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Regional Summaries

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Las Vegas, NV

Apartment
The Las Vegas apartment market vacancy rate for the third quarter of 2017 was just 3.2%, up 30 basis points for the period and up 20 year-to-date following a decline by 100 through 2016. By the end of November, the rate had slipped to 3.1%. Rent growth has slowed, but only slightly—and remains strong in any case. At $985 and $956 per month, asking and effective averages in the third quarter were up 2.6% and 2.7% year-to-date following increases of 4.9% and 4.7% through 2016. Both rates saw gains of 0.7% for the quarter alone. Respective increases of 0.4% and 0.3% followed over the next two months. VIEW APARTMENT LISTINGS >
Office
While descending overall through the recent period, the Las Vegas general purpose, multi-tenant office market vacancy rate remains high. The third quarter 2017 rate was 23.3%, up 20 basis points for the period but down 20 year-to-date following a decline by fully 200 basis points through 2016. Rent growth, while slowly improving through recent years, slowed in 2017. At $24.75 psf and $18.91 psf, asking and effective averages in the third quarter, low by national major market norms, were up 0.6% asking and 0.7% effective year-to-date following increases of 1.8% and 2.2% through 2016. Gains in the third quarter alone were 0.3% apiece. Small losses, to $24.70 psf and $18.87 psf, followed over the next two months. VIEW OFFICE LISTINGS >
Retail
Third quarter 2017 vacancy in the Las Vegas community-neighborhood shopping center market was 13.5%, up 40 basis points for both the period and year-to-date after an increase of 50 basis points through 2016. No change had followed by the end of November. At $22.09 psf and $18.64 psf, third quarter asking and effective averages were up just 1.0% and 1.1% year-to-date on the heels of 2016’s overall gains of 2.2% and 2.1%. Growth rates for the third quarter alone were 0.4% for both averages, to which October-November brought essentially no changes. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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