LAS VEGAS INDUSTRIAL MARKET: EOY 2007
The following information was extracted from Restrepo
Consulting Group's Q4 2007 Las Vegas Industrial Market Report. For additional
information, contact Restrepo Consulting Group at
www.rcg1.com.
| Market Statistics |
|
Q4 2007 |
| Industrial Vacancy |
|
6.4% |
| Absorption |
|
4,189,438 square feet |
| New Industrial Development |
|
6,663,398 square feet |
| Average Monthly Base Rent
Per Sq Ft |
|
$.66 NNN |
| Unemployment |
|
4.8% |
| Total
Industrial Inventory |
|
99,401,189 square feet |
Base Rent and Vacancy by Major
Las Vegas Valley Industrial Submarkets: All building categories
|
Submarket |
Total Square Feet |
Vacancy |
Average Asking Base Rent |
|
Airport |
13,210,648
sq ft |
4% |
$.94 |
| East |
2,826,024
sq ft |
3.6% |
$.74 |
|
West
Central |
12,076,127
sq ft |
2.8% |
$.93 |
| Henderson |
11,129,302
sq ft |
3.7% |
$.77 |
| North Las Vegas |
29,493,141
sq ft |
4.6% |
$.67 |
| Northwest |
1,262,428
sq ft |
17.9% |
$.83 |
| Southwest |
29,403,519
sq ft |
5% |
$.90 |
| Total Market |
99,401,189
sq ft |
4.4% |
$.82 |
Industrial Product: Definitions
of Building Categories
Warehouse/Distribution
:
Multi-tenant or
single-tenant buildings,
bay size >360,000 cubic feet (i.e. 15,000 square feet with 24’ clear height),
dock doors and may also include grade level loading doors.
Light
Distribution :
Multi-tenant or
single-tenant buildings,
bay size <360,000 cubic feet, dock doors and may also include grade
level loading doors.
Light Industrial:
Single-tenant
and multi-tenant,
bay size
>3,500 square feet,
grade level
loading only, parking ratio lower than <3.5/1,000 square feet.
Incubator
:
Multi-tenant buildings,
bay size <3,500 square feet, grade level loading only, parking ratio lower than 3.5/1,000 square feet.
R&D/Flex
:
Multi-tenant or single-tenant buildings,
grade level loading only, one or two stories, parking ratio >3.5/1,000 square feet.
Base Rent and Vacancy by
Industrial Building Category
|
Building Category |
Vacancy |
Asking Base Rent / Sq Ft |
| |
Q4 2007 |
Q4 2007 |
| Warehouse/Distribution |
6.5% |
$.51 |
| Light Distribution |
7.5% |
$.81 |
| Light Industrial |
4.8% |
$.67 |
| Incubator |
5.7% |
$.91 |
| R&D Flex |
11.7% |
$.88 |
| Total Market Average |
6.4% |
$.66 |
Newspaper articles
relating to the Las Vegas Valley Industrial Market :
-
ProLogis plans new industrial park in Las Vegas
ProLogis, the world's largest owner,
developer and manager of distribution facilities, is planning a
788,000-square-foot industrial complex in Las Vegas...
-
-
Industrial market remains robust in first quarter of 2008
Southern Nevada's industrial market
remained strong in the first quarter, recording a 6.1 vacancy rate.
Other markets, by comparison, are reporting double-digit-percentage vacancy
numbers...
-
NDA
mounts another California raiding party
If the economic tax base of the state is going to continue to grow, the
State of Nevada and its various development authorities believe they will
need to continue to recruit non-gaming businesses aggressively to the state.
With a majority of that tax ...
-
Panattoni develops new Apex industrial complex
Panattoni Development Co. is taking the plunge. The firm is
building a 150-acre industrial complex in Apex, roughly four miles north of
the Las Vegas Speedway...
-
Battle for furniture title goes on despite industry slowdown
- New buildings expected to draw more exhibitors to Las Vegas
Market. The Las Vegas Market has called it a summer, but all eyes remain
focused on the much-anticipated Building C, and its planned younger sibling,
Building D. The success of the two is seen as crucial to determine which
entity, Las Vegas' World Market Center or North Carolina's High Point Market,
will dominate the world of home furnishings...
State unemployment rate hits 5.8 percent in December
Nevada's unemployment rate climbed to 5.8 percent in
December, the highest in more than five years, and now is eighth highest among
the 50 states, the state said Friday...
-
New $101 million Pepsi plant under construction
PepsiCo, the global soft drink giant, is building a new
$101 million production and bottling facility in the southwest Las Vegas
Valley. The two-building, 427,000-square-foot complex is located near the
northeast corner of Rainbow Boulevard and Sunset Road, adjacent to the 215
Beltway...
-
-
Staying Cool - National Cooler helps keep local warehouses comfortable places
to work
To cope with higher and higher electricity costs, many
Southern Nevada businesses rely on a high-tech adaptation to a low-tech method
for cooling interiors of warehouse and industrial spaces during scorching hot
summer months.
-
Rising
construction costs tighten industrial market
The valley's industrial market grew to 80 million square feet last year,
with 5.6 million square feet worth of absorption valley-wide, said Dave
Dworkin, Grubb Ellis' research analyst. The market ended on a high note with
a staggeringly low 3.7 per...
-
-
Time
may be right for Apex Industrial Park development
The Las Vegas Valley's industrial market is feeling the crunch from
spiraling construction costs and a diminishing land supply. Vacancies are
tightening and user demand is surging. The climate finally may be ready for
the long-anticipated Apex Indust...
-
-
Cement
shortages expected to continue in 2006
There is no apparent relief in sight for concrete pricing as demand is
expected to continue to outpace supply, predicted Edward Sullivan, chief
economist for the Portland Cement Association, a Skokie, Ill.-based industry
group, speaking before attend...
-
-
|
