2015 Q1 MarketBeat Las Vegas Industrial Snapshot: Southern Nevada Industrial Market Completes Thirteenth Straight Quarter of Positive Absorption
Southern Nevada’s industrial market completed its thirteenth straight quarter of positive absorption, absorbing 1,132,600 square feet during Q1 2015. The overall vacancy rate continued to plummet, dropping by 5.5 percentage points putting upward pressure on lease rates which increased by 5.7%.
Sales and leasing activity remained at elevated levels with leasing activity of 1,698,961 square feet. The majority of leasing activity occurred in the North Las Vegas submarket which pushed absorption to 950,000 square feet for just this submarket. The largest lease transaction occured at 4155 W. Russell where Video Equipment Rentals took 184,630 square feet.