Las Vegas Industrial Market Report
Foundations for Future Industrial Demand in Place As Inflow of Speculative Development Continues
Large-scale leases buoy fundamentals. Industrial vacancy in Las Vegas was just 50 basis points above the prior five-year average at the end of the first quarter despite the pandemic disrupting demand and a continual inflow of speculative properties. Population growth, proximity to Southern California and Mountain metros, as well as a business-friendly environment are all to credit for attracting more national and regional companies to the market. BarkBox, EZ-FLO International, Whitebox Technologies and Ruby Has represent a portion of the larger firms that have entered the metro over the past year and inked sizable leases. Additionally, existing companies including Amazon and FedEx have expanded their local footprints. This growth is reflected in the number of retail trade, transportation and utilities positions, which climbed to a new high following the addition of 8,000 workers over the past year.