Las Vegas Industrial Vacancy Falls to 10.4% in Q2

Real Estate Agent

Vacancy rates in the Las Vegas Industrial Market dropped to 10.4 percent at the end of the second quarter of 2014.

According to commercial real estate information company CoStar, net absorption totalled positive 615,297 square feet for the second quarter which shows that the vacancy rate went down from the previous quarter which ended with positive 4,599 square.

Vacant sublease space also increased in the quarter, ending at 106,588 square feet.

Three tenants moved into larger blocks of space this year. This includes Wonderland Experience that transferred to 166,300 square feet at the Building 2 of Beltway Business Park, Berkins which relocated to 96,110 square feet at 4155 W Russell Road, and Christie Lites Ltd. which resettled into 81,103 square at the Building B of the Golden Triangle Industrial Park.

Rental rates increased from the previous quarter at $6.17.

At the end of the quarter, there was a total of 51,097 still under construction.

At the national level, vacancy rates decreased to 7.7% from the previous quarter. Net absorption is at positive 53.93 million square feet while average rental rates increased to $5.44. 229 buildings were delivered to the market which totals to about 28.6 million square feet.

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