Demand Lags Behind Supply
2017 saw a significant expansion of Southern Nevada's industrial inventory accompanied by a significant expansion of occupied industrial space. The market ended 2018 with 4.4 percent industrial vacancy, and all was well. 2018 started the year with new completions increasing to 2.4 million square feet and net absorption decreasing to 832,583 square feet. This sent industrial vacancy to 5.5 percent. The overall weighted average asking rate remained at $0.64 per square foot (psf) on a triple net (NNN) basis in the first quarter of 2018, down $0.01psf from the first quarter of 2017.
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