Colliers International Las Vegas represented the buyer, B & C Properties, on a $11,400,000 industrial building sales transaction. The property is located at 5030-5040 Sobb Avenue in Las Vegas, NV. The Doherty Industrial Group: Dan Doherty, Paul Sweetland, Chris Lane, and and Jerry Doty from Colliers represented the buyer.
Record Demand for Southern Nevada Industrial Space
According to Colliers Las Vegas 2021 Q4 Industrial Report, Southern Nevada’s industrial market had record demand in 2021. Last year’s net absorption was 11.6 million square feet. And 2021 Q4’s vacancy was 2.3%, the lowest industrial vacancy rate in Southern Nevada history. Overall asking rental rates for industrial space was $0.82 per square foot on a triple net basis.
The North Las Vegas submarket had the Valley’s highest net absorption in 2021, at 8.3 million square feet, followed by Southwest at 1.2 million square feet and West Henderson at 362,089 square feet.
Due to a massive amount of institutional capital investing in industrial real estate and high demand of warehouse space to support the accelerated growth of online retail during the pandemic, cap rate depression continues on industrial properties. Demand overpassed supply causes rental rate and sales price of industrial real estate keep increasing.