Las Vegas Industrial Properties for Sale – Buy, Sell, Lease Industrial Space
Las Vegas, Nevada's ( Las Vegas, North Las Vegas, Henderson, Unincorporated Clark County) industrial submarkets, with the exception of North Las Vegas, had 3%-4% vacancy rates, however one hundred million square feet of vacant industrial space has pushed vacancy rates to to 15% now. North Las Vegas vacancy rates are highest at 30% and the lowest is in the Central Las Vegas submarket at 10.3% now. Asking lease rates for industrial space have dropped to about $0.35 triple net in East Las Vegas and $.60 triple net for R&D facilities in the Airport Submarket. Average lease rates have fallen by 14 cents in 2009 to about 57 cants triple net.
The older industrial submarkets that border the resort corridor (Las Vegas Strip), west of I-15, especially the West Central, which have been purchased and rezoned for higher uses such as high-rise condominiums or commercial tourist establishments are coming back to the market.
New industrial properties construction is negligible since the third quarter of 2009 and Investors who purchased industrial land can't build it any longer due to current declining prices and are trying to lease their lot for 5-8 cents per square foot per month. Business parks are considering shorter lease terms and are offering incentives for industrial space.
Owner occupied industrial buyers can choose from a wide selection of inventory, however to get the best deal, they have to be flexible in their criteria. For example, I have tried to work with a gentleman who is designing his business from scratch and needs a large box industrial building with 28-30 foot clearance height and large yard. We couldn't find him a good deal as most bank owned or foreclosed industrial buildings in Las Vegas either have a lower clearance height (18-22 foot) or don't have a large yard. The asking price for buildings that satisfy his criteria are too high and will not appraise since there is a big discrepancy with the sold prices. If his business plan didn't call for high clearance heights along with a large yard, we could have helped him.
Las Vegas real estate investors who want a great deal on their investment should be prepared to give prospective renters concessions in order to rent their property quickly. If it wasn't for high vacancy rates, foreclosed industrial properties would not be selling at current discounts.
Commercial transactions are complicated and have to be handled with great care and the help of an experienced and smart commercial real estate agent. Tens of millions of dollars have been lost by investors and commercial property buyers in Greater Las Vegas in the last year and are showing up as foreclosures all over Las Vegas. Pick your agent carefully.
The following services will be provided to Las Vegas industrial properties buyer and sellers. This is a summary only and we do much more, call us to discuss your project in detail.