Jerry Doty / January 29, 2021
THE LAS VEGAS INDUSTRIAL MARKET NEARS RECORD HIGH NET ABSORPTION IN 2020 WITH HIGH DEMAND FOR DISTRIBUTION FACILITIES TO MEET NEW PANDEMIC REALITY
In 2020, the Industrial market fared better than other sectors of commercial real estate posting near record net absorption totaling 6,495,414 square feet. Increased demand was seen in all industrial product types but specifically a surge in warehouse/distribution space to service third-party logistics companies, e-commerce and regional distribution facilities. We expect the exodus of companies out of California to continue into 2021 with a high demand for owner/user buildings for sale. There is potential that the 8,169,719 square footage of planned industrial projects in 2021 will not meet the projected 9.5 million square footage of demand over the next 6-12 months.
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