Applied Analysis, a locally based business research and advisoryfirm, says 508,000 sf was completed during the quarter whileabsorption was 470,000 sf, taking the full-year totals to 3.4million sf of new construction deliveries and 2.4 million sf ofabsorption, a one-million-sf miss that pushed vacancy to 12.4% from10.8% at the start of the year.

A joint report by Colliers International and Restrepo ConsultingGroup LLC reports finds 1.1 million sf of space was delivered inthe fourth quarter and absorption was half the total, pushing theyear-end numbers to 3.8 million sf of new construction deliveriesagainst 2.3 million sf of absorption, a 1.5-million-sf miss thatpushed vacancy to 12.2% from 9.3% at the start of the year.

Finally, CB Richard Ellis reports that three million sf cameonline in the Vegas valley in 2007 and, while gross absorption seta new record at four million sf, net absorption was one million sf,pushing overall vacancy to 15.28%, "a rate that the Las VegasMarket has not seen since the fourth quarter of 2001," according tothe report.