The Las Vegas Commercial Real Estate Market

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The Las Vegas commercial property market represents a viable option for investors and tenants nationwide. The city features a quickly climbing population, low unemployment rates, and a vibrant tourism economy that positions Las Vegas as an attractive market for CRE professionals and growing companies. Commercial real estate brokers in Las Vegas and those interested in the metro’s commercial property find a robust suite of CRE technology tools ready to use on Crexi.

Buyers and tenants alike harness Crexi’s powerful search tools to explore thousands of Las Vegas-Henderson-Paradise MSA properties from anywhere nationwide. Interested parties can narrow search results, conduct research, and connect with a Las Vegas broker in seconds upon finding a potential investment option. Much of Crexi’s online traffic is composed of actively seeking investors and renters, many of whom consider Las Vegas a thriving economy to invest their capital.

On the other side of the transaction process, Las Vegas brokers use Crexi’s listing and lead management tools for advertising properties and closing deals in the city and the surrounding suburbs. Crexi’s tools connect Las Vegas commercial brokers with the highest quality leads, no matter their location.

As of this writing, commercial real estate professionals have transacted over $440 billion in property deals on Crexi and have marketed over half a million properties, valued at a $5 trillion total.

Crexi proudly serves Las Vegas, Summerlin, Henderson, Paradise, Enterprise, and Clark County as the region’s fastest-growing digital commercial real estate marketplace.

The State of Commercial Real Estate in Las Vegas

Las Vegas is a tourism, entertainment, and innovation hub in Nevada. The area has experienced significant population and economic growth over the past two decades, fueled by a strong job market, a desirable climate, and various business incentives. As a result, the city and its surrounding areas have become popular destinations for those seeking to invest in commercial real estate.

One factor driving population growth is the city’s affordable cost of living and favorable tax environment. Unlike many other cities in the United States, Nevada does not have a personal income tax or corporate income tax. This has attracted both businesses and individuals to the area, contributing to the city’s growth and demand for real estate.

In recent years, Las Vegas has also emerged as an increasingly attractive location for startups and tech companies, creating opportunities for investors looking to capitalize on the growing tech ecosystem. Overall, the combination of favorable business conditions, a growing economy, and a robust job market make Las Vegas and Clark County attractive locations for investing in Nevada commercial real estate.

Las Vegas Regional Breakdown

According to the United States Census Bureau, as of 2021, the estimated population of the Las Vegas metropolitan area is nearly 2.3 million, making it the 29th largest metro area in the United States. The population of Clark County (where Las Vegas is located) has grown significantly over the past decade, with an increase of more than 19% from 2010 to 2022. This growth can be attributed to job opportunities, a desirable climate, and a thriving tourism industry.

  • Las Vegas is home to nearly 647,000 versus 584,000 in 2010.
  • Las Vegas is the largest city in Nevada and the 25th largest city in the US.
  • Population growth of the metro area is 2.15% year over year, according to the most recent report from Data USA.
  • The median age is 38.1, about the same as in Nevada and the US.
  • 41% of the residents are between the ages of 20 and 49.
  • The median per capita income is $33,387, and the median household income is $63,677.

Las Vegas Job Market

Las Vegas’s economy is largely based on the tourism industry, which accounts for a significant portion of the city’s revenue. In addition to tourism, the city is home to various businesses that contribute to a diverse job market. Within the metropolitan area, the unemployment rate in February 2023 was 6.0%, which is higher than the national average.

However, recent job growth has been strong. Data USA shows job growth in Las Vegas increased by 1.22% yearly. This growth is primarily driven by sectors such as education and health services, professional and business services, and leisure and hospitality.

Las Vegas is also considered an emerging technology hub, with many startups and established tech companies choosing to operate in the city. This has brought a new dimension to the economy and job market, creating opportunities in tech, innovation, and entrepreneurship.

  • GDP for Las Vegas-Henderson-Paradise MSA is over $136 billion and has increased by nearly 54% over the past decade.
  • The employed population increased by 1.22% year over year.
  • Household income in the metropolitan area grew by 2.88% over the past year.
  • Target industries in Las Vegas are general and advanced manufacturing, creative industries, information and communication technologies, business and financial services, healthcare services, and clean technologies.
  • The metro area boasts a 273% increase in manufacturing jobs in 2010-2019, an 89% growth in high-tech jobs over the same period, and an average annual wage for software publishers of $117,369.
  • Amazon, Clark County School District, MGM Resorts, Apollo, and Body Gaming are among the top employers in Clark County.
  • The University of Nevada Las Vegas (UNLV), DeVry University, and Nevada State College contribute to the labor pool in the region.
  • Over 27% of the residents have a bachelor’s degree or higher, while 9% hold postgraduate degrees.
  • 9% of the US population is within 5 hours of Las Vegas, and the Harry Reid International Airport is the 10th busiest in the world.

Las Vegas Industrial Market

In Q4 2022, Las Vegas’ industrial vacancy rate, including sublease, increased by 50 basis points compared to the previous quarter, according to Cushman & Wakefield. However, there was a ten basis point decrease from last year’s 2.1% to 2.0% this year. This indicates a healthy industrial market in Clark County, with increasing demand outpacing the supply of available spaces. Current conditions may lead to increased competition among landlords and future rental price increases for tenants.

  • Total industrial inventory: 143,888,536 SF
  • Overall weighted average rent: $11.89/SF per year NNN
  • Vacancy rate: 2.0%
  • Net Absorption: 5,953,055 SF in 2022
  • Key lease transactions by tenant: UPS 247,125 SF, PODS 146,318 SF, Shelby American 135,000, OSA International 128,431 SF
  • New construction: 16,631,732 SF under construction with 6,041,641 SF completed in 2022
  • Key sales transactions by property: Golden Triangle Logistics Center $150 million, SunPoint West $143 million, 1415 Raiders Way $56 million, 500 N. Gibson Road $35.5 million
  • Largest industrial submarkets: North Las Vegas, Southwest, Henderson, Airport

Learn more about Las Vegas industrial space for rent.

Las Vegas Office Market

The Las Vegas office market fundamentals are stronger than surrounding metros, with lower vacancy and rising asking rates buoyed by healthy absorption. Tenant activity and transactions have been relatively quiet as businesses monitor the impact of national economic turbulence. However, the local market is in better shape thanks to successful diversification efforts since the Great Recession. Here are the most recent trends from Newmark:

  • Total office inventory: 39,768,638 SF
  • Average asking rent (all classes): $2.12/SF per month, full-service gross
  • Vacancy rate: 11.6% overall
  • Absorption: 791,437 SF in 2022
  • Key leases by tenant: Paper Education America 11,000 SF, Arrow International 9,871 SF, Madison Square Garden 9,527 SF, Nevada Defense Group 8,022 SF
  • New construction: 443,155 SF under construction, with 472,782 SF delivered in 2022
  • Investment sales by building: Marnell Corporate Center 5 $31.8 million, Park Place Office Building $13.2 million, Rainbow Diablo Office Building $5.7 million
  • Largest office submarkets: South, Southwest, Northwest, Central East 

Learn more about Las Vegas office space for rent. 

Las Vegas Retail Market

The retail market in Las Vegas has seen a significant improvement in occupancy rate, with rental rates increasing and vacancy rates dropping across all property types with neighborhood and community centers leading the way. Net absorption of space was positive through year-end 2022 while new developments like the Shops at Centennial 215 Plaza added to the market. These are the most recent retail trends in Las Vegas as reported by Cushman & Wakefield:

  • Total retail inventory: 67,819,051 SF
  • Overall asking rent: $1.79/SF per month, NNN
  • Vacancy rate: 5.3% 
  • Absorption: 682,089 SF in 2022
  • Key leases by tenant: Floor & Decor 76,233 SF, Smart & Final 16,000 SF, The Just One Project 13,500 SF
  • Under construction: 132,653 SF
  • Key sales by property: 3035-3375 E. Tropicana Ave $72.5 million, 305 N. Nellis Blvd. $25 million, 601-617 Mall Ring Circle $22 million
  • Largest retail submarkets: Southeast, Central West, Central East, West

Learn more about Las Vegas retail space for rent.

Las Vegas Multifamily Market

The Las Vegas multifamily market saw a considerable influx of new units over the past five years, with an ongoing construction boom continuing to support renters. Vacancy rates increased while rental rates decreased slightly year-over-year. However, rents have rebounded significantly since 2020. Sales volume saw its second-highest reported value on record, demonstrating both gains and pullbacks in 2021 and 2022, respectively. Overall, the market is performing well despite short-term fluctuations, according to Avison Young:

  • Total housing units: 934,911
  • Renter occupied: 47% (Zumper)
  • Multi-unit inventory: 317,870 units 
  • Average asking rent: $1,453
  • Vacancy rate: 8.3%
  • New construction: 9,905 units under construction, with 18,067 units delivered over the past five years
  • Transaction activity: $3.1 billion in 2022, the second-highest volume on record, with an average price of $279/SF
  • Key sales by property: Elysian at Hughes Center $174.9 million, 3001 Park $155 million, Aviary Apartments $151 million, The Layne at Peccole Ranch $148 million

Learn more about Las Vegas multifamily property for sale.


Get more in-depth Las Vegas market data with Crexi Intelligence.

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Shanti Ryle
Shanti Ryle

Content Marketing Manager

Shanti leads Crexi's content marketing strategies with 7+ years of content development experience, creating everything from blog posts to award-winning podcasts. Previously, she worked on content teams at Snapchat, Weedmaps, and HopSkipDrive as well as developed copy, articles, and media for freelance publications.

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