City of Las Vegas

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Office/Industrial/Retail and Apartment Markets

Office Market Second Quarter 2024
				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 (SF)	57,700,960	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 (SF)	9,008,109	3,078,829	601,844	1,281,191	490,730	685,668	353,174	138,878	129,188
Office Market Occupied Space (SF)	48,692,851	18,109,969	3,873,226	7,525,953	3,461,964	3,052,037	1,478,064	2,201,602	390,349
Office Market Vacancy Rate	15.6%	14.5%	13.4%	14.5%	12.4%	18.3%	19.3%	5.9%	24.9%
Office Market Completions (SF)	0	0	0	0	0	0	0	0	0
Office Market Net Absorption (SF)	-164,724	-168,752	-60,373	21,524	-14,697	-92,521	8,800	-1,096	-90,762
Office Market Avg. Asking Rents PSF	$2.34	$2.16	$2.01	$2.00	$2.57	$2.09	$2.29	$2.09	$2.53
Office Market Under Construction Space (SF)	828,000	248,000	0	0	0	248,000	0	0	0
Office Market Planned Space (SF)	1,666,318	0	0	0	0	0	0	0	0

Industrial Market Second Quarter 2024
				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 (SF)	168,679,974	8,997,169	1,286,009	4,265,788	54,000	3,393,595	0	1,283,786	0
Industrial Market Vacant Space (SF)	13,271,649	439,632	154,229	128,750	0	217,302	0	93,580	0
Industrial Market Occupied Space (SF)	155,408,325	8,557,537	1,131,780	4,137,038	54,000	3,176,293	0	1,190,206	0
Industrial Market Vacancy Rate	7.9%	4.9%	12.0%	3.0%	0.0%	6.4%	0.0%	7.3%	0.0%
Industrial Market Completions (SF)	4,860,632	0	0	0	0	0	0	0	0
Industrial Market Net Absorption (SF)	2,451,563	11,640	0	-3,000	0	-5,360	0	20,000	0
Industrial Market Avg. Asking Rents PSF	$0.83	$0.81	$0.61	$0.93	$0.00	$0.85	$0.00	$0.62	$0.00
Industrial Market Under Construction Space (SF)	n.a.	n.a.	0	0	0	0	0	0	0
Industrial Market Planned Space (SF)	11,797,146	0	0	0	0	0	0	0	0

Retail Market Second Quarter 2024
				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 (SF)	55,691,342	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 (SF)	3,194,265	887,072	54,332	321,450	196,967	68,782	36,493	185,926	77,454
Retail Market Occupied Space (SF)	52,497,077	16,470,670	611,678	4,060,731	3,424,904	1,698,665	1,681,871	2,173,544	3,430,955
Retail Market Vacancy Rate	5.7%	5.1%	8.2%	7.3%	5.4%	3.9%	2.1%	7.9%	2.2%
Retail Market Completions (SF)	0	0	0	0	0	0	0	0	0
Retail Market Net Absorption (SF)	152,652	-4,714	0	-12,351	0	-1,600	3,285	-3,599	9,551
Retail Market Avg. Asking Rents PSF	$1.88	$1.98	$1.53	$1.85	$3.13	$1.51	$1.70	$1.24	$1.72
Retail Market Under Construction Space (SF)	496,970	0	0	0	0	0	0	0	0
Retail Market Planned Space (SF)	1,241,097	137,500	80,000	0	0	0	0	80,000	57,500

Apartment 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
Average Apartment Rental Rates	$1,536.38	$1,479.33	$1,363.04	$1,464.17	$1,720.14	$1,179.07	$1,640.29	$1,475.57	$1,746.72
Total Apartment Vacancy Rates	4.4%	4.1%	5.8%	3.4%	3.6%	4.3%	3.3%	4.6%	8.8%
Total Apartment Inventory	167,924	46,233	6,058	13,083	7,205	10,006	5,424	8,177	2,338