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
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