Las Vegas Industrial Market Report

Northern submarkets receive reprieve. Las Vegas’ industrial inventory expanded by nearly 24 million square feet over the last three years, a rapid growth that increased vacancy by 1,060 basis points, despite positive net absorption throughout. This spike, driven by a supply influx, has catalyzed a pronounced pullback in local development activity that will significantly ease supply-side pressure in 2026. After receiving 4 million to 7.7 million square feet of new space apiece over the past three years, North Las Vegas, Speedway, and outlying northeast Clark County will all lack speculative deliveries in 2026. Elsewhere, Southwest Las Vegas continues to add properties, though at a slower pace than in recent years, with most of the space accounted for. These dynamics and growing demand among certain tenants for post-2020-built space should allow a portion of the metro’s newer-built inventory to be removed from its vacant stock this year, potentially stabilizing or reducing vacancy over the near term.