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Market Report

Las Vegas Market Report

4Q 2020

Year-Round Reliance on Domestic and International Tourism Clouds Metro’s Short-Term Outlook

Inventory expansions gauge demand for high-quality space. Las Vegas has recorded a steady influx of both apartment and industrial deliveries since 2016, a trend that will continue in the short term. Entering the fourth quarter of this year, construction was underway on at least 2,600 rentals. With metro vacancy reaching its lowest point since 2005 during the third quarter, these supply additions appear warranted. Yet, more than 10 percent of tenants missed a rent payment in September and Nevada’s eviction moratorium lifted in October, signaling a potential uptick in future vacancy that could be exaggerated by a wave of completions. Industrial vacancy also has the potential to elevate in the coming quarters as 3.4 million square feet of space is underway, including 1.3 million square feet of speculative space slated for completion before the end of this year.
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