Nevada’s commercial real estate markets returned varied performance across sectors.

 In Las Vegas, hospitality remained strong on The Strip but softer in outer areas, with modest RevPAR growth expected as tourism and convention activity rebounds. Industrial vacancies rose as new supply outpaced demand, though rents remained firm. Multi-family demand held steady for workforce housing but weaker for luxury units, while office leasing was slow outside of the medical and public sectors. Retail remained a bright spot, driven by entertainment, fitness, and restaurant tenants in fast-growing suburbs. In Reno, hospitality continued to lag with weak occupancy and limited sales activity. Industrial faced rising vacancy rates due to oversupply, but competitive rents are attracting regional users. Multi-family fundamentals were stabilizing post-construction boom, while office demand was supported primarily by public and medical tenants. Suburban retail remained active, with anchored centers and long-term leases drawing the most investor interest.

In today’s quickly changing environment, we remain ready to assist you with your commercial real estate valuation needs at any time.