• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer

Nevada Business Magazine

The Decision Maker's Magazine

Subscribe Now!

  • Subscriptions
    • Print
    • Mobile App
    • Email
    • Nevada News & PR Wire
  • Features
    • New This Month
    • View Issues
    • Cover Stories
    • Feature Stories
    • Industry Focus
    • Building Nevada
    • Special Reports
    • Meet the Decision Maker
    • Press Release Wire
    • Nevada Industries
  • Departments
    • A Matter of Opinion
    • Around the State
    • Business Indicators
    • Commentary
    • Commercial RE Report
    • Crossfire
    • Expert Advice
    • Face to Face
    • Free Market Watch
    • Inside Politics
    • Power of Attorney
    • Profit & Loss
    • Speaking for Nevada
    • Tech.knowledge.me
    • The Last Word
    • Vital Signs
  • Planning Calendar
  • Advertising
    • Advertising Info
    • Advertising Staff
    • Submission Requirements
    • Online Advertising
  • Events
    • NBM Events
  • About
    • About the Magazine
    • Contact the Staff
  • Connect
    • Business Directory
    • Press Release Wire
    • Business Calendar
    • Submit Listing
    • Post Press Release
    • Add Your Event
    • Sign Up
    • Log In
You are here: Home / Departments / Commercial RE Report / Industrial Summary: Second Quarter 2017

Industrial Summary: Second Quarter 2017

August 1, 2017 By Nevada Business Mag Leave a Comment

Southern Nevada

The Las Vegas Valley’s overall industrial vacancy rate in Q2 2017 was 6 percent, up 0.5 percentage-points from the first quarter. Vacancies were up in every product type except for incubator. However, that did not put a dent in completions. A large amount of new space came to market during the quarter. The industrial market appears to be continuing to consolidate small units into bigger space to meet demand for large product distribution centers.

Q2 2017 saw 1,632,000 square feet completed in five projects, all of it in the warehouse/distribution product type. This was a strong quarter for completions after a slow start to the year in Q1. With nearly 5 million square feet currently under construction and another 6.7 million in the planning stages, there is plenty more space coming to satisfy the industrial market’s continuing need.

Thanks to the completions, net absorption in Q2 2017 remained positive despite the increase in vacancy rate, totaling +902,700 square feet. On a year-over-year basis, net absorption is at a healthy +3.7 million square feet.

There were 4.8 million square feet of space under construction in Q2. Twenty of the 21 projects comprising this space are of the warehouse/distribution variety and five of those projects are more than 400,000 square feet. The market ended Q2 with 6.7 million square feet of industrial space in the planning stages. Twenty-four of 28 planned projects are of the warehouse/distribution type there as well.

Northern Nevada

The second quarter of 2017 bounced back quickly after a slow first quarter for leasing. While the first quarter recorded only a small amount of positive net absorption, Q2 2017 recorded 1,355,676 square feet in net absorption and 1,955,267 square feet in gross absorption.

Notable leases included household names such as Panasonic and outdoor retailer Patagonia. Panasonic leased 220,000 square feet at 2777 USA Parkway in the Tahoe Reno Industrial Center (TRIC) and Patagonia leased 221,000 square feet at Dermody Properties’ newly completed Logisticenter at I-80 in Verdi, NV.

The North Valley’s market continued to be one of the best performing submarkets. The second quarter of 2017 had multiple large leases signed including CV Oils (112,000 square feet), Fulfilment Works LLC (88,000 square feet) and Ansell (271,000 square feet) at Panattoni’s North Valley Commerce Center. Outside of those deals, there were many transactions and expansions that took place in the smaller size ranges, between 10,000-60,000 square feet, signalling strength in small tenant and small business growth.

Despite the robust leasing in the second quarter, sales were relatively slow with most of the deals being smaller investment or owner-user purchases. The largest sale deals included a 1031 acquisition of an 8,847-square foot building situated on 3 acres of land. In addition, Catholic Charities acquired a 30,400 square foot building for $2,350,000.

Southern Nevada analysis and statistics compiled by RCG Economics, Northern Nevada analysis and statistics compiled by Dickson Commercial Group.

Filed Under: Commercial RE Report Tagged With: Dickson Commercial Group, Las Vegas business, Las Vegas economics, Las Vegas real estate, Nevada business, Nevada economics, Nevada real estate, RCG Economics, Reno business, Reno economics, Reno real estate

Paul Krakovitz: Intermountain Healthcare

Edward Vance: EV&A Architects

Scott Arkills: Silver State Schools Credit Union

Terry Shirey: Nevada State Bank

Online Advertorials

Online Advertorials

SNWA’s Infrastructure InvestmentsHelp Secure Access to Water Supply

Bank of NevadaFunding Will Provide Nevada Students With Financial Literacy Education

Infrastructure InvestmentsAssure Our Community’s Water Future

Roseman’s College of MedicineAddressing the Physician Workforce Shortage

Advertise With Us

Advertise With Us. more details ►

Primary Sidebar

Get important updates from Nevada Business Magazine, directly to your inbox.
Subscribe

Wild at HeartEconomic Development in Rural Nevada

Industry FocusBankers

Residential NevadaMarket Shifts

Southern Nevada CCIMPassing the Torch to the Next Generation of Professionals

Nevada News & PR Wire

  • Hon. Lisa M. Neilson (Retired) Partners With Lipson Neilson PC to Serve the Family Law Community in Three Important Roles

  • Nevada Homeowner Assistance Fund Expands Program

  • Nevada State Bank Branches Accepting Donations for Dogust Pet Supplies Drive

  • Nevada State Bank Names Marie West South Carson Branch Manager

  • Fed Up Kitchen Launches Wedding Prep Meal Service in Las Vegas

  • KPS3 Ranks on the 2022 Inc. 5000 Annual List

  • PRSA Sierra Nevada Offers Free Public Relations and Communications Counsel to Reno Area Nonprofits and Businesses at Annual Pr-To-Go

  • M.Y.S. Firm Welcomes Former Las Vegas Urban Chamber of Commerce President, Ken Evans, as Community Programs Advisor

  • Optum Care Lung and Allergy Care Adds a New Physician

  • Business Network Group to Feature Attorney Kirill v. Mykaylov as Speaker

  • Registration for AngelNV Entrepreneur Bootcamp Opens Sept. 1

  • Renewable Diesel Plant Set to Launch Operations in Northern Nevada with Potential to Save 880 Million Pounds of Carbon Emissions Per Year

  • Hope Means Nevada and Silversummit Healthplan Launch Campaign to Connect Youth at Risk for Suicide to Mental Health Resources

  • Aha! Inaugurates New Nonstop Service Between Idaho Falls and Reno-Tahoe with Free Tickets for the First 100 Passengers

  • Food Hall Vendors Announced at Reno Public Market

  • NSB’s Private Bank Report Explores Trends in Wealth Growth

  • Nugget Casino Resort Earns Top Safety Designation from the Nevada Safety Consultation and Training Section

  • NVO Construction Hires Industry Veteran Aaron West as Chief Strategy Officer

  • TheOfficeSquad Opens Henderson Location, Now Serves Businesses in Southeast Las Vegas Valley

  • Downtown Reno Partnership Names New Executive Director

  • Northcap Commercial Arranges Sale of Nevso Cove Apartments for $16,280,000

  • Free Social Events, Wellness Workshops and Fitness Classes at Optum Community Centers

  • Don’t Miss Kamer Zucker Abbott’s Next Webinar!

  • Nawbo Southern Nevada Now Accepting 2022 Women of Distinction Awards Nominations

  • CAMCO Nevada Promotes Bree McRae to Regional Director of its Portfolio Division

  • CSN Launches Six New Programs

  • Las Vegas Area Home Prices Dip for Second Straight Month

  • Faith Lutheran Begins 2022-23 Academic Year with New Principal

  • Grand Sierra Resort and Casino Honors a Selfless Medical Assistant as the Most Recent “Grand Hero”

  • Downtown Reno Partnership Announces New Marketing Manager and Office Manager

  • Kamer Zucker Abbott Elevates Kaitlin Paxton to Partner

  • KPS3 Hires Chelsea Bosco as Designer

  • Lipson Neilson’s Joseph Garin and Megan Thongkham Named 2022 Mountain States Super Lawyers

  • Open Enrollment for Upcoming Miss Silver State Pageant

  • Move 4 Less Recognizes Dream Home Art Contest Youth Winners with Party and Prizes

  • LumiZen Wellness Debuts Premier CBD Products for People and Pets Alike

  • Celebrate International Coworking Day at The Coop and Test Drive the Coworking Experience for Free!

  • aha! Reports Exceptional Operating Performance for July 2022

  • ioneer Signs Binding Lithium Offtake Agreement with Prime Planet Energy & Solutions

  • The Problem Solver Show to Interview Man Who Discovered Third Body in Lake Mead

  • Aug. 18 NAIOP Southern Nevada Breakfast Presents “The Future of the Las Vegas Strip Is Here”

  • Pilots Revealed for 2022 STIHL National Championship Air Races

  • Preparing for End of Life Workshop

  • Las Vegas Attorney Offers Free Workshop on Protecting Children’s Inheritance and More

  • CVMC Welcomes Lisa McKinney, APRN to Ironwood Primary Care

  • Realtor Nate Strager Releases Weekly Market Update as Part of His Information Campaign

  • Entertainment and Supper Club Summer Schedule at the Stirling Club Continues to Sizzle

  • Community Leader Don Snyder Elected Chairman of the United Way of Southern Nevada Board

  • Lexicon Bank Sponsors Scleroderma Sprint Event, Fueling Efforts For A Cure

  • Optum Care Cancer Care Adds a New Physician

  • Southwest Medical Adds Three New Healthcare Providers

  • International Celebrity Vocal Coach Romeo Johnson Offers Vocal Lessons To Clark County Residents

  • Team From The Problem Solver Show to Sponsor Free Ice Cream and T Shirt Give Away For Kids

  • Las Vegas Orthopedic Surgeon Offers New Treatment For Limb Lengthening

  • TSK Celebrates O’Brien Middle School Redesign Ribbon Cutting in Partnership With Cumming Group

  • Godspeed Capital-backed Huckabee Architects Invests in TSK Architects

  • Dunkin’ Presents $4,000 to Cure 4 The Kids Foundation From Funds Raised on Iced Coffee Day

  • Nevada Bankers Association Announces 2022-23 Board of Directors

  • Annie Wagner of KPS3 Earns Certificate in Principles of Public Relations

  • NAR Tabs Nevada REALTORS®­ Leaders to Serve in National Leadership Roles

  • Kamer Zucker Abbott Attorneys Selected to the 2022 Mountain States Super Lawyers® List

  • Kamer Zucker Abbott’s Next Webinar: Balancing Employee vs. Employer Rights in Divisive Times

  • Henderson Chamber of Commerce Announces 2022 Board of Directors Additions

  • De Castroverde Law Group and Findlay Subaru of Las Vegas Award $10,000 College Scholarship to Allison Hill

  • Karma and Luck Supports Ukraine Through Donation to Doctors Without Borders

  • Support Local Students and Teachers During the Greater Schools Supplies Drive

  • KPS3 Welcomes Lauren Davis to Team

  • Las Vegas-Based Neteffect Named a Top Firm by Clutch

  • Bank of Nevada Welcomes Michael Pizzi as Managing Director of Commercial Banking

  • Following Nevada Osha’s Adoption of Heat Guidelines, There Are Free Resources for Employers to Protect Employees From Heat-Related Illness and Injuries

  • aha! Launches 50% Off End of Summer Super Sale – Book Now!

  • Evolution of Healthcare with RESET IV

  • Mark Wiley Group Announces Buck Hujabre as New President of Commercial Division

  • Jim Seebock Announces Run for Henderson City Council Seat Ward One

  • WestCor Announces New Director of Marketing and Business Development

  • Home At Last™ by Nevada Rural Housing Launches New 4% Advantage Down Payment Assistance Option

  • Tilt-up construction is complete at Mountain West Industrial Park

  • Grow with Google Provides Nevada Small Businesses With Tools to Reach Customers in Changing Economy

  • Facebook Launches New “Feeds” Tab Connecting Users More Than Ever

  • Trosper Public Relations Announces New Hire in Northern Nevada

  • Emerald Island and Rainbow Club Casinos Partner With Local Woman-Owned Spirits Company to Offer ‘Super Premium Well’ Vodka

  • Greater Nevada Mortgage Provides Down Payment Assistance for Eligible First-Time Homebuyers

  • Education Non-Profit CORE Names Jordan Ashley Berkowitz as Development Director

  • ioneer Signs Binding Lithium Offtake Agreement with Ford

  • Two attorneys from De Castroverde Law Group honored as 2022 Mountain States Super Lawyers Rising Stars®

  • Grow With Google Provides Nevada Small Businesses With Tools to Reach Customers in Changing Economy

  • The NCJFCJ Recognizes the Honorable Linda Marie Bell As the 2022 Impact of the Year Recipient at Annual Justice Innovation Awards

  • Broadbent & Associates, Inc. Donates to Local Youth Hockey Team

  • Goodwill® of Southern Nevada Spreads Mid-Year Cheer with Second Annual ‘Christmas in July’ Event

  • CALVPresenting Sept. 21 Educational Symposium for Real Estate Pros Featuring Cyber Security Expert Frank Abagnale of “Catch Me if You Can” Fame

  • Goodwill® of Southern Nevada Promotes from Within

  • STIHL National Championship Air Races Participating in “A Community Thrives” Fundraising Initiative

  • Northcap Commercial Arranges Sale of Mark & Daisy Apartments for $3,800,000

  • MDX Labs Expands Operations to Include Saturdays, in Response to Clark County’s Elevated Level of COVID-19

  • Downtown Reno Partnership Announces Key Performance Indicators for Fiscal Year 2021-2022

  • Meruelo Family Scholarship Awards $12,500 to Children of Grand Sierra Resort Team Members

  • aha! Inaugurates Nonstop Flights From Reno-Tahoe to Santa Rosa

  • Helix Electric Raises Over $24,000 to Benefit Reno Charities

  • 20 Recent CCSD Grads Offered Apprenticeships at Tesla

  • REMSA Health announces promotion of four leaders within the organization



 
Submit Your News & PR | Subscribe
Submit Your News & PR

Business Connection

Business Connection Portal

Log In Sign Up

Business Connection Portal

Log In Sign Up

Nevada Business Calendar

  • Kamer Zucker Abbott Webinar on Crossing the Line? Balancing Employee vs. Employer Rights in Divisive Times
    August 18, 2022 10:00 am

    More details...
  • Special Olympics Nevada Bowl for the Gold
    August 20, 2022 11:00 am

    Location: 1301 W Sunset Rd, Henderson, NV 89014, USA

    More details...
View Full Calendar ►

Nevada Business Directory

Featured Businesses
Find a Nevada-Based Business Submit Your Business Subscribe to the Nevada News & PR Wire

Nevada Industries

Architects & Engineers
Arts & Culture
Banking
Commercial Real Estate
Construction
Credit Unions
Economic Development
Education
Financial Management
Healthcare
Human Resources
Insurance
Law
Manufacturing
Marketing
Media
Mining
Philanthropy
Residential Real Estate
Rural Nevada
Sports
Tax Planning and Accounting
Technology
Telecom
Tourism
Transportation
Utilities

Footer

Subscriptions

  • Print Subscription
  • Mobile App
  • E-mail Subscription

Editorial

  • Features
  • Departments
  • Events

Advertising

  • Advertise
  • Submission Requirements

Connect

  • Contact
  • LinkedIn
  • Facebook
  • Twitter

Copyright © 2022, Business Link LLC dba Nevada Business Magazine and Nevada Business Journal. Privacy Policy | Terms & Conditions
Nevada Web Design services by Nevada Central Media using Genesis Framework by StudioPress

    *Your Name

    *Your Email

    Phone Number

    Company

    *Subject

    *Your Message

      *Your Name

      *Your Email

      Phone Number

      Company

      *Subject

      *Your Message

        *Your Name

        *Your Email

        Phone Number

        Company

        *Subject

        *Your Message

          *Your Name

          *Your Email

          Phone Number

          Company

          *Subject

          *Your Message

            *Your Name

            *Your Email

            Phone Number

            Company

            *Subject

            *Your Message

              *Your Name

              *Your Email

              Phone Number

              Company

              *Subject

              *Your Message

                *Your Name

                *Your Email

                Phone Number

                Company

                *Subject

                *Your Message

                  *Your Name

                  *Your Email

                  Phone Number

                  Company

                  *Subject

                  *Your Message

                    *Your Name

                    *Your Email

                    Phone Number

                    Company

                    *Subject

                    *Your Message