Intelligence

Regional Summaries

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Las Vegas, NV

Apartment
Vacancy remains favorable in the Las Vegas apartment market. The year-end 2015 rate, at 4.9%, was up 10 basis points since the third quarter but was down 50 year-over-year. Rent growth has grown stronger over the past two years. At $911 and $884 per month, fourth quarter asking and effective averages represented gains of 3.3% and 3.6% for 2015 all told. Both rates grew by 0.6% during the latest quarter. The favorable net absorption reported for January 2016 brought a 20-basis-points decline to the overall vacancy rate along with gains of 0.3% to both mean rents. VIEW APARTMENT LISTINGS >
Office
By the end of 2015, the Las Vegas general purpose, multi-tenant office market vacancy rate had slipped to 24.7%, a decline on the order of 70 basis points for the year including the fourth quarter’s 20-basis-points decrease. Rent growth, while growing stronger, remains anemic. At $24.15 psf and $18.38 psf, fourth quarter asking and effective averages were up 1.1% and 1.2% for the year. Gains for the fourth quarter were 0.5% for both rates. January 2016 followed with no new supply delivered, 23,000 square feet of positive net absorption, a 10-basis-points decline in the vacancy rate, and gains of one cent each for the mean asking and effective rents. VIEW OFFICE LISTINGS >
Retail
The Las Vegas retail real estate market, slow for a number of years, is rebounding along with the local economy and its rising rates of population growth. Community-neighborhood shopping center vacancy ended 2015 at the moderately elevated rate of 12.5%, a decline of 10 basis points all told for the year but an increase by 40 during the final quarter. At $21.63 psf and $18.25 psf, fourth quarter average asking and effective rents were up just 0.3% each for the year. Fourth quarter growth rates were 0.8% for both averages. A 30-basis-points increase in vacancy followed in January along with gains of 0.2% for both rents. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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