Future Cities

Emerging Industrial Markets: Las Vegas

January 23, 2024 5 Minute Read

Las Vegas had its third best year of net absorption in 2023, demonstrating its attractiveness during an otherwise sluggish year for industrial leasing activity. Companies wanting to expand in our market or establish a presence for the first time have had few options in recent years. Now, in 2024, a record new supply is being delivered, which should accommodate demand that could not be satisfied previously due to lack of available space. If the overall economy cooperates, the region is poised for a strong year.
Garrett ToftCBRE Vice Chairman


Approximately 2.5 million people—23% aged 18 to 34—live within 100 miles of Las Vegas, with a projected five-year growth rate of 3.2%. There are 26.5 million residents within 250 miles.

Figure 1: Las Vegas City Population Analysis

Source: CBRE Location Intelligence, 2023.

Las Vegas’s warehouse labor force of 52,256 and is expected to grow 13.8% by 2033, according to CBRE Labor Analytics. The average salary for a non-supervisory warehouse worker is $17.15 to $20.50 per hour, while the overall average is $18.58. This is 4.5% above the national average warehouse wage of $17.78. Las Vegas’s unemployment rate is 5.4% as of October 2023 versus 5.9% a year earlier, according to the U.S. Bureau of Labor Statistics. Over the same time period, the state’s unemployment rate has fallen slightly from 5.5% to 5.4%.

Figure 2: Las Vegas Warehouse & Storage Labor Fundamentals

Source: CBRE Labor Analytics, 2023.