As was the case with many industrial markets across the country, the Las Vegas market experienced robust activity during Q2 2021. Net absorption was 3.1 million sq. ft. for the quarter, and 5.5 million sq. ft. year-to-date. The overall vacancy rate continued to decline, from 3.8% to 2.8% quarter-over-quarter. The overall average asking lease rate recorded an up-tick by 9% quarter-over quarter, from $0.79 per sq. ft. NNN to $0.86 per sq. ft. NNN. These indicators demonstrated the market’s strength and resilience during the first half of 2021.
Both user and investment sales activity continued into Q2 2021, especially in the North Las Vegas submarket. A notable user sale included the purchase of the 190,538-sq.-ft. North Las Vegas Business Park – Building 1 by California-based TCP Global from Becknell Industrial for $23.3 million, or about $122 per sq. ft. The company will be closing their San Diego facility to relocate to Nevada. Additionally, Clarion Partners acquired the 2.4 million-sq.-ft. Golden Triangle Industrial Park in a $335.6 million investment sale.
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