Tuesday, July 6, 2010 | 12:37 p.m.
Sun Coverage
The vacancy rate in the commercial real estate market in Las Vegas continues to increase.
CB Richard Ellis reported the average retail vacancy rate increased slightly during the second quarter to 11.3 percent, up from 11.1 percent in the first quarter. Colliers International Las Vegas reported a 10.1 percent vacancy rate, up from 9.3 percent in the first quarter.
The office vacancy rate rose from 24.6 percent in the first quarter to 25.4 percent by the end of June, CB Richard Ellis reported. Colliers reported a 23.5 percent vacancy rate, which is up from 20.4 percent in the second quarter of 2009.
The industrial vacancy rate rose from 10.5 percent in the first quarter to 11 percent in the second quarter, CB Richard Ellis reported. Colliers reported a 15.4 percent vacancy rate, up from 15.1 percent in the first quarter.
“The rate of decline has started to slow but by no means are conditions improving,” said Brian Gordon, a principal with Applied Analysis. “The second half of 2010 will remain a challenge. There is no question that visitors and businesses are expected to remain cautious with their spending, and I don’t anticipate any significant job growth in the second half of 2010.”
Rents also continued to decline as landlord try to attract tenants.
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