City of Las Vegas

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Office/Industrial/Retail and Apartment Markets

Office Market Fourth Quarter 2023
				City Wards
Industrial Structure	Las Vegas Valley	City of Las Vegas	Downtown Redevelopment Area	Ward 1	Ward 2	Ward 3	Ward 4	Ward 5	Ward 6
Office Market Inventory	57,553,960	21,188,798	4,475,070	8,807,144	3,952,694	3,737,705	1,831,238	2,340,480	519,537
Office Market Vacant Space	8,584,516	2,910,439	546,755	1,278,258	484,714	598,309	373,677	137,055	38,426
Office Market Occupied Space	48,969,444	18,278,359	3,928,315	7,528,886	3,467,980	3,139,396	1,457,561	2,203,425	481,111
Office Market Vacancy Rate	14.9%	13.7%	12.2%	14.5%	12.3%	16.0%	20.4%	5.9%	7.4%
Office Market Completions	234,050	52,000	0	0	52,000	0	0	0	0
Office Market Net Absorption	208,389	88,222	-660	21,264	55,090	3,900	-1,286	12,772	-3,518
Office Market Avg. Asking Rents PSF	$2.30	$2.16	$1.98	$2.00	$2.57	$2.09	$2.29	$2.09	$2.53
Office Market Under Construction Space	769,500	0	0	0	0	0	0	0	0
Office Market Planned Space	1,623,818	0	0	0	0	0	0	0	0

Industrial Market Fourth Quarter 2023
				City Wards
	Las Vegas Valley	City of Las Vegas	Downtown Redevelopment Area	Ward 1	Ward 2	Ward 3	Ward 4	Ward 5	Ward 6
Industrial Market Inventory	158,782,019	8,997,169	1,286,009	4,265,788	54,000	3,393,595	0	1,283,786	0
Industrial Market Vacant Space	8,386,152	431,654	154,229	103,080	0	213,953	0	114,621	0
Industrial Market Occupied Space	150,395,867	8,565,515	1,131,780	4,162,708	54,000	3,179,642	0	1,169,165	0
Industrial Market Vacancy Rate	5.3%	4.8%	12.0%	2.4%	0.0%	6.3%	400.0%	8.9%	400.0%
Industrial Market Completions	1,440,580	0	0	0	0	0	0	0	0
Industrial Market Net Absorption	792,684	38,339	0	7,015	0	31,324	0	0	0
Industrial Market Avg. Asking Rents PSF	$0.83	$0.78	$0.61	$0.90	$0.00	$0.82	$0.00	$0.61	$0.00
Industrial Market Under Construction Space	n.a.	n.a.	0	0	0	0	0	0	0
Industrial Market Planned Space	8,750,720	0	0	0	0	0	0	0	0

Retail Market Fourth Quarter 2023
				City Wards
	Las Vegas Valley	City of Las Vegas	Downtown Redevelopment Area	Ward 1	Ward 2	Ward 3	Ward 4	Ward 5	Ward 6
Retail Market Inventory	55,653,642	17,357,742	666,010	4,382,181	3,621,871	1,767,447	1,718,364	2,359,470	3,508,409
Retail Market Vacant Space	3,404,382	943,177	61,190	336,931	198,642	90,554	38,558	183,977	94,515
Retail Market Occupied Space	52,249,260	16,414,565	604,820	4,045,250	3,423,229	1,676,893	1,679,806	2,175,493	3,413,894
Retail Market Vacancy Rate	6.1%	5.4%	9.2%	7.7%	5.5%	5.1%	2.2%	7.8%	2.7%
Retail Market Completions	0	0	0	0	0	0	0	0	0
Retail Market Net Absorption	-33,321	-26,764	0	-9,783	-15,018	-16,514	3,258	11,732	-439
Retail Market Avg. Asking Rents PSF	$1.89	$1.99	$1.52	$1.88	$3.12	$1.50	$1.73	$1.25	$2.01
Retail Market Under Construction Space	159,770	0	0	0	0	0	0	0	0
Retail Market Planned Space	1,323,797	137,500	80,000	0	0	0	0	80,000	57,500

Apartment Market Third Quarter 2023
				City Wards
	Las Vegas Valley	City of Las Vegas	Downtown Redevelopment Area	Ward 1	Ward 2	Ward 3	Ward 4	Ward 5	Ward 6
Average Apartment Rental Rates	$1,527.39	$1,482.45	$1,259.43	$1,466.32	$1,746.83	$1,192.64	$1,658.58	$1,400.34	$1,763.36
Total Apartment Vacancy Rates	4.0%	3.8%	5.1%	3.1%	3.8%	3.4%	3.9%	4.5%	6.8%
Total Apartment Inventory	160,889	44,829	5,037	12,872	6,811	9,428	5,693	7,381	2,644