Resources
CoStar Group, Inc. Summary for 3Q24
Industrial:
Above-average population growth, access to 60 million consumers within a day's truck ride, nearby seaports in Southern California, tax incentives, and relatively low rents should continue to drive demand for industrial space…
Multifamily:
Supply-side pressure will continue to be a significant factor in the near term. Roughly 6,600 units are under construction, which would expand Las Vegas apartment inventory by 3.5% once all projects in the pipeline are complete. On the positive side, construction has slowed considerably in recent quarters and could ease supply concerns in the long run…
Office:
The average office rent is still growing by 3.2% annually and mirrors the annual trend of the past two years. At 3.8%, annual rent growth has been most robust in 3 Star office space, where demand is driven by 1,500-3,000 SF tenants…
Retail:
The Las Vegas retail market is as competitive as it has been in nearly two decades for tenants seeking space. The availability rate is 5.4% and the vacancy rate is 5.1%, both 17-year lows, as demand has consistently nullified supply pressure…
Hospitality:
Tourism is the main economic driver in Las Vegas, as the destination is famed for its gaming industry, nightlife, convention business, events, and expanding sports destination. Las Vegas is the nation's largest hospitality market by room count and still achieves the third-highest 12-month average occupancy in the U.S., only trailing New York and Oahu…