Las Vegas Industrial Vacancy Falls to 9.1%

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Vacancies in the Las Vegas industrial market dropped to 9.1 percent at the close of the fourth quarter of 2014 with a net absorption totaling positive 777,722 square feet. Vacant sublease space increased in the quarter, ending the 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 4 Wall 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.

This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 7.2% from the previous quarter, with net absorption positive 81.04 million square feet in the fourth quarter. Average rental rates increased.

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