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Las Vegas Market Report First Quarter 2017


Posted on 17th April, by MDL Group in Leasing, Market Reports. Comments Off on Las Vegas Market Report First Quarter 2017

Las Vegas Office Market

The Las Vegas Office market ended the first quarter 2017 with a vacancy rate of 14.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 339,805 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 332,490 square feet. Rental rates ended the first quarter at $19.27, a decrease over the previous quarter. A total of three buildings delivered to the market in the quarter totaling 93,000 square feet, with 700,055 square feet still under construction at the end of the quarter.

Las Vegas Industrial Market

The Las Vegas Industrial market ended the first quarter 2017 with a vacancy rate of 6.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 339,739 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending  the quarter at 144,190 square feet. Rental rates ended the first quarter at $7.27, an increase over the previous quarter. A total of one building delivered to the market in the quarter totaling 240,000 square feet, with 5,682,838 square feet still under construction at the end of the quarter.

Las Vegas Retail Market

The Las Vegas retail market experienced a slight decline in market conditions in the first quarter 2017. The vacancy rate went from 8.3% in the previous quarter to 8.5% in the current quarter. Net absorption was negative (69,165) square feet, and vacant sublease space decreased by (82,208) square feet. Quoted rental rates increased from fourth quarter 2016 levels, ending at $17.62 per square foot per year. A total of 13 retail building with 140,519 square feet  of retail space were delivered to the market in the quarter, with 500,227 square feet still under construction at the end of the quarter.



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