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Las Vegas Industrial Market Report
Second Quarter 2021
Inventory
Total Industrial inventory in the Las Vegas market area amounted to 153,411,384 square feet, up 5,713,037 square feet from one year ago. There is currently 6,334,923 square feet under construction.
Sale Activity
In the second quarter, 112 industrial transactions closed with a total volume of $668,631,177. The 112 buildings totaled 5,240,433 square feet and the average price per square foot equated to $133.59 per square foot. The average Cap Rates were 6.3%.
That brings the total for the 2021 calendar year to 179 transactions totaling $1,022,535,283 sales volume. The total square footage sold was 7,253,987 square feet for an average price per square foot of $147.32. The average Cap Rate was 6.1%
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 6250 Howdy Wells Ave. This 190,553 square-foot industrial building sold for $23,340,905 or $122.49 per square foot. The property sold on 4/16/2021. The Buyer was TCP Nevada Investments LLC. The Seller was BIBRC LV I LLC.
The information in this post has been sourced by and is credited to ©2021 CoStar Group, Inc.
