(Read more on the industrial market.)
LAS VEGAS-North Las Vegas is about to add another 160,000 sf to the Valley's 96-million-plus-sf industrial inventory base. Construction has begun on the $25-million VenturePoint Speedway development.
With such a large industrial supply, VenturePoint Development was confident that the North Las Vegas submarket would continue to grow, spawning quality facilities in its tracks. However, though the supply continues to grow, so too, apparently, have vacancy rates. This is true for not only North Las Vegas, but for the Airport, Henderson and Southwest submarkets as well.
Though spread out among all four submarkets, North and Southwest Las Vegas seems to have taken the brunt of the new completions. Approximately 90% of all industrial completions took place within these two submarkets with 45% of the overall supply being delivered to North Las Vegas, according to Collier's International's Industrial Market Research Report.
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