Las Vegas Industrial Market Report

Completions deluge contrasts broader national trend. While Las Vegas is one of the nation’s smallest major industrial markets by inventory, the metro will add the fifth-largest volume of space among this collective during 2024. Deliveries will more than double Las Vegas’ prior annual high of 6.7 million square feet. Four submarkets will add at least 2.5 million square feet this year, highlighted by 20 percent stock boosts in Southeast Las Vegas-Henderson and Speedway, and more than 6 million square feet coming online in North Las Vegas. Nearby, up to 3.8 million square feet is on tap for Outlying Northeast Clark County, an area that contained just 400,000 square feet in 2022. This widespread influx of space, 70 percent of which was available as of February, will place significant near-term pressure on vacancy, doubling the metro’s rate on an annual basis. Beyond 2024, however, many of these properties will secure tenants, as expectations for 10 percent population growth over the next five years will heighten demand for available last-mile warehouse and distribution space.