LAS VEGAS, NV--(Marketwired - Nov 6, 2013) - Cushman & Wakefield | Commerce released its most recent Marketbeat Snapshot reports detailing the status of the commercial real estate market in Las Vegas, covering the Office, Industrial and Retail markets.
According to the report, the entire market is seeing a decrease in vacancy rates and even a shortage of large industrial spaces over 100,000 square feet. Additionally, Las Vegas continues to absorb space successfully into the market specifically in the industrial and retail markets.
"The new report from Cushman & Wakefield | Commerce reflects the renewed strength of the Las Vegas market," said Ed Turpin, Cushman & Wakefield | Commerce Managing Director for the Las Vegas office. "Las Vegas is seeing movement in several sectors, but the industrial market, in particular, is seeing steady declines in vacancy, which has led to a shortage in some size increments. Retail vacancy rates are down as well, but only slightly and office rates are relatively flat."
Las Vegas Office Snapshot
In the Las Vegas Office market, vacancy rates have remained largely unchanged on a year-over-year basis. Although vacancy rates have remained stable, average asking rates have increased by 4.5% on the same year-over-year basis. Investment activity has increased dramatically due to the sale of the Hughes Center acquired by Blackstone for a reported $347 million. Additionally, new construction has begun on the Gramercy, which will open up 200,000 square feet (sf) of Class A office space.
Las Vegas Industrial Snapshot
The Las Vegas Industrial market has made positive strides over the past 12 months as overall vacancy has decreased by 2.6 percentage points (pps) with year-to-date absorption over 3 million sf with positive absorption expected to continue through year-end. Currently the market is experiencing a shortage of space over 100,000 sf. The 150 acre master plan industrial project referred to as the North Limited Transition Area will continue to see construction progress over Q4 and into 2014.
Las Vegas Retail Snapshot
Vacancy rates have continued to lower in the Las Vegas Retail market, dropping by 0.7 pps on a year-over-year basis. The Retail market has successfully absorbed 234,471 sf of space year-to-date. Multiple projects will bring additional space to the market during Q4 and throughout 2014. Projects will include: Ceasars Entertainment's The Linq, the Galleria Mall renovation and The Shops at Summerlin.
The full reports for each of these markets, as well as historical reports are available for download at: http://www.comre.com/research.cfm
About Cushman & Wakefield |Commerce
Cushman & Wakefield |Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.