Local multi-family vacancies were a stable 8 percent in the third quarter, after falling a half a point in the prior quarter, says Colliers International’s Las Vegas office. Performance was generally uneven, and signs that the national slowing is being felt locally abound. Class A properties suffered a second quarter of negative net absorption and rising vacancy, while Class B and C properties both saw vacancy rates decline over last quarter. No new multi-family projects were completed this quarter, but a year of positive net absorption and continued struggles in the single-family residential market suggest the possibility of development in the near future. Most of the net absorption this quarter occurred in the Northeast submarket, while Henderson/Green Valley suffered the worst net absorption in the market at negative 395 units. For the full report, CLICK HERE
