Las Vegas industrial space, without a landlord on the other side of our desk.
A market that has added supply faster than it has added tenants, which is good news if you are the tenant. Nevada charges no state income tax, and a distribution operation in North Las Vegas reaches Southern California overnight. The reach story is real, but it is regional rather than national, and it is worth getting the numbers right before building a network around it.
Where the leverage sits right now.
Vacancy sits near 9 percent on the CBRE and Colliers counts and above 10 percent on Cushman & Wakefield's. Any of those is a tenant's market. Absorption has been positive for four quarters, so the window is not open indefinitely, but today a well-prepared requirement will draw competing proposals.
Be careful with the drive-time marketing. Las Vegas is routinely sold as two-day ground to most of the country. Our county-level model puts it at 25 percent of the US population on two-day ground and 16 percent on one-day. What Las Vegas genuinely offers is overnight service into Southern California, Phoenix and Salt Lake City without Southern California occupancy cost or state income tax.
Asking rent eased to $1.10 NNN in Q2 2026. With roughly 5.9M sq. ft. still under construction against a 189M sq. ft. base, landlords of unleased new product are the most motivated counterparties in the market.
What the major brokerages report.
Each firm tracks a slightly different building set, and in some markets a different metric, so the figures differ. We show all of them rather than average them, because an average of three different definitions describes nothing. Where the spread matters to a negotiation, we say so above.
| Firm | Quarter | Vacancy | Asking rent | Net absorption | Under construction |
|---|---|---|---|---|---|
| Colliers colliers.com | Q2 2026 | 9.1% | $1.10 NNN | +762,333 sq. ft. | n/a |
| CBRE cbre.com | Q2 2026 | 9.0% | n/a | +825,000 sq. ft. | 5.9M sq. ft. |
| Cushman & Wakefield cushmanwakefield.com | Q2 2026 | 10.1% | n/a | n/a | n/a |
Reach, infrastructure, and labor.
Share of the US population within 450 road-equivalent miles (one-day ground) and 1,000 miles (two-day ground) of the market center, computed against population-weighted centroids of all 3,125 US counties (2020 Census). Bands approximate FedEx and UPS Ground zone tables within roughly 10 percent and are for comparing markets, not quoting transit times.
Sources: ofis.trade.gov
Bureau of Labor Statistics, OEWS May 2025; CES 2026. Wage is the mean hourly wage for laborers and freight, stock, and material movers (OEWS 53-7062) in the metro area.
Where the buildings are.
The large-format distribution core, on the I-15 toward Salt Lake City. Most of the recent big-box construction has landed here, and so has most of the available space.
Closest to the airport and the resort corridor. Smaller bays, higher rents, and the usual home for service and supply operations that need to reach the Strip quickly.
South and east toward the I-11. A mix of light manufacturing and distribution, and the usual landing spot for operations relocating staff out of California.
The operations that choose Greater Las Vegas.
We represent tenants and buyers only. No landlord listings in Greater Las Vegas, so every building in the market is a candidate and every negotiation is on your side of the table. See the operations we serve.
Evaluating Greater Las Vegas?
Tell us the size, timing, and operation. We will come back with a curated shortlist and a read on where the leverage is in this market right now.