The 2025 NAIOP Southern Nevada Bus Tour, titled “Searching for The Golden Ticket,” will showcase the resilience and growth of the Las Vegas real estate market despite national economic uncertainties. This year’s virtual format continues the tradition of the NAIOP Bus Tour, which highlights emerging development projects across the Valley. The event aims to present opportunities that reflect the adaptability and strength of the local economy.
Las Vegas commercial real estate remains robust, driven by the city’s reputation as a premier destination for sports, entertainment, and business. A surge in new development projects indicates that the market is not only surviving but thriving. As various stakeholders, including developers, architects, and contractors, collaborate effectively, they are transforming possibilities into tangible progress, aiding in job creation and economic diversification.
Showcasing New Developments
This year, the Bus Tour Committee is excited to present **43 new industrial, office, and retail projects** that have either been completed or are currently under construction. The committee highlights the importance of showcasing these developments to NAIOP members, emphasizing the ongoing growth of the Las Vegas market.
NAIOP extends gratitude to its Board of Directors, the Bus Tour Committee, and all sponsors and advertisers for their contributions. The collaborative effort makes this event possible, celebrating the next chapter in southern Nevada’s development journey.
Mike Zaher from CBRE provided insights into the Northwest Submarket, which encompasses **5.7 million square feet** of office space. This area recorded a **12.8% direct vacancy rate** as of Q3 2025, indicating a slight improvement compared to the overall market. The average asking rent in this submarket is **$2.27 per square foot**, with Class A spaces commanding higher rates at **$2.93**. The ongoing demand for quality office space continues to push rent prices upward, reflecting a broader trend across the region.
Market Trends in Various Submarkets
The West Submarket, analyzed by Lilly Kossoff from JLL, boasts **over 7 million square feet** of office inventory. This area maintains a low vacancy rate of **8%**, primarily driven by a strong Class A segment. Recent developments, such as Howard Hughes Holdings’ three Class A office buildings in Downtown Summerlin, achieve a **96% occupancy rate**, underscoring the demand for high-quality office space.
In the Southwest Industrial Submarket, Kelsey Higgins from CBRE reported a strategic location that allows for significant industrial development. With a vacancy rate of **4.3%**, this area has seen **765,044 square feet** of product delivered, with an additional **1,384,504 square feet** expected by the end of 2025. The demand for industrial space is fueled by proximity to master-planned communities, making it an attractive area for business growth.
The West Henderson Industrial Submarket has emerged as a fast-growing area, with **7.1 million square feet** of space. As of Q2 2025, this submarket recorded a **14.9% vacancy rate**, influenced by two large vacant distribution buildings. However, with **2.86 million square feet** under construction, including a major project from Haas Automation set to deliver in early 2026, there is potential for recovery in this submarket.
East Henderson acts as a distribution hub with **18.5 million square feet** of existing industrial space. The vacancy rate here stands at **9.3%**, with a notable pipeline of new developments, including the **504,983 square feet** Warm Springs Commerce Center expected to complete in Q3 2025.
The Henderson office market, represented by Megan McInerney from Colliers, remains steady, with **5.6 million square feet** across **281 buildings**. The area has seen a decrease in overall vacancy, now at **11.4%**, and an increase in asking rents. Strong demand from companies like Haas Automation and Levi’s underscores the area’s appeal for businesses.
Lastly, the Las Vegas Strip continues to attract visitors and businesses alike. With **over 41 million annual visitors**, the retail scene is thriving, bolstered by high demand for unique dining and entertainment experiences. New projects like Gindi Capital’s BLVD, featuring a rooftop dining terrace, exemplify the evolving landscape of Las Vegas retail.
As the 2025 NAIOP Southern Nevada Bus Tour approaches, the real estate market is poised for continued growth. The collaborative efforts of various stakeholders ensure that Las Vegas remains a vibrant hub for business and development, showcasing its resilience and adaptability in an ever-changing economic landscape.
