Las Vegas Industrial Figures Q4 2025

The Las Vegas industrial market closed Q4 2025 with 2.5 million sq. ft. of direct positive net absorption, marking a strong finish to the year. For the full year, direct net absorption totaled 5.1 million sq. ft, an increase of approximately 60% compared to 2024’s 3.2 million sq. ft. This growth reflects sustained tenant demand and the successful backfilling of previously vacant space. Robust leasing activity across the region has been a key driver, as companies continue to expand operations and capitalize on the market’s strategic location and modern industrial inventory.

Vacancy improved quarter-over-quarter, dropping from 10.2% in Q3 to 9.5% in Q4 2025, a decrease of 70 basis points (bps). This decline signals that the oversupply seen earlier in the cycle is beginning to be absorbed, aided by strong leasing momentum and a healthy pipeline of tenant commitments. Although vacancy remains elevated compared to historical norms, the trend toward stabilization indicates the market is moving toward a more balanced state. Ongoing leasing momentum and the absorption of newly delivered speculative vacancies should further support vacancy compression heading into 2026.