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Las Vegas Industrial Market Report
First Quarter 2021
Inventory
Total Industrial inventory in the Las Vegas market area amounted to 151,702,339 square feet, up 5,146,306 square feet from one year ago. There is currently 5,592,322 square feet under construction.
Sale Activity
In the first quarter, 60 industrial transactions closed with a total volume of $177,691,133. The 60 buildings totaled 1,211,348 square feet and the average price per square foot equated to $157.78 per square foot. The average Cap Rates were 6.2%.
Tallying all industrial building sales.
Mark of a Market.
One of the most significant transactions that has occurred within the Las Vegas market was the sale of 6330 W. Sunset Road. This 190,667 square-foot industrial building sold for $34,000,000 or $178.32 per square foot. The property sold on 1/29/2021. The Buyer was Panattoni Development Company, Inc. The Seller was Creel Printing Company.
The information in this post has been sourced by and is credited to ©2021 CoStar Group, Inc.
