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Las Vegas Industrial/Warehouse Space In-depth
Las Vegas, Nevada is the most populous city in the state of Nevada, and an internationally renowned major resort city for gambling, shopping, and entertainment. As the 28th most populous city in the United States, Las Vegas is one of the most populous cities in the American West.
Las Vegas industrial spaces rents are 20 percent h... Read More
Las Vegas Industrial/Warehouse Space In-depth
Las Vegas, Nevada is the most populous city in the state of Nevada, and an internationally renowned major resort city for gambling, shopping, and entertainment. As the 28th most populous city in the United States, Las Vegas is one of the most populous cities in the American West.
Las Vegas industrial spaces rents are 20 percent higher in Las Vegas than Denver and Phoenix and 11 percent higher in Las Vegas than the Inland Empire. Most of the Las Vegas industrial spaces use supports the casino corridor and the industry has been willing to pay the prevailing rate and pass that increase to tourists who don't live here.
Light Distribution industrial space in Las Vegas had the highest net absorption with 211,724 square feet, followed by Warehouse Distribution, R&D Flex and Incubator. If all of the industrial space presently under construction or planned in Las Vegas is completed, it would represent a 9 percent increase in the Valley’s industrial inventory. Additionally, if all available space in existing buildings was added to this forward-supply, it would take approximately 3.6 years to absorb it all.
The challenge of finding available industrial space in Las Vegas for future development continues to call on the creativity and resources of developers. While some possible solutions outside of Las Vegas may be five to ten years away, industrial activity in the valley remains strong with approximately 1 million square feet of product completed within the last three months. Development has been especially active in the North Las Vegas industrial spaces market with approximately 2 million square feet under construction and in the southwest with 2.1 million square feet under construction.
Las Vegas is rapidly expanding. The area of I-15 along the Speedway Corridor is an important transportation artery for the cities of Las Vegas and North Las Vegas as well as the unincorporated areas of Clark County.
Demand for Las Vegas industrial spaces remains high. The Las Vegas Valley had a 4.8 percent industrial space vacancy in 2007. There was 449,400 square feet of net absorption, with 3.1 million square feet worth of new space under construction.
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