The recovery in Las Vegas industrial market is officially complete
We don’t do commercial real estate markets any longer but click Las Vegas housing markets updates for the most accurate reports.
The pace of recovery in Las Vegas industrial market has been kind of amazing given that the 15.5% vacancy rate of January 2013 has been cut in less than half to 7.3% in only 2 years. The Valley (Las Vegas, Henderson and North Las Vegas) industrial market has officially entered the supply constraint state and is back on an upward and strong growth trajectory.
Asking rental rates for industrial space have gone up by 15% since the same time last year and escalating, as are sales prices. However two factors that will help the Las Vegas economy and industrial market will not fully show their effect for a while and they are; cheaper fuel prices and the expected full legalization of marijuana in 2016. The latter will impact the industrial real estate market the most as medical marijuana growers have already started to purchase industrial warehouses in order to grow cannabis, but their number will increase significantly with full legalization.
In this video we have discussed vacancy and absorption for Greater Las Vegas industrial space and explained why we think that lease rates and asking prices will escalate significantly in the next couple of years.
2015 is a great year to buy, invest in or lease industrial space, because property prices and lease rates will be much higher in a couple of years.
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