Las Vegas Commercial Real Estate Shines with Crexi

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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 position Las Vegas as an attractive market for CRE professionals and growing companies alike. 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. About 92% 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 to advertise properties and close deals in the city and the surrounding suburbs. Crexi’s tools are designed to 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 $300 billion in property deals on Crexi and have marketed over half a million properties, valued at a $1.3 trillion total.

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

The State of Commercial Real Estate in Las Vegas

The pandemic is taking a back seat to real estate development in Las Vegas, as every commercial real estate sector in the Las Vegas Valley is seeing significant activity. 

The Howard Hughes Corp. is breaking ground on new office development in Summerlin, and UnCommon’s $400 million mixed-use development in Southwest Las Vegas with half a million square feet of office space and 800 residential units is beginning to rise.

Las Vegas is located in Southern Nevada, less than one day from major metro areas like Los Angeles and Phoenix. The metropolitan area is home to over 2.2 million residents and the cultural and business capital for the region.

Spanning across nearly 8,000 square miles, both people and businesses come to Nevada and Las Vegas for the relatively affordable cost of living, vibrant quality of life, pro-business government, and no state income tax.

Known around the world for its world-class entertainment venues and nightlife, the economy of Las Vegas includes more than just tourism and casinos. Key industry sectors in the Las Vegas metropolitan area include natural resource technologies, mining, information technologies, healthcare, and aerospace and defense.

Las Vegas Regional Breakdown

Inbound migration is helping to increase the demand for commercial real estate in Las Vegas. The relative affordability of the market helps keep rental rates steadily increasing and vacancy low. In fact, for over 90 consecutive years, population growth in Clark County has outpaced average US growth, with the metro area predicted to add another one million new residents over the next 40 years:

  • Las Vegas is home to about 671,000 residents, with over 2.2 million people living in the Las Vegas metropolitan area.
  • Vegas is the most populous city in Nevada and the 26th most populous in the US.
  • Las Vegas is located in Clark County, along with the major cities of Henderson and Paradise.
  • Over the past two decades, Clark County’s population has grown by about 20% and is expected to increase by 8% over the next 10 years.
  • Other communities in Las Vegas include Boulder City, Lone Mountain, North Las Vegas, Spring Valley, and Summerlin.
  • Las Vegas is less than a one-day drive from larger urban areas, including Los Angeles, Salt Lake City, and Phoenix.
  • The median household income is $62,107, and per capita income is $32,511.
  • The median age in Las Vegas is 37.7 years, about the same figure as in the US.

Las Vegas Job Market

Over the past three years, more than 100,000 manufacturing jobs have been created in the Southwest, with Nevada making up about 30% of the national total. Job sectors in Las Vegas have seen robust signs of growth, including leisure and hospitality, professional and business services, trade and transportation, and information technology:

  • GDP of the Las Vegas-Henderson-Paradise MSA is almost $129 billion and has grown by nearly 33% over the past decade.
  • Employment growth in the Las Vegas metro area was 2.86% prior to the pandemic, while median household incomes surged by 8.81%.
  • The unemployment rate in the Las Vegas MSA is 9.6%, according to the US Bureau of Labor Statistics (June 2021).
  • Target industry sectors in Las Vegas include advanced manufacturing, clean technologies, creative industries, healthcare services, information and communication technologies, and transportation and logistics technologies.
  • Wynn Las Vegas, Bellagio, Clark County, Clark County School District, University Medical Center of Southern NV, and the University of Nevada Las Vegas are among the largest employers in metro Las Vegas and the State of Nevada.
  • Technology companies in Las Vegas include GoWireless, Scientific Games, WaveAccess, and Zappos.
  • Universities and colleges in Las Vegas include the University of Nevada School of Medicine, College of Southern Nevada, and Le Cordon Bleu College of Culinary Arts.
  • More than 86% of the residents of Las Vegas have a high school degree or higher, and almost 26% hold a bachelor’s degree or an advanced degree.

Transportation infrastructure in the Las Vegas metropolitan area includes two Interstate Highways, five US and State Highways, and freight rail service from the Union Pacific Railroad. McCarran International Airport hosts direct non-stop flights to most national destinations and many international ports of landing and freight and cargo service.

Las Vegas Industrial Market

The Las Vegas industrial market has outperformed all other asset classes, with net absorption increasing even as rents continue to rise. Demand for warehouse and distribution space in Las Vegas is driving the industrial sector in the Valley, accounting for over 90% of the leasing activity as of Q3 2021:

  • Total industrial inventory: 132,612,167 SF
  • Average asking rent: $0.97 per SF per month, net
  • Vacancy rate: 5.1%
  • Absorption: 1,762,261 SF through Q2 2021
  • New construction: 488,046 SF delivered (through Q2 2021) with 6,759,883 SF under construction
  • Largest industrial submarkets: North Las Vegas, Southwest, Henderson, Airport

Learn more about Las Vegas industrial property for lease.

Las Vegas Office Market

The Las Vegas office market posted its highest net absorption rate in over a year, a sign that a full post-pandemic recovery may be underway. With the Las Vegas Strip reopening to full capacity and the convention business beginning to return, local experts believe the office market in Las Vegas may return to normal by the middle of next year:

  • Total office inventory: 45,400,462 SF
  • Average asking rents: $2.22 per SF per month, full-service gross
  • Vacancy rate: 14.6%
  • Absorption: 295,218 SF (Q1 2021)
  • Recent leasing activity includes: 2850 Horizon Ridge for 8,200 SF, 3700 Pecos-McLeod for 6,900 SF, and 6180 Brent Thurman for 5,800 SF
  • New construction: 84,670 SF delivered to market YTD with 333,965 SF under construction
  • Largest office submarkets: Northwest, Southwest, Airport, Henderson

Learn more about Las Vegas office property for lease. 

Las Vegas Retail Market

The Las Vegas retail market is also showing signs of recovery, with vacancy rates for retail space in Las Vegas reaching pre-pandemic lows. In fact, retail asking rates are the highest recorded since 2010, with retail sectors such as clothing, home furnishings, and electronics witnessing the largest sales growth year-over-year:

  • Total retail inventory: 71,121,251 SF
  • Average asking rent: $1.53 per SF per month, NNN
  • Vacancy rate: 6.9%
  • Net absorption: 220,667 SF (through Q2 2021)
  • New construction: 75,381 SF delivered (through Q2 2021) with 323,552 SF under construction
  • Largest retail submarkets: Northwest, Henderson, University East, Southwest

Learn more about Las Vegas retail property for lease.

Las Vegas Multifamily Market

Although the economy took a hit during the pandemic, the multifamily market in Las Vegas held its own. The city’s proximity to California and relatively affordable rents are keeping the Las Vegas apartment demand strong and steady. Multifamily rents in the Las Vegas metropolitan area continue to rise while vacancy remains low:

  • Total housing units: 924,533
  • Renter occupied: 46%
  • Total multifamily units: 933,332
  • Asking rent: $1,194 per month
  • Vacancy rate: 4.4%
  • Average cap rate: 5.0% YTD
  • Median sales price per unit: $135,200 YTD
  • New construction: 347 units delivered through Q1 2021 with 3,102 units currently under construction
  • Popular multifamily neighborhoods: Downtown Las Vegas, Summerlin, Mountain Edge, Desert Hills
  • Median household income: $62,107
  • Per capita income: $32,511

Learn more about Las Vegas multifamily property for sale.

How Crexi Connects Buyers and Tenants to Las Vegas Commercial Properties

Tenants and buyers nationwide use Crexi’s marketplace to browse commercial property in Las Vegas and the surrounding areas. Nevada’s most populous and fastest-growing city, Las Vegas represents a thriving cultural and financial center with exciting opportunities and healthy cap rates across asset classes for investors and tenants alike. 

Those interested in investing in Las Vegas properties for sale or lease can use Crexi’s free search feature to discover listings that suit their specific needs. Principles can narrow their searches by asset type, subtype, price or rate per square foot, total square footage, cap rates, and even neighborhood zip code.

Once a Las Vegas property is discovered, it’s easy to directly reach out to a listing broker through Crexi’s platform. Crexi also empowers investors and tenants to download OMs, brochures, and even submit a letter of intent (LOI) via its secure marketplace.

Intelligence Equips Investors with Data and Market Knowledge 

Las Vegas principles harness Crexi Intelligence to make informed, confident commercial real estate investment decisions. 

Intelligence equips buyers and tenants alike with a massive, third-party vetted database containing millions of sales comps, 1st party data based on user activity, historical property data, and over 50 up-to-date MSA market reports. Buyers and tenants access Intelligence’s next-level insights to Las Vegas’s latest market trends and sales data, pulled directly from Crexi’s listing database.

Intelligence is available to buyers, sellers, and tenants on a subscription basis.

How Las Vegas Brokers Thrive with Crexi

Crexi’s marketplace features nearly 450 Las Vegas properties for sale and more than 2000 properties for lease in the city alone. Industrial and retail are among Clark County’s best-performing asset classes, attracting investors and tenants alike to its fast-growing job market and population. In the last year, 33% of buyer traffic came from in-state, while 67% originated from outside of Nevada. 

Using Crexi, brokers in “The City that Never Sleeps” can quickly market and manage properties regardless of asset type, including:

  • Office buildings
  • Retail buildings
  • Industrial units
  • Multifamily units
  • Land parcels
  • Hospitality facilities
  • Mixed-Use developments
  • Non-traditional buildings such as data centers, medical offices, etc.

Crexi’s listing technology equips Las Vegas commercial brokers with the tools they need to guide properties from list to close. Brokers can monitor buyer and tenant behavior in real-time, evaluate lead scores, and quickly connect with interested leads in a few clicks. Crexi’s secure file storage also allows brokers to manage and store due diligence paperwork digitally.

While Crexi’s free broker tools are substantial, brokers unlock the true power of Crexi with Sale PRO, Lease PRO, and All PRO. 

Crexi PRO Dashboard 2020

Crexi’s All PRO Membership

Crexi Sale PRO and Lease PRO accelerate and simplify Las Vegas brokers’ workflow to help them close more deals more quickly. A robust lead management system, powered by in-depth marketing analytics, allows PRO brokers to engage with already-interested leads promptly. Branded lead reports allow for improved collaboration and simplified operations, allowing brokers to focus on deal-winning. PRO listings also receive preferential placement atop Crexi’s search pages, making them much more visible to relevant buyers and tenants searching for Las Vegas property.

Crexi also sends a weekly, customized email blast to a database with hundreds of thousands of leads nationwide, featuring PRO listings curated according to each principle’s search behavior. These targeted, machine-learning-powered emails win a boosted engagement of 10-15% click-through rate averages. 

Crexi PRO members also can access Intelligence’s database at no added cost, harnessing market insights from more than 40 million sales comps and detailed MSA reports. 

Brokers — including those in the Las Vegas-Henderson-Paradise MSA — use Crexi PRO to connect with the more than 163,000 leads searching for Las Vegas commercial real estate in the last two years and over 3 million leads nationwide added in 2020 alone. 

On average, PRO brokers win 125% more leads and close up to eight times more deals than non-PRO members.

Contact to learn more about All PRO.

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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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