Q1 - 2021 Las Vegas Industrial Update - Larkin Group

Описание: Outlook.

The Las Vegas industrial market hit warp speed in the first quarter of 2021. “Under Construction Preleased” - incomplete buildings with a fully committed tenant at delivery – is up 948% quarter over quarter. Manufacturers of apparel, food service and packaging supplies, janitorial goods, and manufacturers of several other sectors have joined e-commerce to pursue Las Vegas Industrial real estate. Standing inventory decreased by 44%, and every remaining square foot has at least one interested tenant. With multiple offer situations in every size range, every product type, and every sub-market, competition is extreme. Amazingly, this is all happening during a downsizing of our leading industries - trade shows and gaming. If you need space today, prepare to be bold. If you need space later this year or in 2022, take action today.

Construction.

There is roughly 7,000,000 ft.² of in-progress industrial real estate construction around the valley. Tenants preleased half of the 4,000,000 ft.² under construction in North Las Vegas, while the other half has multiple offers. The 5,000,000 ft.² planned in North Las Vegas is much-needed relief. VanTrust Real Estate is betting demand continues, and land supply remains constrained with their 350-acre acquisition north of the Las Vegas Speedway, which will add 5,000,000 ft.² of future supply. West Henderson remains robust with 2,500,000 ft.² planned and under construction. Surprisingly – or not surprisingly, if you consider land supply – the southwest and airport submarkets combine for the same amount of planned and under-construction industrial product - 2,500,000 ft.²