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Market Report

Las Vegas Industrial Market Report

Midyear 2023

Developers Bet on Pent-Up Demand Amid
Tight Vacancy and Growth Prospects

New submarket emerges. Home to one of the nation’s lowest industrial vacancy rates, Las Vegas will receive an influx of new space during 2023 that will expand market inventory by more than 5 percent. Supply additions, however, are almost exclusively concentrated in the northern part of the metro. Here, user demand for modern space near Interstate 15 and the metro’s intermodal yard is strong, with vacancy in Speedway and North Las Vegas at 1.3 and 2.4 percent, respectively, in March. While 3.5 million square feet is delivered across the two submarkets this year, increasing stock by 6.4 percent, a neighboring area will grow at an even faster rate. Dubbed Outlying NE Clark County, the submarket was home to just 350,000 square feet at the onset of April. This figure will elevate drastically, as developers are slated to complete 2.3 million square feet here this year, with another 5.9 million square feet currently proposed.
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