Colliers International Las Vegas announced today the release of their second quarter market reports. While Southern Nevada’s commercial real estate market showed some softening at the mid-point of 2016, it remained positive overall. The industrial market continued to expand, posting slightly lower net absorption than in the previous quarter, but still enough to push the industrial vacancy rate down to 5.5 percent. The average asking rental rate for industrial space dropped at mid-year to $0.62 per square foot on a monthly basis, the first such drop in four quarters. “We think net absorption will remain positive for the remainder of 2016, but will not keep up with new completions,” remarked John Stater, the research manager of Colliers International’s Las Vegas office.
