Regional Summaries

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Las Vegas, NV

Vacancy in the Las Vegas apartment market ended the fourth quarter of 2016 at just 3.2%, up 10 basis points for the period but a decline by 100 for the year. A small increase, to 3.3%, soon likely to be eliminated, followed in January 2017. At $959 and $929 per month, fourth quarter asking and effective averages were up fully 4.9% and 4.6% for the year. Gains in the fourth quarter alone were 1.0% for both rates, to which January added increases of 0.5%. VIEW APARTMENT LISTINGS >
Las Vegas’ 26-million-square-foot general purpose, multi-tenant office market vacancy rate, while descending, remains elevated. The fourth quarter 2016 rate was 23.4%, down 70 basis points for the period and down 90 for the year (to which January’s negative absorption added back 30). Rent growth, while slowly improving by the year, remains modest. At $24.59 psf and $18.78 psf, asking and effective averages for the fourth quarter of 2016 represented gains of 1.8% and 2.2% for the year. Each rate grew by 0.1% in January 2017. VIEW OFFICE LISTINGS >
The Las Vegas community-neighborhood shopping center market vacancy rate ended the fourth quarter of 2016 at 13.2%, up 40 basis points for the period, and up 60 for the year. This is the highest rate on Reis’s records for this market, which commence in 1980. January 2017’s small positive net absorption total subtracted 10 basis points from the vacancy rate. At $21.87 psf and $18.44 psf, fourth quarter average community-neighborhood center asking and effective rents were up 2.2% and 2.1% for the year. Gains in the fourth quarter alone were 0.4% and 0.3%. Rent growth in January, initiating a slowdown for the year, was negative 0.1% for each average. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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