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Regional Summaries

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Las Vegas, NV

Apartment
The modest excess of new supply over net absorption indicated for 2017 has done nothing to alter the Las Vegas apartment market’s very tight profile. Vacancy ended 2017 at just 3.0%, down 20 basis points since the third quarter and up just 10 for the year. By the end of February 2018, the rate had risen insubstantially, by 20 points. Rent growth has slowed but only slightly—and remains strong. At $1,001 and $971 per month, asking and effective averages for the fourth quarter were up 4.4% each year-over-year following increases of 4.9% and 4.7% in 2016. Both rates saw gains of 1.3% for the fourth quarter. Increases of 0.7% asking and 0.8% effective followed in January and February combined. VIEW APARTMENT LISTINGS >
Office
While descending overall through the recent period, the Las Vegas general purpose, multi-tenant office market vacancy rate, which remains elevated, leveled off during 2017. The year-end rate was 23.6%, same as a year earlier and up 30 basis points since the third quarter. No change followed in February 2018. Rent growth, while slowly improving through recent years, slipped in 2017. At $24.68 psf and $18.86 psf, asking and effective averages for the fourth quarter, low by the norms of national major markets, were up just 0.4% each for the year following increases of 1.8% and 2.2% through 2016. Growth rates for the fourth quarter alone were negative 0.2% apiece. January and February 2018 combined saw increases of 0.5% for each rate. VIEW OFFICE LISTINGS >
Retail
Fourth quarter 2017 vacancy in the Las Vegas community-neighborhood shopping center market was 13.4%, down 10 basis points for the period but up 30 for the year in the wake of the yearÂ’s above-cited negative absorption total. The small negative absorption that followed in January and February 2018 added 10 additional basis points. At $22.14 psf and $18.68 psf, fourth quarter 2017 average asking and effective rents for community-neighborhood center space were up just 1.2% and 1.3% in the wake of respective gains of 2.2% and 2.1% in 2016. Growth rates for the fourth quarter alone were only 0.1% for both averages, to which January and February 2018 saw a decrease of 0.1% asking and unchanged effective. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

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