Research – NAI Excel Commercial Real Estate https://excelcres.com Commercial Real Estate Las Vegas Nevada, St. George Utah, San Antonio Texas, Salt Lake City Utah Tue, 28 Apr 2026 22:30:48 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://excelcres.com/wp-content/uploads/2015/11/cropped-NAI_square-32x32.png Research – NAI Excel Commercial Real Estate https://excelcres.com 32 32 Q1 2026 Industrial Tenant Perspective https://excelcres.com/research/q1-2026-industrial-tenant-perspective/ Tue, 28 Apr 2026 22:21:55 +0000 https://excelcres.com/?p=810697
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Eric Larkin real estate headshot

Eric Larkin, MBA, CCIM, SIOR

Mr. Larkin joined NAI Vegas in 2013 with 7 years of experience coming from a regional brokerage firm specializing in representing institution landlords, REITs, insurance companies, lenders, receivers, and developers. Mr. Larkin’s extensive knowledge and understanding of investment analysis, property valuations, and lease negotiations has resulted in the completion of over 100 million dollars in transactions including leases, REO and distressed debt sales, trustee sales, and short sales.

Michael Kenny - commercial real estate agent

Michael Kenny, SIOR

Michael is well versed in Real Estate and brings a unique background of finance and civil construction to his clients along with proven results and an unrivaled level of service. He works diligently with his clients to identify every opportunity, add value, and continually cultivates each relationship to help achieve their goals.

Leslie Houston, SIOR

Leslie Houston joined NAI in 2018 after seven years of experience with a third party commercial real estate database, formerly known as one of the Top 2 commercial real estate information providers.  Leslie came to Vegas with an extensive real estate network from coast to coast.  She possesses a very unique subset of skills which includes all property types, all listing types, analytics, and research.  Coaching, supervision, and customer service have been major components throughout Leslie’s career and are proving to directly relate to her new role within the Larkin Industrial Group.

Seth Wright

Seth joined NAI Excel in 2024 after graduating from UNLV’s Lee Business School with a Bachelor of Science in Business Administration and an emphasis in Real Estate. He joined NAI Excel as part of the Larkin Industrial Group where he will help support the team in providing top-level advisory services to industrial occupiers throughout Southern Nevada.

Seth maintains strong roots to Orange County, CA where he was raised and has family. Outside of work, Seth enjoys fitness and exploring the outdoors.

About NAI Excel

NAI Excel is a leading provider of commercial Real Estate Services in the US. Operating in Utah, Nevada, Texas, and Idaho, they are part of the NAI Global network covering nearly every major market nationally and across the globe. NAI Excel is a subsidiary of Brokers Holdings, LLC. Headquartered in St George, UT since 1982, Brokers Holdings owns and operates both residential and commercial brokerages. With over 800 agents and staff, Brokers Holdings closes over 5,500 transactions worth more than $2 billion in value each year and manages over $1 billion in assets.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

View Market Research
View Available Properties
Our Team
]]> Q4 2025 Industrial Tenant Perspective https://excelcres.com/research/q4-2025-industrial-tenant-perspective/ Mon, 02 Feb 2026 21:52:28 +0000 https://excelcres.com/?p=801110
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Eric Larkin real estate headshot

Eric Larkin, MBA, CCIM, SIOR

Mr. Larkin joined NAI Vegas in 2013 with 7 years of experience coming from a regional brokerage firm specializing in representing institution landlords, REITs, insurance companies, lenders, receivers, and developers. Mr. Larkin’s extensive knowledge and understanding of investment analysis, property valuations, and lease negotiations has resulted in the completion of over 100 million dollars in transactions including leases, REO and distressed debt sales, trustee sales, and short sales.

Michael Kenny - commercial real estate agent

Michael Kenny, SIOR

Michael is well versed in Real Estate and brings a unique background of finance and civil construction to his clients along with proven results and an unrivaled level of service. He works diligently with his clients to identify every opportunity, add value, and continually cultivates each relationship to help achieve their goals.

Leslie Houston, SIOR

Leslie Houston joined NAI in 2018 after seven years of experience with a third party commercial real estate database, formerly known as one of the Top 2 commercial real estate information providers.  Leslie came to Vegas with an extensive real estate network from coast to coast.  She possesses a very unique subset of skills which includes all property types, all listing types, analytics, and research.  Coaching, supervision, and customer service have been major components throughout Leslie’s career and are proving to directly relate to her new role within the Larkin Industrial Group.

Seth Wright

Seth joined NAI Excel in 2024 after graduating from UNLV’s Lee Business School with a Bachelor of Science in Business Administration and an emphasis in Real Estate. He joined NAI Excel as part of the Larkin Industrial Group where he will help support the team in providing top-level advisory services to industrial occupiers throughout Southern Nevada.

Seth maintains strong roots to Orange County, CA where he was raised and has family. Outside of work, Seth enjoys fitness and exploring the outdoors.

About NAI Excel

NAI Excel is a leading provider of commercial Real Estate Services in the US. Operating in Utah, Nevada, Texas, and Idaho, they are part of the NAI Global network covering nearly every major market nationally and across the globe. NAI Excel is a subsidiary of Brokers Holdings, LLC. Headquartered in St George, UT since 1982, Brokers Holdings owns and operates both residential and commercial brokerages. With over 800 agents and staff, Brokers Holdings closes over 5,500 transactions worth more than $2 billion in value each year and manages over $1 billion in assets.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

View Market Research
View Available Properties
Our Team
]]> Q3 2025 Industrial Tenant Perspective https://excelcres.com/research/q3-2025-industrial-tenant-perspective/ Fri, 31 Oct 2025 20:25:40 +0000 https://excelcres.com/?p=789695
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Eric Larkin real estate headshot

Eric Larkin, MBA, CCIM, SIOR

Mr. Larkin joined NAI Vegas in 2013 with 7 years of experience coming from a regional brokerage firm specializing in representing institution landlords, REITs, insurance companies, lenders, receivers, and developers. Mr. Larkin’s extensive knowledge and understanding of investment analysis, property valuations, and lease negotiations has resulted in the completion of over 100 million dollars in transactions including leases, REO and distressed debt sales, trustee sales, and short sales.

Michael Kenny - commercial real estate agent

Michael Kenny, SIOR

Michael is well versed in Real Estate and brings a unique background of finance and civil construction to his clients along with proven results and an unrivaled level of service. He works diligently with his clients to identify every opportunity, add value, and continually cultivates each relationship to help achieve their goals.

Leslie Houston, SIOR

Leslie Houston joined NAI in 2018 after seven years of experience with a third party commercial real estate database, formerly known as one of the Top 2 commercial real estate information providers.  Leslie came to Vegas with an extensive real estate network from coast to coast.  She possesses a very unique subset of skills which includes all property types, all listing types, analytics, and research.  Coaching, supervision, and customer service have been major components throughout Leslie’s career and are proving to directly relate to her new role within the Larkin Industrial Group.

Seth Wright

Seth joined NAI Excel in 2024 after graduating from UNLV’s Lee Business School with a Bachelor of Science in Business Administration and an emphasis in Real Estate. He joined NAI Excel as part of the Larkin Industrial Group where he will help support the team in providing top-level advisory services to industrial occupiers throughout Southern Nevada.

Seth maintains strong roots to Orange County, CA where he was raised and has family. Outside of work, Seth enjoys fitness and exploring the outdoors.

About NAI Excel

NAI Excel is a leading provider of commercial Real Estate Services in the US. Operating in Utah, Nevada, Texas, and Idaho, they are part of the NAI Global network covering nearly every major market nationally and across the globe. NAI Excel is a subsidiary of Brokers Holdings, LLC. Headquartered in St George, UT since 1982, Brokers Holdings owns and operates both residential and commercial brokerages. With over 800 agents and staff, Brokers Holdings closes over 5,500 transactions worth more than $2 billion in value each year and manages over $1 billion in assets.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

View Market Research
View Available Properties
Our Team
]]> Q2 2025 Industrial Tenant Perspective https://excelcres.com/research/q2-2025-industrial-tenant-perspective-2/ Thu, 31 Jul 2025 21:35:27 +0000 https://excelcres.com/?p=768719
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Eric Larkin real estate headshot

Eric Larkin

Mr. Larkin joined NAI Vegas in 2013 with 7 years of experience coming from a regional brokerage firm specializing in representing institution landlords, REITs, insurance companies, lenders, receivers, and developers. Mr. Larkin’s extensive knowledge and understanding of investment analysis, property valuations, and lease negotiations has resulted in the completion of over 100 million dollars in transactions including leases, REO and distressed debt sales, trustee sales, and short sales.

Michael Kenny - commercial real estate agent

Michael Kenny

Michael is well versed in Real Estate and brings a unique background of finance and civil construction to his clients along with proven results and an unrivaled level of service. He works diligently with his clients to identify every opportunity, add value, and continually cultivates each relationship to help achieve their goals.

Leslie Houston - Commercial real estate agent in Las Vegas

Leslie Houston

Leslie Houston joined NAI in 2018 after seven years of experience with a third party commercial real estate database, formerly known as one of the Top 2 commercial real estate information providers.  Leslie came to Vegas with an extensive real estate network from coast to coast.  She possesses a very unique subset of skills which includes all property types, all listing types, analytics, and research.  Coaching, supervision, and customer service have been major components throughout Leslie’s career and are proving to directly relate to her new role within the Larkin Industrial Group.

Zach M. McClenahan

Zach is a Las Vegas native ad second-generation Commercial Real Estate professional. He joined the Larkin Industrial Group in 2021 while completing his bachelor’s degree in finance at the University of Nevada, Las Vegas. Zach has played competitive hockey in Tier-1 Elite Leagues and is just as competitive on the golf course. When not utilizing his attention to detail towards studies or Industrial Real Estate brokerage support, he often serves for local volunteer organizations such as Three Square.

Seth Wright

Seth joined NAI Excel in 2024 after graduating from UNLV’s Lee Business School with a Bachelor of Science in Business Administration and an emphasis in Real Estate. He joined NAI Excel as part of the Larkin Industrial Group where he will help support the team in providing top-level advisory services to industrial occupiers throughout Southern Nevada.

Seth maintains strong roots to Orange County, CA where he was raised and has family. Outside of work, Seth enjoys fitness and exploring the outdoors.

About NAI Excel

NAI Excel is a leading provider of commercial Real Estate Services in the US. Operating in Utah, Nevada, Texas, and Idaho, they are part of the NAI Global network covering nearly every major market nationally and across the globe. NAI Excel is a subsidiary of Brokers Holdings, LLC. Headquartered in St George, UT since 1982, Brokers Holdings owns and operates both residential and commercial brokerages. With over 800 agents and staff, Brokers Holdings closes over 5,500 transactions worth more than $2 billion in value each year and manages over $1 billion in assets.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

View Market Research
View Available Properties
Our Team
]]> Q1 2025 Industrial Tenant Perspective https://excelcres.com/research/q1-2025-industrial-tenant-perspective/ Fri, 02 May 2025 18:33:34 +0000 https://excelcres.com/?p=762820
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Eric Larkin real estate headshot

Eric Larkin

Mr. Larkin joined NAI Vegas in 2013 with 7 years of experience coming from a regional brokerage firm specializing in representing institution landlords, REITs, insurance companies, lenders, receivers, and developers. Mr. Larkin’s extensive knowledge and understanding of investment analysis, property valuations, and lease negotiations has resulted in the completion of over 100 million dollars in transactions including leases, REO and distressed debt sales, trustee sales, and short sales.

Michael Kenny - commercial real estate agent

Michael Kenny

Michael is well versed in Real Estate and brings a unique background of finance and civil construction to his clients along with proven results and an unrivaled level of service. He works diligently with his clients to identify every opportunity, add value, and continually cultivates each relationship to help achieve their goals.

Leslie Houston - Commercial real estate agent in Las Vegas

Leslie Houston

Leslie Houston joined NAI in 2018 after seven years of experience with a third party commercial real estate database, formerly known as one of the Top 2 commercial real estate information providers.  Leslie came to Vegas with an extensive real estate network from coast to coast.  She possesses a very unique subset of skills which includes all property types, all listing types, analytics, and research.  Coaching, supervision, and customer service have been major components throughout Leslie’s career and are proving to directly relate to her new role within the Larkin Industrial Group.

Zach M. McClenahan

Zach is a Las Vegas native ad second-generation Commercial Real Estate professional. He joined the Larkin Industrial Group in 2021 while completing his bachelor’s degree in finance at the University of Nevada, Las Vegas. Zach has played competitive hockey in Tier-1 Elite Leagues and is just as competitive on the golf course. When not utilizing his attention to detail towards studies or Industrial Real Estate brokerage support, he often serves for local volunteer organizations such as Three Square.

Seth Wright

Seth joined NAI Excel in 2024 after graduating from UNLV’s Lee Business School with a Bachelor of Science in Business Administration and an emphasis in Real Estate. He joined NAI Excel as part of the Larkin Industrial Group where he will help support the team in providing top-level advisory services to industrial occupiers throughout Southern Nevada.

Seth maintains strong roots to Orange County, CA where he was raised and has family. Outside of work, Seth enjoys fitness and exploring the outdoors.

About NAI Excel

NAI Excel is a leading provider of commercial Real Estate Services in the US. Operating in Utah, Nevada, Texas, and Idaho, they are part of the NAI Global network covering nearly every major market nationally and across the globe. NAI Excel is a subsidiary of Brokers Holdings, LLC. Headquartered in St George, UT since 1982, Brokers Holdings owns and operates both residential and commercial brokerages. With over 800 agents and staff, Brokers Holdings closes over 5,500 transactions worth more than $2 billion in value each year and manages over $1 billion in assets.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

View Market Research
View Available Properties
Our Team
]]> Q4 2024 Industrial Tenant Perspective https://excelcres.com/research/q4-2024-industrial-tenant-perspective/ Thu, 30 Jan 2025 20:01:10 +0000 https://excelcres.com/?p=757967
Download PDF
Eric Larkin real estate headshot

Eric Larkin

Mr. Larkin joined NAI Vegas in 2013 with 7 years of experience coming from a regional brokerage firm specializing in representing institution landlords, REITs, insurance companies, lenders, receivers, and developers. Mr. Larkin’s extensive knowledge and understanding of investment analysis, property valuations, and lease negotiations has resulted in the completion of over 100 million dollars in transactions including leases, REO and distressed debt sales, trustee sales, and short sales.

Michael Kenny - commercial real estate agent

Michael Kenny

Michael is well versed in Real Estate and brings a unique background of finance and civil construction to his clients along with proven results and an unrivaled level of service. He works diligently with his clients to identify every opportunity, add value, and continually cultivates each relationship to help achieve their goals.

Leslie Houston - Commercial real estate agent in Las Vegas

Leslie Houston

Leslie Houston joined NAI in 2018 after seven years of experience with a third party commercial real estate database, formerly known as one of the Top 2 commercial real estate information providers.  Leslie came to Vegas with an extensive real estate network from coast to coast.  She possesses a very unique subset of skills which includes all property types, all listing types, analytics, and research.  Coaching, supervision, and customer service have been major components throughout Leslie’s career and are proving to directly relate to her new role within the Larkin Industrial Group.

Zach M. McClenahan

Zach is a Las Vegas native ad second-generation Commercial Real Estate professional. He joined the Larkin Industrial Group in 2021 while completing his bachelor’s degree in finance at the University of Nevada, Las Vegas. Zach has played competitive hockey in Tier-1 Elite Leagues and is just as competitive on the golf course. When not utilizing his attention to detail towards studies or Industrial Real Estate brokerage support, he often serves for local volunteer organizations such as Three Square.

Seth Wright

Seth joined NAI Excel in 2024 after graduating from UNLV’s Lee Business School with a Bachelor of Science in Business Administration and an emphasis in Real Estate. He joined NAI Excel as part of the Larkin Industrial Group where he will help support the team in providing top-level advisory services to industrial occupiers throughout Southern Nevada.

Seth maintains strong roots to Orange County, CA where he was raised and has family. Outside of work, Seth enjoys fitness and exploring the outdoors.

About NAI Excel

NAI Excel is a leading provider of commercial Real Estate Services in the US. Operating in Utah, Nevada, Texas, and Idaho, they are part of the NAI Global network covering nearly every major market nationally and across the globe. NAI Excel is a subsidiary of Brokers Holdings, LLC. Headquartered in St George, UT since 1982, Brokers Holdings owns and operates both residential and commercial brokerages. With over 800 agents and staff, Brokers Holdings closes over 5,500 transactions worth more than $2 billion in value each year and manages over $1 billion in assets.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

View Market Research
View Available Properties
Our Team
]]> Q3 2024 Industrial Tenant Perspective https://excelcres.com/research/q3-2024-industrial-tenant-perspective/ Fri, 01 Nov 2024 22:06:31 +0000 https://excelcres.com/?p=739691

Q3 2024 Comments

As we roll into the fourth quarter, the industrial real estate market in Las Vegas is like a seasoned poker player—calm, collected, and not in a rush to make bold moves. While the strip sizzles with tourist traffic, the industrial sector shows poise as tenant activity in the 50,000 to 150,000 square-foot range is steady against the backdrop of 20+ options in the North Las Vegas submarket. It’s a quiet methodical game, with landlords opting to throw in concessions

like tenant improvement allowances and free rent rather than lower rates. You could say the market’s holding its cards, waiting for the river card, with no one folding yet. Rental rates are steady, and vacancies have ticked up to 8.6%, which hardly causes alarm. All is healthy around the valley, apart from the North Las Vegas distribution challenges. This isn’t a market looking for a hot streak—just keeping pace as expected.

Submarket Standing Inventory Under Construction Under Construction Available Under Construction Pre-Leased Planned
North 6,619,673 10,922,893 8,697,481 2,225,412 14,881,414
Southwest 66,000 3,231,291 2,513,071 718,220 1,867,000
Henderson 569,300 6,909,210 6,909,210 0 2,152,400
Airport 37,500 32,000 32,000 0 43,299
TOTAL 7,292,473 21,095,394 18,151,762 2,943,632 18,944,113

Construction.

For the past three months, the numbers are consistent in the Las Vegas industrial market—no significant changes, no surprises. But the real buzz is around the progress made on 21 million square feet of construction, steadily pushing towards completion. It’s like watching a poker game where the pot keeps growing, and everyone’s waiting to

see who makes the next move. In the next 6 to 9 months, we could see the standing inventory number skyrocket, adding a massive stack of space to the market. All eyes are on the table as the pot grows, with everyone waiting to see how the cards fall in this high-stakes development and leasing game.

Map of submarkets in the Las Vegas Area

Henderson — Rental Rates | ±50,000 SF – $1.10-$1.12 | ±150,000 SF – $1.05-$1.10 Sale Comp: August 20th, 2024—Ares Real Estate Fund purchases AirParc Heights Industrial Park, a fully stabilized six-building mid-bay Class A park spanning 339,214 SF—$232/SF. Address: 3235 Sunridge Heights Pkwy.

Submarkets.

North Las Vegas — Rental Rates | ±50,000 SF – $0.95-$1.05 | ±150,000 SF – $0.88-$0.95 Sale Comp: August 22nd, 2024—CNC Cabinetry pays $185/SF for recently completed turn-key 89,284 SF distribution facility with 3,500 SF office. Address: 2770 N. Lamb Blvd | Sale Comp: September 19th, 2024 — Theming & Millwork Concepts buys 3470 John Peter St, a 23,579 SF building, for $219/SF. Address: 3470 John Peter Lee St.

Southwest — Rental Rates | ±50,000 SF – $1.15-$1.30 | ±150,000 SF – $1.05 – $1.15 Sale Comp: August 23rd, 2024— Investor bought a fully occupied twotenant 35,446 SF industrial building for $291/SF at 5.5% cap. Address: 6260 W. Pebble Rd | Sale Comp: July 15th, 2024 — High image dock-high building sells to an Owner User (Stickers Banners) for $339/SF sets market high. Address: 7485 W. Badura Ave.

Airport — Rental Rates | ±50,000 SF – $1.15-$1.30 | ±150,000 SF – $1.05-$1.15 Sale Comp: August 2nd, 2024—Marx Digital Manufacturing buys a high-image 19,707 SF building with small yard for $284/SF. Address: 1850 E. Maule Ave.

Download PDF
Eric Larkin real estate headshot

Eric Larkin

Mr. Larkin joined NAI Vegas in 2013 with 7 years of experience coming from a regional brokerage firm specializing in representing institution landlords, REITs, insurance companies, lenders, receivers, and developers. Mr. Larkin’s extensive knowledge and understanding of investment analysis, property valuations, and lease negotiations has resulted in the completion of over 100 million dollars in transactions including leases, REO and distressed debt sales, trustee sales, and short sales.

Michael Kenny - commercial real estate agent

Michael Kenny

Michael is well versed in Real Estate and brings a unique background of finance and civil construction to his clients along with proven results and an unrivaled level of service. He works diligently with his clients to identify every opportunity, add value, and continually cultivates each relationship to help achieve their goals.

Leslie Houston - Commercial real estate agent in Las Vegas

Leslie Houston

Leslie Houston joined NAI in 2018 after seven years of experience with a third party commercial real estate database, formerly known as one of the Top 2 commercial real estate information providers.  Leslie came to Vegas with an extensive real estate network from coast to coast.  She possesses a very unique subset of skills which includes all property types, all listing types, analytics, and research.  Coaching, supervision, and customer service have been major components throughout Leslie’s career and are proving to directly relate to her new role within the Larkin Industrial Group.

Zach M. McClenahan

Zach is a Las Vegas native ad second-generation Commercial Real Estate professional. He joined the Larkin Industrial Group in 2021 while completing his bachelor’s degree in finance at the University of Nevada, Las Vegas. Zach has played competitive hockey in Tier-1 Elite Leagues and is just as competitive on the golf course. When not utilizing his attention to detail towards studies or Industrial Real Estate brokerage support, he often serves for local volunteer organizations such as Three Square.

Seth Wright

Seth joined NAI Excel in 2024 after graduating from UNLV’s Lee Business School with a Bachelor of Science in Business Administration and an emphasis in Real Estate. He joined NAI Excel as part of the Larkin Industrial Group where he will help support the team in providing top-level advisory services to industrial occupiers throughout Southern Nevada.

Seth maintains strong roots to Orange County, CA where he was raised and has family. Outside of work, Seth enjoys fitness and exploring the outdoors.

About NAI Excel

NAI Excel is a leading provider of commercial Real Estate Services in the US. Operating in Utah, Nevada, Texas, and Idaho, they are part of the NAI Global network covering nearly every major market nationally and across the globe. NAI Excel is a subsidiary of Brokers Holdings, LLC. Headquartered in St George, UT since 1982, Brokers Holdings owns and operates both residential and commercial brokerages. With over 800 agents and staff, Brokers Holdings closes over 5,500 transactions worth more than $2 billion in value each year and manages over $1 billion in assets.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

View Market Research
View Available Properties
Our Team
]]> Q2 2024 Industrial Tenant Perspective https://excelcres.com/research/q2-2024-industrial-tenant-perspective-2/ Mon, 05 Aug 2024 17:30:28 +0000 https://excelcres.com/?p=736355

Q2 2024 Comments

On July 7, Las Vegas broke its all-time temperature record, reaching 120°F at Harry Reid International Airport, surpassing the previous high of 117°F set in 1942. Amidst the heat, the industrial real estate market in Las Vegas has unfolded as anticipated this summer, with slowing demand and rising vacancies. Despite expectations for decreasing rental rates, they have remained relatively steady. Notably, North Las Vegas distribution rates have dropped to

the mid to high $0.80’s per square foot from a high of +/- $1.10 per square foot. Landlords increasingly secure deals through concessions such as tenant improvement allowances, early access, and abated rents, rather than lowering rates. Unlike the weather, no records have been set in the industrial real estate market, but the volume of concessions, including free rent, is nearing levels not seen since the financial crisis.

Submarket Standing Inventory Under Construction Under Construction Available Under Construction Pre-Leased Planned
North 6,742,506 10,811,893 9,170,841 1,641,052 14,992,414
Southwest 66,000 2,969,291 2,251,071 718,220 2,291,000
Henderson 569,300 5,522,166 5,489,410 32,756 3,572,200
Airport 37,500 32,000 32,000 0 43,299
TOTAL 7,415,306 19,335,350 16,943,322 2,392,028 20,898,913

Construction.

According to CoStar, industrial deliveries in Las Vegas are set to reach a record high in 2024, with 13 million SF slated for completion. This will expand the inventory by over 7%, surpassing the past five years’ 4% annual growth rate. Late- 2023 construction starts remained strong, with nearly 6 million SF breaking ground in the year’s second half. Nationally, construction starts have slowed below the three-year average during the same period. With over 17 million SF under construction in early 2024, vacancies may increase faster than the national average. The total space under construction represents 10% of existing

inventory in Las Vegas, compared to 2.2% nationally. Approximately 70% of the industrial space currently being built is available for lease, higher than the national rate of 55%. Projects of 400,000+ square feet face significant challenges, with leasing in this segment virtually nonexistent in the past year. About 17% of the inventory of properties 400,000 square feet or larger is available for lease, nearly double the national rate of 9.6%, making it one of the highest comparable rates in the U.S.

Map of submarkets in the Las Vegas Area

Henderson — Rental Rates | ±50,000 SF – $1.10-$1.12 | ±150,000 SF – $1.05-$1.10 Sale Comp: May 15th,2024 – T Brokers Tile bought 941 Empire Mesa Way., 6,869 SF building – $237/SF. | Sale Comp: May 23rd, 2024 – A private investor purchased 1735 Chaparral Rd., a 98,023 SF NNN leased investment for $284/SF – Pro Forma cap rate of 4.91%.

Submarkets.

North Las Vegas — Rental Rates | ±50,000 SF – $1.00-$1.10 | ±150,000 SF $0.90-$0.95 Sale Comp: May 8th, 2024— Panda Window & Doors expanded with a 41,309 SF building at 3865 N. Pecod Rd., for $237/SF. | Sale Comp: May 30th, 2024 —IOS fund purchased XPO truck terminal with a short lease for $38/SF.

Southwest — Rental Rates | ±50,000 SF – $1.15-$1.30 | ±150,000 SF – $1.05 – $1.15 Sale Comp: April 26th, 2024 – IOS fund acquired a 20- yr NNN lease on a 4.54-acre low-coverage property for $31/SF. | Sale Comp: May 2nd, 2024 —Freestanding 42,645 SF building, sold to a mechanical contractor user for $258/SF.

Airport — Rental Rates | ±50,000 SF – $1.15-$1.30 | ±150,000 SF – $1.05-$1.15 Sale Comp: June 24th, 2024—32,756 SF dock-high new build, sold to a construction user for $256/SF. The user unit is shell, and the for-lease unit is turn-key.

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Eric Larkin real estate headshot

Eric Larkin

Mr. Larkin joined NAI Vegas in 2013 with 7 years of experience coming from a regional brokerage firm specializing in representing institution landlords, REITs, insurance companies, lenders, receivers, and developers. Mr. Larkin’s extensive knowledge and understanding of investment analysis, property valuations, and lease negotiations has resulted in the completion of over 100 million dollars in transactions including leases, REO and distressed debt sales, trustee sales, and short sales.

Michael Kenny - commercial real estate agent

Michael Kenny

Michael is well versed in Real Estate and brings a unique background of finance and civil construction to his clients along with proven results and an unrivaled level of service. He works diligently with his clients to identify every opportunity, add value, and continually cultivates each relationship to help achieve their goals.

Leslie Houston - Commercial real estate agent in Las Vegas

Leslie Houston

Leslie Houston joined NAI in 2018 after seven years of experience with a third party commercial real estate database, formerly known as one of the Top 2 commercial real estate information providers.  Leslie came to Vegas with an extensive real estate network from coast to coast.  She possesses a very unique subset of skills which includes all property types, all listing types, analytics, and research.  Coaching, supervision, and customer service have been major components throughout Leslie’s career and are proving to directly relate to her new role within the Larkin Industrial Group.

Zach M. McClenahan

Zach is a Las Vegas native ad second-generation Commercial Real Estate professional. He joined the Larkin Industrial Group in 2021 while completing his bachelor’s degree in finance at the University of Nevada, Las Vegas. Zach has played competitive hockey in Tier-1 Elite Leagues and is just as competitive on the golf course. When not utilizing his attention to detail towards studies or Industrial Real Estate brokerage support, he often serves for local volunteer organizations such as Three Square.

About NAI Excel

NAI Excel is a leading provider of commercial Real Estate Services in the US. Operating in Utah, Nevada, Texas, and Idaho, they are part of the NAI Global network covering nearly every major market nationally and across the globe. NAI Excel is a subsidiary of Brokers Holdings, LLC. Headquartered in St George, UT since 1982, Brokers Holdings owns and operates both residential and commercial brokerages. With over 800 agents and staff, Brokers Holdings closes over 5,500 transactions worth more than $2 billion in value each year and manages over $1 billion in assets.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

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]]> Michael Albanese featured in Western Multifamily & Affordable Housing Business Magazine https://excelcres.com/articles/western-multifamily-affordable-housing-business-has-arrived/ Thu, 29 Jun 2023 22:15:49 +0000 https://excelcres.com/?p=409895

Michael Albanese featured in Western Multifamily & Affordable Housing Business Magazine

Click link below to read the article:

Check out the latest issue of Western Multifamily & Affordable Housing magazine featuring NAI Vegas’ Michael Albanese.  

About NAI Vegas and NAI Excel

NAI Excel and NAI Vegas are leading providers of Commercial Real Estate Services in the West. Operating as NAI Vegas in Nevada, and NAI Excel in Utah and Idaho, we are part of the NAI Global network covering nearly every major market nationally and across the globe. Serving both urban and rural markets, we leverage our resources to help you excel in your real estate goals. When you work with one of our team, you get the benefit of working with all of us.

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]]> Q1 Multifamily Snapshot https://excelcres.com/articles/q1-multi-family-snapshot/ Thu, 04 May 2023 16:53:27 +0000 https://excelcres.com/?p=366946

Q1 Multifamily Snapshot

About NAI Vegas and NAI Excel

NAI Excel and NAI Vegas are leading providers of Commercial Real Estate Services in the West. Operating as NAI Vegas in Nevada, and NAI Excel in Utah and Idaho, we are part of the NAI Global network covering nearly every major market nationally and across the globe. Serving both urban and rural markets, we leverage our resources to help you excel in your real estate goals. When you work with one of our team, you get the benefit of working with all of us.

View Market Research
View Available Properties
Our Team
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