LAS VEGAS—For the first time since 2008, industrialvacancy is below 10% in southern Nevada. Currently at9.2%, the decrease in vacancy is a result of improvements inSouthern Nevada's industrial real estate market, according to thethird quarterly market report of 2014 from ColliersInternational – Las Vegas. Compiled by JohnStater, research director for Colliers International – LasVegas, the report highlights more than 650,000 square feet of newindustrial completions on almost 94 acres of land in the firstthree quarters of 2014.

From January through September, more than 135 acres ofindustrial land were sold, with a total industrial landsales volume of $50.1 million. With anadditional 184 acres of land on track to accountfor more than 1.65 million square feet of new industrial space, andwith strong gains in industrial employment in Southern Nevada, boththe land and industrial markets are expected to absorb several newspeculative products in 2015. Despite these gains, demand overallhas decreased for this product type.

“Demand for industrial space was generally a bit higherin 2013 than in 2014, which calls into question whether weare seeing a trend of ever-mounting demand for industrial space,such as was seen during the boom years of 2005 and 2006,” Statersaid.