Page 11 - Las Vegas LVQR Market Research Report Q1 2024

Colliers 7
Industrial
Las Vegas 24Q1

Average
Net Net Under
Total Inventory Direct Sublease Vacancy Rate Direct Asking
Subtype Availability Rate Vacancy Rate Absorption Absorption Construction Deliveries YTD
SF Availability Rate Availability Rate Previous Quarter Rate
Current YTD SF
(NNN)
Airport
WD 2,406,970 2.7% 0.0% 2.7% 2.7% 2.7% 0 0 0 0 $1.60
LD 7,684,237 4.8% 0.8% 5.6% 3.4% 2.9% -36,758 -36,758 53,330 0 $1.18
LI 2,799,949 1.5% 1.6% 3.1% 2.2% 2.6% 11,725 11,725 0 0 $1.36
IN 1,499,336 6.5% 0.0% 6.5% 6.5% 7.2% 9,596 9,596 0 0 $1.31
FL 1,461,792 8.2% 0.0% 8.2% 3.6% 5.3% 24,668 24,668 0 0 $1.57
Total 15,852,284 4.4% 0.7% 5.1% 3.4% 3.5% 9,231 9,231 53,330 0 $1.37
Apex
WD 3,182,379 20.9% 0.0% 20.9% 20.9% 0.0% 1,043,620 1,043,620 2,217,350 2,138,759 n/a
LD 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
LI 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
IN 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
FL 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
Total 3,182,379 20.9% 0.0% 20.9% 20.9% 0.0% 1,043,620 1,043,620 2,217,350 2,138,759 n/a
East Las Vegas
WD 425,287 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 n/a
LD 1,162,371 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 n/a
LI 1,579,369 2.2% 0.0% 2.2% 0.9% 2.6% 26,759 26,759 12,155 0 $1.25
IN 280,959 3.7% 0.0% 3.7% 3.7% 3.6% -343 -343 0 0 $1.04
FL 227,678 2.9% 0.0% 2.9% 2.9% 2.6% -805 -805 0 0 $1.05
Total 3,675,664 1.4% 0.0% 1.4% 0.8% 1.5% 25,611 25,611 12,155 0 $1.14
Henderson
WD 3,939,970 0.0% 0.0% 0.0% 0.0% 0.0% 207,766 207,766 1,048,161 207,766 n/a
LD 6,425,778 4.4% 1.5% 5.8% 3.9% 3.0% 229,961 229,961 271,947 295,998 $1.27
LI 3,278,538 0.8% 0.4% 1.2% 0.8% 1.2% 11,849 11,849 0 0 $1.31
IN 485,339 5.1% 0.0% 5.1% 5.1% 2.8% -11,442 -11,442 0 0 $0.90
FL 1,257,387 5.7% 0.4% 6.1% 5.3% 5.3% -113 -113 0 0 $1.59
Total 15,387,012 2.6% 0.7% 3.4% 2.4% 2.0% 438,021 438,021 1,320,108 503,764 $1.33
North Las Vegas
WD 39,390,904 9.7% 1.7% 11.5% 9.5% 4.9% 261,942 261,942 5,098,068 2,178,196 $1.02
LD 20,634,452 7.7% 0.5% 8.2% 5.3% 3.7% 23,218 23,218 667,054 376,656 $1.11
LI 8,253,579 3.1% 0.3% 3.4% 2.0% 2.7% 55,474 55,474 0 0 $1.07
IN 881,633 1.9% 0.0% 1.9% 1.9% 0.4% -12,768 -12,768 0 0 $1.45
FL 806,509 2.0% 0.0% 2.0% 2.0% 2.9% 7,011 7,011 0 0 $1.15
Total 69,967,077 8.2% 1.2% 9.3% 7.2% 4.2% 334,877 334,877 5,765,122 2,554,852 $1.10
Northwest
WD 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
LD 263,777 4.3% 0.0% 4.3% 0.0% 0.0% 0 0 0 0 n/a
LI 314,714 0.8% 0.0% 0.8% 0.8% 0.0% -2,640 -2,640 0 0 $1.25
IN 99,427 3.3% 0.0% 3.3% 3.3% 5.9% 2,585 2,585 0 0 $1.45
FL 720,775 1.3% 0.0% 1.3% 1.3% 2.3% 7,200 7,200 0 0 $1.50
Total 1,398,693 1.9% 0.0% 1.9% 1.1% 1.6% 7,145 7,145 0 0 $1.45
Southwest
WD 7,907,695 2.3% 0.0% 2.3% 1.7% 1.7% 182,520 182,520 280,000 182,520 n/a
LD 20,056,596 4.5% 0.4% 4.9% 2.4% 1.5% -160,748 -160,748 880,309 32,068 $1.22
LI 9,570,979 1.3% 0.2% 1.5% 0.9% 1.7% 78,598 78,598 52,716 0 $1.48
IN 2,549,273 3.0% 0.3% 3.3% 3.0% 2.1% -23,788 -23,788 0 0 $1.59
FL 1,764,982 3.5% 0.0% 3.5% 3.4% 1.7% -29,507 -29,507 0 0 $1.57
Total 41,849,525 3.2% 0.3% 3.5% 2.0% 1.6% 47,075 47,075 1,213,025 214,588 $1.31
West Central
WD 738,141 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 n/a
LD 2,210,924 1.3% 0.0% 1.3% 1.3% 2.7% 31,029 31,029 0 0 $0.92
LI 5,725,502 2.1% 0.3% 2.4% 2.2% 2.7% 27,450 27,450 0 0 $1.30
IN 2,528,860 3.7% 0.0% 3.7% 3.7% 3.3% -8,864 -8,864 0 0 $1.27
FL 110,849 0.0% 0.0% 0.0% 0.0% 2.0% 2,165 2,165 0 0 n/a
Total 11,314,276 2.1% 0.1% 2.3% 2.2% 2.7% 51,780 51,780 0 0 $1.23
West Henderson
WD 3,809,484 21.3% 0.0% 21.3% 8.7% 0.0% 0 0 77,664 330,720 n/a
LD 2,683,686 0.2% 0.0% 0.2% 0.2% 0.0% -4,606 -4,606 210,770 0 $1.77
LI 242,000 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 4,960 0 n/a
IN 49,896 14.1% 0.0% 14.1% 7.0% 0.0% -3,504 -3,504 0 0 $1.95
FL 63,096 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 n/a
Total 6,848,162 12.0% 0.0% 12.0% 4.9% 0.0% -8,110 -8,110 293,394 330,720 $1.85
Grand Total
WD 61,800,830 9.0% 1.1% 10.1% 8.0% 3.6% 1,695,848 1,695,848 8,721,243 5,037,961 $1.03
LD 61,121,821 5.2% 0.6% 5.8% 3.5% 2.5% 82,096 82,096 2,083,410 704,722 $1.16
LI 31,764,630 1.9% 0.4% 2.3% 1.5% 2.2% 209,215 209,215 69,831 0 $1.26
IN 8,374,723 3.9% 0.1% 4.0% 3.9% 3.3% -48,528 -48,528 0 0 $1.34
FL 6,413,068 4.5% 0.1% 4.5% 3.3% 3.5% 10,619 10,619 0 0 $1.52
Total 169,475,072 5.9% 0.7% 6.6% 4.8% 2.9% 1,949,250 1,949,250 10,874,484 5,742,683 $1.12
Historical
24q1 169,475,072 5.9% 0.7% 6.6% 4.8% 2.9% 1,949,250 1,949,250 10,874,484 5,742,683 $1.12
23q4 163,732,389 4.4% 0.6% 5.0% 2.9% 2.2% 2,259,514 7,608,931 17,496,480 9,934,555 $1.28
23q3 160,193,113 3.5% 0.5% 4.0% 2.2% 1.6% 262,560 5,349,417 14,532,328 6,395,279 $1.26
23q2 158,938,395 2.8% 0.4% 3.3% 1.6% 1.5% 3,129,688 5,086,857 9,890,989 5,140,561 $1.21
23q1 155,706,132 2.2% 0.7% 2.9% 1.5% 1.6% 1,957,169 1,957,169 6,638,612 1,908,298 $1.21