A report released Thursday by Xceligent and the Commercial Alliance Las Vegas (CALV) shows continued improvement in most sectors of the commercial real estate market in Southern Nevada, highlighted by large new industrial developments and more high-profile retailers setting up shop in the Las Vegas area.
“There’s plenty of good news related to commercial real estate right now,” said CALV President Bobbi Miracle, a local commercial real estate broker. “Our industrial market continues to lead the way, but there are also lots of bright spots in the retail sector, from the new IKEA store taking shape in the southwest part of town to a steady stream of high-profile restaurant and retail chains entering the market.”
According to the report from CALV and Xceligent, the local industrial market continued to improve during the third quarter, absorbing 353,470 square feet of space to lower its overall vacancy rate to 7.2 percent, down from 7.6 percent the previous quarter.
Despite recent reports that Fresh & Easy and Haggen are closing their local grocery stores, Miracle said the local retail market also gained ground, with retail sales volumes increasing and the local vacancy rate falling to 10.9 percent in the third quarter. She said interesting and positive trends during the quarter included the first two medical marijuana dispensaries opening in Clark County, while political candidates began seeking and securing short-term retail space heading into next year’s general election.
In the local office market, Miracle said vacancy rates dropped 20 basis points and are now sitting at 18.8 percent, a slight improvement from the second quarter of 2015. The local market absorbed 40,737 square feet of space during the third quarter, driven by a continued trend of office users moving up to Class A and Class B space.
Xceligent, a rapidly growing provider of commercial real estate information locally and nationally, partners with CALV to produce quarterly reports on market trends and conditions in the office, industrial and retail markets in Southern Nevada. The current report covers activity through the third quarter of 2015.
Miracle, whose professional designations include being a Certified Commercial Investment Member (CCIM) and a member of the Society of Industrial and Office REALTORS® (SIOR), is one of dozens of top local commercial real estate brokers who serve on advisory boards that help verify and produce these reports. She thanked her fellow brokers for volunteering their time and expertise to verify the data and “help us make these reports an accurate and unbiased overview of what’s really happening in our market.”
