The story of high demand and low supply continued within the Las Vegas Industrial real estate market in the second quarter of 2021. Supply chain challenges such as shortages in roofing materials have added pressure on the supply side while the reemergence of trade shows, conventions, and resort corridor-related industries have added to demand. Rental rates have increased in all submarkets, and acquisition demand from end-users and investors

has never been greater. According to CoStar, the year-to-date sales volume of $1.1 billion has already matched 2020, and is on pace to surpass the previous calendar year sales volume record of $1.9 billion from 2019. The third quarter will kick off with casino floors lively, conventions and rooms booked solid, plus Allegiant Stadium and T-Mobile Arena operating at full capacity. Vegas Baby!

Significant Q2 Transactions

Submarket Standing Inventory Under Construction Under Construction Available Under Construction Pre-Leased Planned
North 1,510,318 4,070,629 2,059,324 2,011,305 4,843,613
Southwest 125,862 1,527,497 1,145,627 381,870 729,132
Henderson 298,900 1,591,179 1,513,619 77,560 927,693
Airport 0 151,200 151,200 0 70,000
TOTAL 1,935,080 7,340,505 4,869,770 2,470,735 6,570,438


The total amount of newly planned industrial square feet in Southern Nevada increased 49% between the first and second quarter of 2021. However, one of the largest newly planned projects, VanTrust’s 4.5 million-square-foot development in Apex, isn’t expected to deliver its first phase until 2023. It is also the only newly planned industrial development in North Las Vegas, which will make the next 18 months very short on space up north. Planned construction

increased across the rest of the valley by 22%. Several much needed mid-bay projects surfaced in the central submarkets from developers such as Beedie, Harsch, BrassCap, and Niccola Wealth. Valley-wide, the number of square feet under construction remained consistent quarter over quarter. Supply chain issues are pushing construction timelines making an already dynamic market more unpredictable.

*Detailed Pipeline Report Available Upon Request

Map of Las Vegas

Southwest & Airport — Standing inventory decreased by 50% quarter over quarter, and preleasing activity increased by 35%. Several recent mid-bay project announcements increased the total amount of planned projects by 48%. Expect increased leasing activity on all projects as walls are tilted, and Resort corridor-driven businesses seek space as the pandemic slowdown wanes. Demand may be understated in the preleasing numbers as mid-bay users typically won’t commit to smaller units in advance.


North Las Vegas — Excluding VanTrust’s Apex project, newly planned development increased by only 1%. Projects under construction have robust preleasing activity. For instance, SunCap Property Group’s six-building ±730,000 square-foot project announced in the first quarter, SunPoint West, already has offers on all six buildings during site work. Standing inventory in North Las Vegas decreased by 85% quarter over quarter. The following 18 months will be exceptionally supply constrained in North Las Vegas.

Henderson — The 1.6 million square feet of industrial product under construction in Henderson is concentrated in the West Henderson submarket. Preleasing activity increased by 64% quarter over quarter as smaller units were delivered, with multiple tenants highly interested in the West Henderson submarket already waiting in the wings. Several projects with buildings and condo units available for sale are getting multiple offers at what could be record-setting prices, potentially elevating West Henderson to the most expensive submarket on the map.

Notable Transaction.

“GDB International trusts the Larkin Group at NAI Vegas with operational real estate direction, having completed several transactions with their representation. Our company is extremely excited about our most recent acquisition of 5420 E El Campo Grande Ave. in North Las Vegas. Eric & Mike found us the off-market purchase opportunity and led us through a unique sales process.”

– Sanjeev Bagaria, CEO | GBD International

GDB International, INC. Logo


GDB International, A multinational conglomerate of the paint industry that excels in providing sustainable solutions, sought a long-term real estate investment for their west coast operations. With specific functional needs plus attention to real estate investment returns, the combination was tricky.


GDB had worked with The Larkin Industrial Group in Las Vegas on a previous leasing assignment. NAI proved they had the market knowledge and local broker and landlord relationships to meet the challenge. The company tasked NAI to identify opportunities.


Through a local relationship with a reputable developer, NAI Vegas identified an off-market opportunity. GDB acquired a 42,556 SF facility in a growth submarket at an attractive price. The building met operational requirements, and the underwriting as a real estate investment exceeded expectations.

Commercial Real Estate Las Vegas Nevada

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty, or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction on the suitability of the property for your needs.

Download PDF

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

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

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.

Erik Sexton

Erik Sexton joined NAI Vegas in 2017 as a Senior Vice President and Industrial Specialist. He has more than 14 years experience in the leasing and sales of industrial and office spaces. During his real estate career, Mr. Sexton has represented a diverse segment of location and national companies that include Genesis Gaming, SME Steel, Ice Now, High Impact Signs, Next Century Rebar, JAMO Performance Exhaust, Chicago Exhibit Productions, Coca Cola, and 99 Cent Stores Only.. As a licensed agent, he has brokered more than 1.8 million square feet of commercial space totaling more than $179 million.

Bryan Houser

Bryan specializes in the representation of landlords and tenants in the leasing, acquisition, and disposition of Industrial and Office properties throughout Southern Nevada and the Southwestern U.S. He recently completed the NAIOP Developing Leaders program and attributes much of his success to his “client first” focus; ensuring that his clients’ needs are placed above all others and the outcomes are in their best interest. “I get satisfaction from providing a smooth successful transaction for my Landlord, Tenant and Investment clients, and in knowing they are satisfied with the outcome of the deal.”

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.

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 375 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 6,000 local market professionals, managing in excess of 1.15 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more, visit http://www.naiglobal.com