Las Vegas Industrial Market Report
Fourth Quarter 2021
Inventory
Total Industrial inventory in the Las Vegas market area amounted to 156,071,443 square feet, up 3,453,611 square feet from one year ago. There is currently 8,287,170 square feet under construction.
Sale Activity
In the fourth quarter, 83 industrial transactions closed with a total volume of $683,963,411. The 83 buildings totaled 3,330,447 square feet and the average price per square foot equated to $270.77 per square foot. The average Cap Rates were 6.5%
That brings the total for the 2021 calendar year to 361 transactions totaling $2,395,930,565 sales volume. The total square footage sold was 14,028,392 square feet for an average price per square foot of $186.03. The average Cap Rate was 6.0%
Tallying all industrial building sales.
Mark of a Market.
One of the most significant transactions that has occurred within the Las Vegas market was the sale of JDV Procyon at Ponderosa at 6025 Procyon Street. The 121,875 square-foot industrial buildings sold for $31,500,000 or $258.46 per square foot. The property sold on 10/15/2021. The Buyer was Link Logistics Real Estate. The Seller was JDV Proycon, LLC.
The information in this post has been sourced by and is credited to ©2022 CoStar Group, Inc.
