Las Vegas Industrial Vacancy Drops to 9.1%

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The close of the 2014 fourth quarter welcomed an industrial vacancy rate that dropped to 9.1 percent with a total net absorption rate of positive 777,722 square feet.

The net absorption for the third quarter of 2914 was positive 577,559 square feet.

Meanwhile, vacant sublease spaces increased in this quarter at 140,229 square feet.

Tenants moving into large blocks of space in 2014 include: Bed Bath & Beyond moving into 188,950 square feet at 5402 E. El Campo Grande Ave, Yusen Logistics moving into 116,160 square feet at 2951 N> Marion Dr, and 4Wall Las Vegas moving into 115,780 square feet at 3165 W. Sunset Rd.

Rental rates ended the fourth quarter at $6.29, an increase over the previous quarter.

There was 1,788,300 square feet still under construction at the end of the quarter.

At the national level. Industrial vacancies decreased to 7.2 percent with a net absorption of positive 81.04 million square feet. Average rental rates increased to $5.50, and 240 buildings delivered to the market totaling almost 41.8 million square feet.

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