Las Vegas Industrial Market Report
Third Quarter 2021
Total Industrial inventory in the Las Vegas market area amounted to 155,742,093 square feet, up 5,868,876 square feet from one year ago. There is currently 5,945,866 square feet under construction.
In the third quarter, 91 industrial transactions closed with a total volume of $610,954,244. The 91 buildings totaled 3,476,303 square feet and the average price per square foot equated to $187.02 per square foot. The average Cap Rates were 5.6%.
That brings the total for the 2021 calendar year to 271 transactions totaling $1,656,836,027 sales volume. The total square footage sold was 10,525,241 square feet for an average price per square foot of $164.08. 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 West Cheyenne Warehouse at 4004 W. Cheyenne Ave (part of a 4 property portfolio). The 479,579 square-foot industrial buildings sold for $79,366,505 or $165.49 per square foot. The property sold on 7/27/2021. The Buyer was Ares Management Corporation. The Seller was Matter Real Estate Group.
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