CBRE

FIGURESILASVEGASINDUSTRIALIQ42025

absorptionofexcesssupply

v95%2.5MV1.2MV5.7MV$0.93NNN

DirectvacancyRateSFTotalNetAbsorptionSFconstructionDeliveredSFunderconstructionSF/MOAchievedLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

FIGURE1:HistoricalAbsorption,Deliveries,andvacancy

SUMMARY

TheLasvegasindustrialmarketclosedQ42025with2.5millionsq.ft.ofdirectpositivenet

absorption,markingastrongfinishtotheyear.Forthefullyear,directnetabsorptiontotaled5.1millionsq.ft,anincreaseofapproximately60%comparedto2024's3.2millionsq.ft.This

growthreflectssustainedtenantdemandandthesuccessfulbackfillingofpreviouslyvacant

space.Robustleasingactivityacrosstheregionhasbeenakeydriver,ascompaniescontinuetoexpandoperationsandcapitalizeonthemarket'sstrategiclocationandmodernindustrial

inventory.

vacancyimprovedquarter-over-quarter,droppingfrom10.2%inQ3to9.5%inQ42025,a

decreaseof70basispoints(bps).Thisdeclinesignalsthattheoversupplyseenearlierinthe

cycleisbeginningtobeabsorbed,aidedbystrongleasingmomentumandahealthypipelineoftenantcommitments.Althoughvacancyremainselevatedcomparedtohistoricalnorms,the

trendtowardstabilizationindicatesthemarketismovingtowardamorebalancedstate.

ongoingleasingmomentumandtheabsorptionofnewlydeliveredspeculativevacanciesshouldfurthersupportvacancycompressionheadinginto2026.

DirectNetAbsorptionmmDeliveriesDirectvacancyRate

source:CBREResearch,Q42025

FIGURES|LASVEGASINDUSTRIAL|Q42025

2CBRERESEARCH?2025CBRE,INC.

vacancy

Themarket'svacancyratedeclinedto9.5%inQ42025,markingthefirstdecreaseinmorethanthreeyears.Forcontext,thedirectvacancyratereachedahistoriclowof0.9%inQ22022.sincethatpoint,vacancyrateshadrisensteadilyeachquarter,drivenlargelybynewdeliveries

enteringthemarketwithoutimmediateoccupancy.Thisquarter'sdeclinesignalsashifttowardstabilizationasnewlydeliveredvacantspaceissecuringleases,particularlyinApexandNorthLasvegassubmarkets.

ExcludingtheApexsubmarket,whichremainsarelativelysmallbutsteadilygrowing

submarket,theHendersonsubmarketpostedthehighestdirectvacancyrateinQ42025at

11.5%,edgingpasttheNorthLasvegassubmarketat10.7%.Thesouthwestsubmarket,

historicallyknownforitstightavailability,sawdirectvacancyriseto5.9%,drivenbythelargestvolumeofmove-outsamongallsubmarkets.Thisincludedadeparturebyamajorgaming

equipmentandsoftwareprovider,whichvacatedmorethan100,000sq.ft.inthesouthwestInnovationcenter.Thesechangeshighlighthowvacancypressuresareemergingevenin

traditionallylow-vacancyareasasthemarketadjustsheadinginto2026.

NetAbsorption

TheLasvegasindustrialmarketposteditsstrongestquarterlynetabsorptionsinceQ42023,reachingnearly2.5millionsq.ft.anincreaseofalmost80%comparedtoQ32025.Thissurgeaccountedforalmosthalfoftheyear'stotalof5.1millionsq.ft.,underscoringareboundin

tenantdemandafterseveralquartersofmoderateactivity.Muchoftheabsorptioncamefrompreviouslyvacantspaceratherthannewdeliveries,signalingprogressinreducingexisting

inventory.onlyaboutone-fourthofthequarter'sactivitywasdrivenbypreleasing,highlightingashifttowardfillingstandingspaceratherthanwaitingforfutureprojects.Thisstandsinsharpcontrastto2021,whenrecordabsorptionof10.6millionsq.ft.waslargelyfueledbypreleasinginnewlydeliveredprojects

Earlierquarterssawsubduedabsorption,largelyduetonewlydeliveredprojectsenteringthe

marketwithouttenantsinplace.Thislagslowedoverallgrowthasdevelopersworkedthroughapipelineofspeculativeconstructionaheadofdemand.Therecentuptickinleasingsuggests

thisdynamicischanging,withmorevacantinventorynowbeingabsorbed.

FIGURE2:HistoricalDirectvacancyandTotalAvailability

FIGURE3:DirectNetAbsorptionandDirectGrossAbsorption

source:CBREResearch,Q42025

FIGURES|LASVEGASINDUSTRIAL|Q42025

3CBRERESEARCH?2025CBRE,INC.

construction

Q42025deliverednearly1.2millionsq.ft.ofindustrialspace,bringingtheannualtotalto6.2

millionsq.ft.Thismarksanotabledeclinefromtherecordsettingvolumesoftheprevioustwoyears,asdevelopersandlandlordsshifttheirfocustowardleasingexistingvacanciesand

stabilizingoccupancyratherthanaddingnewsupply.

keyQ42025speculativecompletionsincludedBuildings5and6atMountainwestIndustrialparkinthesouthwestsubmarket,totaling142,600sq.ft.,andBuildingsAthroughFatwarmspringscommercecenterintheHendersonsubmarket,totaling504,768sq.ft.Notably,two

warmspringsbuildingswerepreleased,totaling105,847sq.ft.andaccountingforover20%oftheproject.

Theindustrialmarketcurrentlyhas5.7millionsq.ft.ofspaceunderconstruction,with

developmentsplitnearlyevenlybetweenbuilt-to-suitprojectsandspeculativefacilities.withinthespeculativesegment,approximately13.6%isalreadypreleased,underscoringcontinued

tenantdemandaheadofdelivery.Ablendofbuild-to-suitandspeculativeprojectshighlightsconfidenceinthemarket'sgrowthoutlookanddemonstrateseffortstoservebothuniqueuserneedsandregionaldemand.

FIGURE4:significantDevelopmentsunderconstruction

propertyName

propertysize(SF)

Developer

submarket

peakDistributioncenter1-2

793,614

DHL

Apex

ArroyoBeltwaycommercenterv

436,485

MajesticRealty

southwest

southernGatewayatl-15A-c

420,000

overtonMooreproperties

Henderson

source:CBREResearch,Q42025

FIGURE5:constructioncompletionsbyQuarterandpreleaseRate

sq.Ft.(Millions)%

source:CBREResearch,Q42025

FIGURE7:YTDDeliveriesbysubmarket

FIGURE6:YTDDeliveriesbyproductType

source:CBREResearch,Q42025

source:CBREResearch,Q42025

FIGURES|LASVEGASINDUSTRIAL|Q42025

4CBRERESEARCH?2025CBRE,INC.

LeasingActivity

TheindustrialmarketrecordedasignificantincreaseinlargescaleleasingduringQ42025.

Afternearlytwoyearsofinactivity,theApexsubmarket,previouslyquietsince2023,

experiencedamajorresurgence.Aglobalshippingcompanyfinalizedtwotransactionstotalingmorethan1.2millionsq.ft.there,markingoneofthemostsignificantleasingeventsinthe

regionandreinforcingApexsubmarket'spositionasastrategichubforlogisticsand

distribution.Despiteitscurrent40.4%vacancyrate,thisactivitysignalsstrongabsorptionpotentialandpositionsthesubmarketforcontinuedgrowth

TheNorthLasvegassubmarketledthemarket,accountingforabout40%ofQ42025leasingactivity.Thisvolumewasdrivenbyseveralmajortransactions,includinganinternationale-

commercecompanythatleased336,000sq.ft.,alongwith309,159sq.ft.leasedbyamajor

commercialvehiclemanufacturer.Thesouthwestsubmarketsawsolidleasingactivity,

accountingforroughly16%oftheoverallvolumeandledbya92,073-sq.-ft.leasebyaneventcompanyat3131polarisAvenue.AlthoughaveragedealsizesweresmallerthanthoseintheApexandNorthLasvegassubmarkets,thesouthwestsubmarket'sperformancereflectsitscontinuedappealformid-sizedusers.

salesActivity

Q42025salesvolumereachedapproximately$228.6million,representingonlya5.1%decline

fromQ32025.Despitetheslightquarter-over-quarterdip,thisstrongfinishbroughttheyear-

endtotaltoabout$1.2billion,underscoringcontinuedinvestmentactivityintheindustrial

marketevenamidshiftingeconomicconditions.ThelargesttransactionofQ42025wasthesaleofBuilding2atvantageNorth,a583,320-sq.-ft.facility,whichclosedat$96.8million.This

singledealaccountedforroughly44%ofthequarter'stotalsalesvolume.Thepropertywasacquiredbyitscurrentoccupant,anationalthirdpartylogisticsprovider,inausersale,

reflectingastrategicmovetowardownershipandlong-termoperationalcontrol.

salesin2026areexpectedtoaccelerate,likelysurpassing2025volumes,asfundamentals

strengthenandinvestorinterestgrows.Reducednewdevelopmentshouldsupportleasing

momentumandboosttransactionactivity,whileusersalesareanticipatedtoremainsteadyasoccupierspursueownershipforlong-termstability.

FIGURE8:Q32025NotableLeaseTransactions

TenantName

Leasesize

(SF)

propertyName

TransactionType

submarket

DaimlerTrucksNorthAmerica

309,159

prologisl15speedway

NewLease

NorthLasvegas

LGExpress

105,624

TropicalspeedwayDistributioncenter

NewLease

NorthLasvegas

chadwellsupplyNevada

102,960

windsorcommercialpark

NewLease

NorthLasvegas

FAAcdbaMilo

84,825

Tropical&shatz

NewLease

NorthLasvegas

source:CBREResearch,Q42025

FIGURE9:Q32025NotablesaleTransactions

BuildingName

Address

submarket

salesize

(SF)

saleprice($)

vantageNorth2

8650LogisticsDrive

Apex

583,320

$96.8M

4335Arcataway

4335Arcataway

NorthLasvegas

219,068

$30.7M

capRockpoint@cheyenne

3921EcheyenneAvenue

NorthLasvegas

101,332

$21.OM

TecoIndustrialcenter

7760WTecoAvenue

southwest

43,330

$11.8M

source:CBREResearch,Q42025

FIGURES|LASVEGASINDUSTRIAL|Q42025

5CBRERESEARCH?2025CBRE,INC.

Marketstatisticsbysubmarket

NetRentableArea

(SF)

DirectvacancyRateTotalAvailabilityRate

(%)(%)

TotalsubleaseAvailability

(SF)

Avg.DirectAchievedRate

($/SF/MONNN)

QTDDirectNetAbsorptionYTDDirectNetAbsorption

(SF)(SF)

14,938,451

4.4

134

117,840

31,801

Apex

40.4

1,209,814

1,209,814

central

4.6

(33,009)

16,928

Henderson

12,9

133,003

57,474

249,216

NorthLasvegas

79,303,543

14.2

827,978

1,124,548

357,107

350,289

southwest

49,522,722

5.9

8.4

(20,327)

298,630

1,033,002

Total

183,215,229

9。5

12。4

2,456,340

1,160,505

5,687,926

MarketstatisticsbypropertyType

NetRentableArea

(SF)

DirectvacancyRateTotalAvailabilityRate

(%)(%)

TotalsubleaseAvailability

(SF)

Avg.DirectAchievedRate

($/SF/MONNN)

QTDDirectNetAbsorptionYTDDirectNetAbsorption

(SF)(SF)

Deliveries

(SF)

underconstruction

(SF)

44,880,448

17.5

586,193

0.84

1,854,973

2,866,098

1,143,903

Flex/Incubator

22,487,212

1.32

(103,436)

(105,470)

254,120

LightDistribution

41,108,916

0.95

276,884

1,487,926

658,000

Midbay

27,225,173

1.12

328,616

385,613

525,702

specialpurpose

13,268,958

99,255

1.22

82,006

(19,941)

2,746,203

single-Tenant

34,244,522

5.5

1.43

17,297

469,259

359,998

Total

183,215,229

124

0.93

2,456,340

5,083,485

1,160,505

5,687,926

FIGURES|LASVEGASINDUSTRIAL|Q42025

MarketAreaoverview

CBREoffice

Lasvegas

8548RozitaLeeAvenue,suite200

Lasvegas,NV89113www.cbre.com/lasvegas

surveycriteria

TheLasvegasindustrialdatasetincludesallindustrialandflexbuildingsintheLasvegasmetroarea,excludingdatacenters.Buildingsthathavebegunconstructionareevidencedbysiteexcavationorfoundationwork.

to-datemarketinformation.

Methodology

positiveabsorptionisbasedonthedatetheleaseissigned.Averageachievedleaseratesarecalculatedusingweightedaveragebasedonthesq,ft.oftheexecutedlease.Averageaskingleaseratesarecalculatedusingweightedaverageofaskingleaserates

ft.ageofleases

signedduringadesignatedtimeperiod.

contacts

cassiecatania-HSU

ManagingDirector

/p>

cassie.cataniahsu