The Las Vegas apartment market become a roller coaster ride quarter to quarter. Absorption appeared to be rebounding after a strong first half to the year but
stagnated in the third quarter. Coupled with the more than 1,200 units that delivered, the vacancy rate is approaching double digits entering the final quarter of 2023.
The Las Vegas industrial market stabilized in 23Q3 as the vacancy rate remained relatively unchanged quarter over-quarter. At about 3%, vacancies remain above the all-time low of 2% but well below the historical average.
However, a glut of supply in the pipeline will maintain upward pressure on the vacancy and availability rate in the near term.
Three consecutive quarters of negative absorption and minor supply-side pressure this year are pushing office.
vacancies slightly. The market is still relatively stable as the current vacancy rate of 10.5% remains below the historical average of 13.6%.
Las Vegas retail market performance is closely tied to the local tourism industry, which has maintained momentum in 2023. Based on the most recent data, air
passenger traffic at the Las Vegas airport is up more than 13% year-over-year; Nevada monthly gaming revenue, driven primarily by the Las Vegas Strip,
eclipsed $1 billion for the 28th straight month; and taxable retail sales increased 10% annually per the latest report from the Department of Taxation.
The latest iteration of Las Vegas luxury apartments largely started in 2008 but was paused through the financial crisis. The sector reemerged in 2015 with two to three deliveries per year since then.
Elysian @ The District, developed by The Calida Group and The Gramercy, built upon a prior, stalled condominium site.
The Boring Company, a tunnel construction firm founded by billionaire Elon Musk, is expanding a major underground transportation project in Las Vegas and adding a corporate location in Austin, Texas, as the startup tries to test superfast hyperloop transit across the United States that could eventually affect real estate development.
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Tom Naseef | (702) 737-8000 | BS.016103
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