(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.
Even with the added supply the outlook for the region's industrial market is positive as the study notes that "demand has not dwindled, it has merely been outpaced by supply."
"The Speedway area has become a major industrial hub over the last several years and we anticipate this area will continue to grow," says John Clement, president of VenturePoint Development.
VenturePoint Speedway, which is located on the corner of Tropical Parkway and Mount Hood Street, will consist of 16 concrete tilt-up units that range from 6,000 sf to 32,000 sf. It has a completion date of mid-2008 and will offer such amenities as a 22-ft clear height, evaporation coolers, warehouse lights, high-finish exteriors, and dock- and grade-level loading. All units will be turn key and come move-in ready, including office build-out with mezzanine storage.
The CB Richard Ellis Industrial team led by Donna Alderson and Greg Tassi are marketing the property.
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