Las Vegas Industrial Market Report
Third Quarter 2023
Inventory
Total industrial inventory in the Las Vegas market area amounted to 171,712,984 square feet, up 8,881,578 square feet from one year ago. There are currently 15,660,642 square feet under construction.
Sale Activity
In the third quarter, 21 industrial transactions closed with a total volume of $154,004,629. The 21 buildings totaled 710,754 square feet and the average price per square foot equated to $227.15 per square foot. The average Cap Rates were 5.4%.
That brings the total for the 2023 calendar year to 74 transactions totaling $591,392,389 sales volume. The total square footage sold was 3,088,822 square feet for an average price per square foot of $224.47. The average Cap Rate was 5.8%
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 2970 Lincoln Road. This 102,168 square-foot industrial building sold for $22,500,000 or $220.23 per square foot. The property was sold on 7/21/2023. The Buyer was RCG Group. The Seller was Penwood Real Estate Investment Management.
The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.
