Resources
CoStar Group, Inc. Summary for 3Q24
Industrial:
Demand for Las Vegas industrial space remains below the highs of 2021 and early 2022, but the trends are still near the three-year average. Small bay tenants have driven recent leasing in the market's 100,000-400,000 SF segment. Conversely, lease signings have become increasingly rare in industrial spaces larger than 400,000 SF…
Multifamily:
Supply-side pressure will continue to be a significant factor in the near term. Roughly 6,600 units are under construction, which would expand Las Vegas apartment inventory by 3.5% once all projects in the pipeline are complete. On the positive side, construction has slowed considerably in recent quarters and could ease supply concerns in the long run…
Office:
Tenant improvement allowances can vary widely depending on location, class, and user type, but tenants have gained more leverage as the market softens. Several brokers have noted that projecting labor and material costs remains challenging, and many tenants have had to cover overrun costs…
Retail:
The Las Vegas retail market is as competitive as it has been in nearly two decades for tenants seeking space. The availability rate is 5.4% and the vacancy rate is 5.1%, both 17-year lows, as demand has consistently nullified supply pressure…
Hospitality:
Tourism is the main economic driver in Las Vegas, as the destination is famed for its gaming industry, nightlife, convention business, events, and expanding sports destination. Las Vegas is the nation's largest hospitality market by room count and still achieves the third-highest 12-month average occupancy in the U.S., only trailing New York and Oahu…