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Las Vegas commercial real estate is still among the lowest vacancies in the nation at 4.57%. Retail space has kept pace with other commercial development and with an abundance of people still moving to Las Vegas NV. Developers have been adding about 1.45 million sq. ft. of retail commercial Las Vegas space. Southwest Las Vegas retail commercial space continues to grow faster than the rest of Las Vegas Nevada with 2.7 million sq. ft. Las Vegas commercial retail space has been absorbed as quickly as it is being built over the recent years with tenants in place before construction is done. We will continue to see a tight market in commercial retail space despite the influx of additional space. Vacancies will still continue to be low for the foreseeable future.

Las Vegas commercial real estate land prices and building materials have showed no signs of retreat, which is forcing developers to rethink the way to meet the demands of the industrial market. The demand for industrial space is high partially due to strong manufacturing growth of 1,500 new jobs over the past year. Las Vegas is proving to be a very strategically important location for distributors throughout the United States. The area’s attractive business climate, strong local economy and favorable tax laws will continue to attract businesses. The Las Vegas industrial market is expected to remain healthy for the foreseeable future as we begin the predicted 5 year construction boom on the strip. Expect supply to be tight and industrial rents to continue to rise.

Las Vegas commercial real estate office market had improved along with the other sectors such as industrial and retail. The office market currently is comprised of about 37.4 million square feet of inventory with about 3.1 millions square feet unoccupied resulting in an average vacancy rate of about 8.4 percent, down from 12.6 percent earlier. As vacancy rates drop, average lease rates continue to climb, reaching $2.14 per square foot by the close of the year. Planned and currently under construction office comprise of about 8.2 million square feet for future development.

Las Vegas commercial real estate at the end of 2005 reported the amount of new supply corresponding with market demand provided the largest annual increase in history while vacancy rates continued to go down. In 2006, demand has kept place with record setting construction activity. Office users and business owners are investing in their office space by taking down more space than they need today in anticipation of future expansion requirements.There was 460,647 SF of new product completed in the last quarter of 2005. The office space was leased almost as quickly as it was built, and developers are scrambling to keep up with demand for quality product in the valley. Along with the highest net absorption amount for the year, there was also a surge in gross space leased at year-end of 827,208 SF. This explains the low vacancy numbers.