LAS VEGAS, Oct. 28, 2016 – The Las Vegas office of Cushman & Wakefield/Commerce released its Q3, 2016 Marketbeat report, which details the office, industrial and retail markets, economy and the state of commercial real estate in Southern Nevada. One of the key insights of the report indicates that the lagging Las Vegas office market may be showing signs of resurgence.
“The industrial market is strong and growing, and the retail market has essentially already recovered from the recession,” said Michael Dunn, market leader for the Las Vegas office of Cushman & Wakefield Commerce. “We are now seeing indications that the office market, which has been sluggish, is showing new signs of growth and vitality. There has been an increase of office product for sale, and with occupancy rates hitting in the 90 percent range in some buildings, and more property owners are looking to sell. These are all positive signs for the market.”
In addition to increase in properties for sale, the Marketbeat report details an uptick in leasing activity and declining vacancy rates. The overall vacancy rate at the close of third quarter 2016 was 16.1 percent. Due to lack of new development, especially in high-demand submarkets, it is likely that vacancy rates will continue to slowly decline. However, during the coming quarters, with lower vacancy rates, and higher lease rental rates, new construction may become a justifiable option in the near to mid-term future.
During third quarter 2016, the Las Vegas office market reported positive absorption for the quarter and year to date with a continuously declining vacancy rate.
To access the full Marketbeat reports, please visit: http://www.comre.com/research
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About Cushman & Wakefield Commerce
Cushman & Wakefield Commerce operates the Cushman & Wakefield business in Idaho, Nevada, Utah and Washington. As part of the Cushman & Wakefield global platform, the firm offers innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory. With nearly 300 employees, 9 million sq. ft. of property management and transaction value of more than $2.8 billion, the firm is a leading commercial real estate resource in the Intermountain West region and Pacific Northwest. Learn more at www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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