Las Vegas industrial space upholds market’s positive absorption numbers in the last decade

–The Las Vegas CRE industry has witnessed a notable shift in focus towards industrial properties, leading to substantial growth from 2011 onwards. This trend suggests a changing dynamic in real estate preferences, with industrial spaces gaining increased attention and demand.

–Despite ongoing development, the Las Vegas industrial sector is experiencing positive absorption, indicating robust demand that is not being overshadowed by new property deliveries. Industrial space led to positive absorption in 2023, recording 1.8% of net absorption as a percentage of the market’s inventory (including office, retail, and industrial inventory).  For context, in 2023 alone, there were 6.7 million square feet of industrial deliveries and 4.4 million square feet of positive absorption.