Page 28 - Las Vegas LVQR Market Research Report Q1 2024
P. 28
Colliers 5
Medical
Las Vegas 24Q1
Average
Net Net Under
Total Direct Sublease Vacancy Rate Direct Asking
Class Availability Rate Vacancy Rate Absorption Absorption Construction Deliveries YTD
Inventory SF Availability Rate Availability Rate Previous Quarter Rate
Current YTD SF
(FSG)
Downtown/Urban Core
A 65,000 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 n/a
B 228,761 5.1% 0.0% 5.1% 5.1% 6.4% 3,177 3,177 0 0 n/a
C 80,797 25.1% 0.0% 25.1% 25.1% 25.1% 0 0 0 0 n/a
Total 374,558 8.5% 0.0% 8.5% 8.5% 9.3% 3,177 3,177 0 0 n/a
Suburban
A 1,513,418 8.3% 0.4% 8.7% 7.3% 8.4% 16,035 16,035 188,300 0 $3.07
B 3,198,762 6.2% 0.0% 6.2% 5.5% 6.3% 27,443 27,443 0 0 $2.42
C 3,355,430 6.4% 1.0% 7.4% 6.6% 6.4% -6,225 -6,225 41,904 0 $2.24
Total 8,067,610 6.7% 0.5% 7.2% 6.3% 6.8% 37,253 37,253 230,204 0 $2.44
Grand Total
A 1,578,418 8.0% 0.4% 8.4% 7.0% 8.0% 16,035 16,035 188,300 0 $3.07
B 3,427,523 6.1% 0.0% 6.1% 5.5% 6.4% 30,620 30,620 0 0 $2.42
C 3,436,227 6.8% 1.0% 7.8% 7.0% 6.8% -6,225 -6,225 41,904 0 $2.26
Total 8,442,168 6.7% 0.5% 7.2% 6.4% 6.9% 40,430 40,430 230,204 0 $2.43
Submarkets by Class
Airport
A 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
B 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
C 113,581 0.0% 5.9% 5.9% 5.9% 5.9% 0 0 0 0 n/a
Total 113,581 0.0% 5.9% 5.9% 5.9% 5.9% 0 0 0 0 n/a
Downtown
A 65,000 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 n/a
B 228,761 5.1% 0.0% 5.1% 5.1% 6.4% 3,177 3,177 0 0 n/a
C 80,797 25.1% 0.0% 25.1% 25.1% 25.1% 0 0 0 0 n/a
Total 374,558 8.5% 0.0% 8.5% 8.5% 9.3% 3,177 3,177 0 0 n/a
East Las Vegas
A 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
B 599,889 11.9% 0.0% 11.9% 9.7% 11.3% 9,641 9,641 0 0 $2.35
C 766,772 11.0% 0.0% 11.0% 11.0% 11.1% 963 963 41,904 0 $1.99
Total 1,366,661 11.4% 0.0% 11.4% 10.5% 11.2% 10,604 10,604 41,904 0 $2.03
Henderson
A 508,958 12.1% 0.0% 12.1% 10.8% 10.8% 0 0 0 0 $3.12
B 334,955 10.0% 0.0% 10.0% 7.9% 12.1% 14,047 14,047 0 0 $2.18
C 822,968 4.9% 0.2% 5.1% 5.1% 4.7% -2,796 -2,796 0 0 $2.66
Total 1,666,881 8.1% 0.1% 8.2% 7.4% 8.1% 11,251 11,251 0 0 $2.66
North Las Vegas
A 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
B 98,011 15.1% 0.0% 15.1% 14.1% 15.9% 1,740 1,740 0 0 $2.35
C 195,408 9.4% 0.0% 9.4% 9.4% 9.3% -128 -128 0 0 n/a
Total 293,419 11.3% 0.0% 11.3% 10.9% 11.5% 1,612 1,612 0 0 $2.35
Northwest
A 889,160 6.4% 0.7% 7.1% 5.4% 7.3% 16,035 16,035 0 0 $3.06
B 1,200,658 2.7% 0.0% 2.7% 2.5% 2.5% -728 -728 0 0 n/a
C 243,510 1.6% 3.4% 5.0% 1.6% 1.6% 0 0 0 0 $2.45
Total 2,333,328 4.0% 0.6% 4.6% 3.5% 4.2% 15,307 15,307 0 0 $2.94
Southwest
A 115,300 6.3% 0.0% 6.3% 6.3% 6.3% 0 0 188,300 0 $2.90
B 637,550 6.4% 0.0% 6.4% 6.4% 6.8% 2,743 2,743 0 0 $2.78
C 341,777 6.5% 4.5% 10.9% 10.9% 10.9% -73 -73 0 0 $2.27
Total 1,094,627 6.4% 1.4% 7.8% 7.8% 8.1% 2,670 2,670 188,300 0 $2.56
West Central
A 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
B 327,699 1.7% 0.0% 1.7% 1.7% 1.7% 0 0 0 0 $2.80
C 871,414 5.0% 0.3% 5.3% 3.3% 2.8% -4,191 -4,191 0 0 $2.24
Total 1,199,113 4.1% 0.2% 4.3% 2.9% 2.5% -4,191 -4,191 0 0 $2.36
Historical
24q1 8,442,168 6.7% 0.5% 7.2% 6.4% 6.9% 40,430 40,430 230,204 0 $2.43
23q4 8,442,168 7.3% 0.4% 7.7% 6.9% 6.7% 20,100 249,672 41,904 146,963 $2.28
23q3 8,406,918 6.9% 0.1% 7.0% 6.7% 6.1% 3,605 229,572 46,560 111,713 $2.45
23q2 8,354,764 6.5% 0.2% 6.7% 6.2% 7.0% 65,858 225,967 46,560 111,713 $2.44
23q1 8,354,764 7.3% 0.1% 7.4% 7.0% 7.7% 160,109 160,109 46,560 111,713 $2.43