Southwest Las Vegas remains one of the region's most dynamic industrial submarkets, particularly in the size range of a projected ±30,000 SF building. While broader vacancy has been influenced by recent large-format deliveries, the segment most relevant to this site remains tight, with specialized industrial vacancy at just 1.7% and flex space vacancy at 7.3%.
Market fundamentals continue to support upward pressure on rents, with future stabilized rents for small-bay product anticipated in the range of $1.50 to $1.70/SF NNN.
Sales activity further reinforces demand for this product type. Over the past 12 months, 58 comparable sales averaged approximately 27,272 SF at $275/SF, with newer small-bay buildings trading from roughly $285/SF to $336/SF.
Overall, the data indicates a favorable environment for development, with limited competing supply, strong user demand, and continued pricing strength for stabilized small-building industrial assets.
Bill Lenhart
Sunbelt Development & Realty Partners, LLC
