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2014 EDO

BUSINESS AND REAL ESTATE Commercial Real Estate Market Trends The Henderson commercial market added 58,000 square feet of completions during 2013; most of this in the office sector. The vacancy rate remained steady, despite the increased inventory. There was no new industrial space added in 2013, but the vacancy rate in that sector fell by over 5 percent indicating a positive trend in the sector. Both inventory and vacancy rates remained relatively flat in both the office and retail sectors, indicating that some additional 26 26 35% 30% 25% 20% 15% 10% 5% 0% Commercial Vacancy Rates: Office, Industrial and Retail 2007 2008 2009 2010 2011 2012 2013 Office Industrial Retail Office Industrial Retail square footage added in the previous year has been absorbed, a sign of modest growth in these sectors. Commercial Real Estate Supply Considerations / Henderson Market Area Existing Supply Future Supply Sector Total Inventory Vacant Inventory Under Construction Planned Office 13,451,000 4,064,000 0 473,000 Industrial 11,908,000 1,148,000 70,000 0 Retail 12,987,000 1,061,000 25,000 199,000 Total 38,346,000 6,273,000 95,000 672,000 Source: Applied Analysis Commercial Real Estate Snapshot / Henderson Market cityofhenderson.com 2007 2008 2009 2010 2011 2012 2013 Office Total Square Footage 11,613,000 13,093,000 13,221,000 13,242,000 13,278,000 13,405,000 13,451,000 Vacancy Rate 15.91% 22.98% 27.44% 27.40% 30.84% 30.70% 30.20% Completions 947,000 1,480,000 128,000 21,000 36,000 128,000 46,000 Net Absorption 540,000 328,000 -487,000 1,000 -372,000 17,000 97,000 Industrial Total Square Footage 10,964,000 11,804,000 11,908,000 11,908,000 11,908,000 11,908,000 11,908,000 Vacancy Rate 8.56% 13.86% 16.20% 16.32% 16.05% 14.80% 9.60% Completions 778,000 833,000 104,000 0 0 0 0 Net Absorption 216,000 143,000 -134,000 -14,000 66,000 400,000 260,000 Retail Total Square Footage 12,059,000 12,487,000 12,838,000 12,838,000 12,873,000 12,976,000 12,987,000 Vacancy Rate 4.20% 7.47% 10.01% 9.68% 9.10% 8.00% 8.20% Completions 957,000 428,000 351,000 0 35,000 103,000 12,000 Net Absorption 795,000 2,000 -2,000 42,000 91,000 237,000 4,000 Source: Applied Analysis


2014 EDO
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