First Quarter 2023 Las Vegas Industrial Market Report

April 19, 2023
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Las Vegas Industrial Market Report

First Quarter 2023

Total Industrial inventory in the Las Vegas market area amounted to 167,816,574 square feet, up 8,537,332 square feet from one year ago. There are currently 16,161,447 square feet under construction.

Sale Activity

In the first quarter, 26 industrial transactions closed with a total volume of $142,681,685. The 26 buildings totaled 512,729 square feet and the average price per square foot equated to $257.59 per square foot. The average Cap Rates were 5.4%

Tallying all industrial building sales.

Mark of a Market.

One of the most significant transactions that occurred within the Las Vegas market was the sale of Arroyo Industrial at 7090 W. Arby Avenue. The property was sold on 2/27/2023. The building totaled 34,982 square-feet and sold for $8,542,100 or $244.19 per square foot. At the time of sale, the property was in shell condition. The Buyer was Jonathan E Potts. The Seller was Piping Rock Health Products.

The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.

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