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Regional Summaries

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Las Vegas, NV

Apartment
Vacancy in the Las Vegas apartment market ended the first quarter of 2017 at just 3.3%, up 10 basis points for the period following a loss of 100 through last year. By the end of May, the rate had given back the 10 basis points. At $966 and $937 per month, first quarter asking and effective averages were up 0.7% each for the period after gains of fully 4.9% and 4.7% last year. By the end of May, each rate had increased additionally by 0.5%. VIEW APARTMENT LISTINGS >
Office
Las Vegas’ small general purpose, multi-tenant office market, at just 26.0 million square feet, reports a first quarter of 2017 vacancy rate of 23.9%, up 40 basis points for the period following a loss of 200 all told last year. April-May took 60 basis points from the rate. Rent growth, while slowly improving by the year, remains modest. At $24.63 psf and $18.81 psf, asking and effective averages for the first quarter of 2017 were up 0.2% each for the period following increases of 1.8% and 2.2% through 2016. Respective increases of 0.2% and 0.3% followed over the April-May span. VIEW OFFICE LISTINGS >
Retail
The first quarter 2017 vacancy rate in the Las Vegas community-neighborhood shopping center market was 13.1%, same as a quarter earlier after 2016’s 50-basis-points increase. By the end of May, the rate had slipped to 13.0%. Rent growth in the community-neighborhood center market has been unsteady. At $21.89 psf and $18.47 psf, first quarter 2017 average asking and effective rents were up just 0.1% and 0.2% for the period on the heels of 2016’s overall gains of 2.2% and 2.1%. Growth rates of 0.2% asking and 0.3% effective are reported for the April-May span. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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