Nevada Industrial Market Improving

LAS VEGAS—For the first time since 2008, industrial vacancy is below 10% in southern Nevada. Currently at 9.2%, the decrease in vacancy is a result of improvements in Southern Nevada’s industrial real estate market, according to the third quarterly market report of 2014 from Colliers International – Las Vegas. Compiled by John Stater, research director for Colliers International – Las Vegas, the report highlights more than 650,000 square feet of new industrial completions on almost 94 acres of land in the first three quarters of 2014.

From January through September, more than 135 acres of industrial land were sold, with a total industrial land sales volume of $50.1 million. With an additional 184 acres of land on track to account for more than 1.65 million square feet of new industrial space, and with strong gains in industrial employment in Southern Nevada, both the land and industrial markets are expected to absorb several new speculative products in 2015. Despite these gains, demand overall has decreased for this product type.