PATRICK COMMERCE CENTER
Las Vegas, NV
The property is located in the Airport submarket of Las Vegas. This submarket tends to be favored by a combination of distribution and service tenants. Distribution tenants such as UPS, FedEx, CEVA, and Masco enjoy the area’s central location and proximity to the Airport and I-15 freeway. Service tenants enjoy the proximity to the Las Vegas strip, the 117 acres Town Square retail development, and deep/affordable labor pool.
The area is dominated by eight competitive properties totaling 3.6 million sq ft. These properties are currently 79% occupied and have been gaining absorption as the market recovers. Five of these properties have a basis too high to effectively spend leasing capital. Two properties (Huges Airport Cener I and Airport Commerce Center) have traded within the last two years at $87 psf and $77 psf.
15 million sq. ft. submarket
16.5% vacancy rate
89,000 sq. ft. of positive net absorption YTD (0.5%)
Rents have seen a modest increase
LAS VEGAS INDUSTRIAL MARKET
106 million sq. ft.
16.2% vacancy rate
1.6 million sq. ft. of positive net absorption YTD (1.5%)
Vacancy is decreasing steadily
Rents appear to be increasing