Las Vegas, NV industrial market
The Las Vegas industrial market is working through the tail end of a supply-driven correction, with vacancy at roughly 11.4% in Q1 2026 but absorption trending positive at 5.1 million SF in 2025. Sale prices show a wide spread, from about $152/SF for large institutional big-box product up to $290/SF for smaller Class A infill assets, with the Southwest submarket commanding a clear premium. Asking rents have stabilized around $14 to $16 NNN annually, and most well-priced industrial product is clearing with little to no concession. The spec construction pipeline has effectively paused, which should support gradual absorption of standing vacancy through the rest of 2026.
What's driving Industrial prices in Las Vegas
Industrial sale prices in Las Vegas have bifurcated over the past 24 months: small-bay infill assets in the Southwest submarket have held or edged higher ($250-$300/SF range), while large-format distribution properties have seen price compression to $140-$165/SF as buyer discovery works through elevated vacancy.
- Vacancy rose from sub-5% lows to 11.4% in Q1 2026 due to 2023-2025 supply wave, compressing values on large-bay product
- Spec groundbreakings paused broadly across the market, reducing near-term pipeline and supporting rent stability
- Sublease shadow supply reached 2.6 million SF, creating direct competition with landlords for mid-size tenants
- Small-bay infill product under 25,000 SF in Southwest Las Vegas remains scarce and trades at a 60% premium to the broader valley
Market intelligence
Tracking this market · 7 comps · 12-month median $162/SF · latest deal Feb 2026.
This quarter: 0 comps added to our corpus in Q3 2026. Trend medians use closed-deal dates from our growing comp corpus; automated estimates, not an appraisal.
Where these comps are
Pins are geocoded from each comp's public address, so positions are approximate. Comps quoted at the submarket level aren't pinned. The outlined area is Las Vegas's municipal boundary. It carries no colour because this market has no current momentum read.
Recent Industrial comps in Las Vegas, NV
| Address | Date | Type | Size (SF) | Price / Rate | $/SF |
|---|---|---|---|---|---|
| 4550 Nexus Way, North Las Vegas, NV 89081 news | Feb 2026 | Sale | 813120 | $124,000,000 | $152.50 |
| 6950 Miller Lane, Las Vegas, NV news | Feb 2026 | Sale | 75900 | $22,000,000 | $290 |
| 3020 S Valley View Blvd, Las Vegas, NV 89102 news | Q1 2026 | Sale | 28400 | $4,601,000 | $162 |
| Southwest Submarket Class A Facility (undisclosed address), Las Vegas, NV news | May 2025 | Sale | 83280 | $24,151,200 | $290 |
| 3837 Bay Lake Trail / 3717 Bay Lake Trail / 3200 E Gowan Road, North Las Vegas, NV news | Jun 2025 | Sale | 1046211 | ||
| 3670 W Oquendo Road, Las Vegas, NV 89118 news | 2025 | Sale | 28420 | $7,875,000 | $277 |
| 5325 S Valley View Blvd, Las Vegas, NV 89118 listing | 2025 | Lease | 31144 | $12.00/SF/yr NNN | $12.00/SF/yr NNN |
| Median of 5 recent sales · $277/SF | $277 | ||||
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Figures are automated estimates derived from public listings, records, and brokerage announcements for Las Vegas, NV, not an appraisal or a broker opinion of value. Verify independently before relying on them. CompNinja connects owners with licensed local brokers; it is not a brokerage.