Industrial Market Booms in Southern Nevada
At the dawn of 2018, it looked as though Southern Nevada was going to have trouble absorbing the millions of square feet of industrial product slated for completion during the year. At the end of 2018, all we can say is, “Mission accomplished!” Southern Nevada ended the year with 3.6 percent vacancy, the lowest vacancy rate in the Valley since the end of 2006, and 0.7 points lower than one year ago. Net absorption was 5.2 million square feet in 2018, compared to 4.4 million square feet of new completions. Strong demand pushed the average asking rental rate to $0.72 per square foot (psf) on a triple net (NNN) basis.
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