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Henderson Nevada Economic and Demographic Overview 2013

BUSINESS AND REAL ESTATE Commercial Real Estate Market Trends The Henderson commercial office market added 128,000 Commercial Vacancy Rates: square feet of completions during 2012. While this represents a Office, Industrial and Retail 350% increase over the previous year, vacancy rates remained 35% relatively consistant. 30% There was no new Industrial space added in 2012. The falling vacancy rate and increased absorbtion rate indicates a posi- 25% tive trend in the sector. 20% Within the retail sector there was also an slight increase in 15% square footage available, but the vacancy rate dropped for the third year in a row. The vacancies caused by retail entities 10% which closed their doors in 2009 continue to be absorbed by new businesses in 2012. 5% 0% 2005 2006 2007 2008 2009 2010 2011 2012 Office Office Industrial RetailRetailIndustrial Commercial Real Estate Supply Considerations / Henderson Market Area Existing Supply Future Supply Sector Total Inventory Vacant Inventory Under Construction Planned Office 13,221,000 4,053,000 44,000 473,000 Industrial 11,899,000 1,757,000 0 0 Retail 12,976,000 1,037,000 4,000 231,000 Total 38,096,000 6,847,000 48,000 704,000 Source: Applied Analysis Commercial Real Estate Snapshot / Henderson Market 2005 2006 2007 2008 2009 2010 2011 2012 Office Total Square Footage 9,021,000 10,131,000 11,265,000 12,745,000 12,873,000 12,894,000 12,930,000 13,221,000 Vacancy Rate 10.14% 13.74% 15.91% 22.98% 27.44% 27.40% 30.84% 30.70% Completions 1,092,000 1,110,000 898,000 1,480,000 128,000 21,000 36,000 128,000 Net Absorption 1,061,000 633,000 497,000 343,000 -476,000 21,000 -419,000 45,000 Industrial Total Square Footage 9,517,000 10,085,000 10,901,000 11,734,000 11,838,000 11,838,000 11,838,000 11,899,000 Vacancy Rate 5.92% 3.60% 8.56% 13.86% 16.20% 16.32% 16.05% 14.80% Completions 508,000 568,000 778,000 833,000 104,000 0 0 0 Net Absorption 775,000 769,000 215,000 133,000 -187,000 -14,000 32,000 155,000 Retail Total Square Footage 10,684,000 11,106,000 12,063,000 12,491,000 12,841,000 12,841,000 12,876,000 12,976,000 Vacancy Rate 2.87% 3.11% 4.20% 7.47% 10.01% 9.68% 9.10% 8.00% Completions 240,000 422,000 957,000 428,000 351,000 0 35,000 103,000 Net Absorption 187,000 384,000 795,000 2,000 -2,000 42,000 106,000 239,000 Source: Applied Analysis 26 26 cityofhenderson.com


Henderson Nevada Economic and Demographic Overview 2013
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