CBRE | Las Vegas Releases Q1 Market Reports

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Las Vegas Industrial MarketView Q1 2021

  • The Las Vegas industrial market continued to thrive through Q1 2021 with more than 2.4 million sq. ft. of net absorption, and nearly 8.5 million sq. ft. of space under construction.
  • The overall direct vacancy rate decreased by 80 basis points over the quarter to 3.8%.
  • The average asking NNN lease rate increased by $0.04 per sq. ft. to $0.79 per sq. ft. per month.

Las Vegas Office MarketView Q1 2021

  • Net absorption was -28,132 sq. ft. for Q1 2021.
  • Construction activity remained stable in Q1 2021 at 335,519 sq. ft.  Howard Hughes will break ground on a new 10-story, 267,000 sq. ft. Class A building in Q2 2021.
  • The overall direct vacancy rate increased by 10 basis points to 12.5%.
  • The average asking, full service gross, lease rate increased by $0.02 per square foot to $2.22 per sq. ft. per month.

Las Vegas Retail MarketView Q1 2021

  • Several store closures in the Southeast, Central East, and Southwest submarkets pushed net absorption to -62,526 sq. ft.
  • The overall direct vacancy rate increased by 10 basis points over the quarter to 6.7%.
  • Total space under construction in Q1 2021 was more than 560,000 sq. ft.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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