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Las Vegas Industrial Five Fast Facts | Q2 2023

Jeff Platts • 8/2/2023
What to know in the Las Vegas industrial commercial real estate (CRE) market.
  1. Industrial Vacancy Rate Lowers QOQ 
    Industrial vacancy rate, including sublease, decreased 30 bps QOQ. 

  2. Positive Absorption Doubles YOY 
    Tenants absorbed 3.0 million msf in Q2 2023 compared to 1.4 msf in Q2 2022.  

  3. Leasing Activity Rises QOQ 
    Leasing activity totaled 2.0 msf by the end of the second quarter compared to 1.6 msf in Q1 2023.  

  4. Rental Rates Still On The Rise 
    The average asking rate for all built product types combined was $12.80 psf per year on a triple net basis, which increased 22% YOY. 

  5. Sales Activity Slows 
    The industrial market recorded $266 million in sales activity compared to $686 million (-61%) in Q2 2022.  
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