Las Vegas Real Estate Vacancy Rates At 5-Year Low
Las Vegas real estate continues to be hot, especially when it comes to commercial property. Vacancy rates for Las Vegas real estate is at a five-year low right now.
Vacancy is at 3% in the particularly hot Summerlin area in the northwest part of the Las Vegas Valley.
In Business Las Vegas indicated that a strong economy was helping to fuel continued growth. At this point, with population continuing to expand, the Las Vegas real estate market is really only limited by the rate at which the federal government chooses to release land for sale.
Unlike Miami’s commercial realty market, which is experiencing a similar boom to the one Las Vegas is, most of the land surrounding Las Vegas is owned by the federal government, and only becomes available for development if it is placed up for sale at a Las Vegas real estate auction.