As 2024 begins, increased activity and energy is driving uneven but robust activity across commercial real estate sectors. Approximately 17.5 million SF of industrial space is underway in Las Vegas, making it one of the most aggressively built industrial markets in the country. Despite significant deliveries in the past few years, vacancy rates remain historically low, driving developers to advance more projects. Above-average population growth and spillover demand from companies with operations in Southern California continue to have an outsized influence on the Las Vegas commercial real estate market, and several major infrastructure projects (including a multi-year expansion of I-95) are aimed at accommodating more residents and more commercial activity. In the Reno and northern Nevada area, the post-pandemic population boom is still impacting demand (particularly in the retail and multifamily sectors), but the influx of new residents has slowed in the fourth quarter of the year in terms of real numbers. Buoyed by low unemployment, this area continues to attract investment and developers, including Silicon Valley expansions from Google and Tesla.

In the following pages, we outline the major market trends in the Las Vegas and Reno sectors, along with key indicators. In today’s quickly changing environment, we are ready to assist you with your commercial real estate valuation needs at any time.