Jerry Doty / July 22, 2019
The Las Vegas Industrial Market Continues to Surpass Expectations with over 1.8 Million square feet of Net Absorption in the second Quarter of 2019
The bulk of the absorption in the second quarter was in the warehouse/ distribution product, which accounted for over 90% of the total. Due to the delivery of over 2.2 million square feet of new product, the vacancy rate increased slightly to 3.4%. Average asking lease rates also continued to stay near record levels at $0.74 per square foot NNN with the Southwest submarket even surpassing the previous peak rate at $0.92 per square foot NNN.
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