As reported by the Las Vegas Review Journal, RCG Economics and UNLV’s Lied Institute for Real Estate Studies have released their quarterly commercial real estate survey showing that Southern Nevada’s commercial real estate markets continued to improve and that the industrial sector posted some of the biggest gains.
Southern Nevada Industrial Real Estate Market, Vacancy Rate and Rent Per Square Foot
Our report showed a drop of 4% in the industrial market’s vacancy rate, which fell from 12.6% in the third quarter of 2013 to 8.6% in the most recent third quarter. Additionally, the average monthly asking rent per square foot rose 18%, from 51 cents to 60 cents during that same period. The warehouse-distribution submarket did well, with vacancy rates dropping 5.7% in the last year.
View the full industrial market report here:
Southern Nevada Office Real Estate Market
The office market still struggles with above-average vacancy rates. The sector’s rate was 21.4% in the third quarter, down from 24.9% at the same time last year. Office rents stayed stable, at $1.88 per square foot.
View the full office market report here:
Southern Nevada Retail Real Estate Market
Retail vacancies fell 1.4% from last year to 11%. Rents dropped to $1.22 per square foot, down from $1.30 last year.
View the full retail report here: