Resources
CoStar Group, Inc. Summary 1Q25 QTD
Industrial:
Unrelenting supply pressure is the most prominent factor driving the rising industrial vacancy rate in Las Vegas. Approximately 14 million square feet delivered in 2024, 50% higher than the previous annual all-time high…
Multifamily:
In-migration trends, driven by Southern Californians, should remain a long-term tailwind for apartment demand. Clark County's population has grown by 6.5% in the past five years, adding roughly 140,000 residents…
Office:
At 10.6% as of 25Q1, Las Vegas has one of the lowest vacancy rates among major U.S. metros. The trend of large-scale negative absorption in many office markets has not played out here…
Retail:
The 3 million SF of leased space last year was nearly 20% below the five-year high and roughly 30% below its pre-pandemic average…
Hospitality:
The Las Vegas hotel market also contracted in 2024, with a net loss of 4,514 rooms following the demolition of the 1,470-room Tropicana Hotel and the extended closure of the 3,044-room Mirage Hotel & Casino, which shuttered in July 2024…