STRONG WITH 1.3 MILLION SQUARE FEET OF INDUSTRIAL SPACE ABSORBED IN SOUTHERN NEVADA.
To meet the continued influx in demand for warehouse distribution product , the first quarter of 2020 saw nearly 1.9 million square feet of new completions with another 5 million square feet under construction. Despite the impact of COVID 19 and the closure of all non-essential business, several major distribution and third party logistics companies requirement for industrial space has increased significantly. Although it is too early to tell the long term impact of Covid-19, these requirements should somewhat minimize the potential increase in vacancy heading into the second quarter. The quarter ended with a record number of 13.8 million square feet of planned construction in the pipeline. We believe COVID 19 will have an assured impact on this number, at least for the short term.
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