December 2019: Commercial Real Estate

The commercial real estate of Las Vegas has strong numbers since the beginning of the year. The impressive performance continues towards the end of the year, mainly due to Las Vegas’ continuing robust industrial expansion. As a result, real estate developments in the state will not cease anytime soon.

According to the Commercial Real Estate Report published in Nevada Business by CBRE, since 2015 developers have constructed more than 23 million square feet of industrial space. 2019 is shaping up to be another record-breaking year for new construction, as more than 3.3 million square feet of space was completed in Q3 2019, making it the highest amount of new space constructed in a single quarter in the market’s history.

The construction projects completed this year include Prologis I-15 Speedway, buildings 3 and 4 (1,008,588 square feet), SunCap Property Group/Colony Industrial SunPoint Crossing, buildings 1-3 (752,384 square feet), and Hines’ Raceway Industrial Park (670,798 square feet).

More projects are in the pipeline but those that broke ground include Trammell Crow Company’s Golden Triangle Logistics Center-Phase I (1,002,538 square feet) and Matter Logistics Center @ West Cheyenne (725,840 square feet).

These projects prove Southern Nevada’s position as a top tier industrial market in the region.