Q2 2023 Market Trends Newsletter

August 7, 2023

Despite the pressures of inflation and higher interest rates, the Nevada economy had a strong second quarter in 2023, with gaming revenue in the state surpassing $1B for the 23rd consecutive month. Annual job growth in the Las Vegas metro has continued to outperform the national average; Reno has likewise seen overall job growth, and an influx of workers to the region seeking lower costs of living has seen office using jobs specifically grow by more than 5% year over year.

Industrial sectors in both areas are continuing to see positive performance; retail likewise is enjoying solid growth. Multifamily and office sectors are not keeping pace with the national averages: housing in particular is softening more than anticipated, with landlords in competition for renters. Office space vacancies are rising and more sublease space is coming onto the market; conditions will likely remain suboptimal over coming quarters as interest rates 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.

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