Las Vegas Industrial Market Report
Third Quarter 2022
Inventory
Total Industrial inventory in the Las Vegas market area amounted to 161,616,547 square feet, up 6,494,347 square feet from one year ago. There are currently 14,264,733 square feet under construction.
Sale Activity
In the third quarter, 62 industrial transactions closed with a total volume of $318,002,064. The 62 buildings totaled 1,179,740 square feet and the average price per square foot equated to $292.35 per square foot. The average Cap Rates were 4.5%.
That brings the total for the 2022 calendar year to 220 transactions totaling $1,412,636,605 sales volume. The total square footage sold was 6,672,180 square feet for an average price per square foot of $222.22. The average Cap Rate was 5.1%
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 650 E Owens Ave. This 147,000 square-foot industrial building sold for $63,452,892 or $431.65 per square foot. The property was sold on 8/29/2022. The Buyer was Elm Tree Net Lease Fun II, LLC. The Seller was Windmill Capital, Inc.
The information in this post has been sourced by and is credited to ©2022 CoStar Group, Inc.
