Q4 Industrial Market Trend in Las Vegas

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By the end of the fourth quarter 2013, there were 372,000 square feet of Industrial space under construction in the Las Vegas market but no new ones were completed as compared to the eight buildings which aggregated to 469,923 square feet that were accomplished at the end of the third quarter of the same year. This is according to the Fourth Quarter 2013 Market Report released by CoStar.

The same report revealed that towards the end of the fourth quarter, these were the largest projects underway in the area: 3000 Bowes Ave, a 300,000-square-foot building with 100% of its space pre-leased, and 198 N Gibson Rd, a 72,000-square-foot facility that is 100% pre-leased.

Moreover, a total of 115,822,629 square feet in 4,100 buildings made up the industrial inventory in the Las Vegas market area by the close of the fourth quarter 2013. More so, the Flex sector consisted of 21,443,956 square feet in 951 projects. Meanwhile, there was a combined 12,266,966 square feet of Industrial space amounting to 221 owner-occupied buildings within the industrial market.

On the other hand, there were 615,000 buildings at the end of the fourth quarter 2013, including almost 68,000 owner-occupied projects totaling to 20.87 bullion square feet in the US market.

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