In the first quarter of 2024, economic conditions continued to improve in both Reno and Las Vegas, with employment stabilizing at or above 2019 levels. The ongoing dampening effect of high interest rates kept sales activity muted.

Industrial property availability is on the rise in both Las Vegas and Reno, with substantial square footage set to deliver in 2024. Despite the dour outlook for office space nationwide, Nevada is seeing fairly stable conditions and modest growth. Multifamily housing currently favors tenants over landlords, as rents are declining slightly and concessions are on the rise. In the following pages, we outline the major market trends in the Las Vegas and Reno market sectors, along with key indicators. In today’s quickly changing environment, we remain ready to assist you with your commercial real estate valuation needs at any time.