A Special Report on Southern Nevada Commercial Real Estate Development
Presented by CREDA Southern Nevada (formerly NAIOP) and Spectrum Business.
By Morgan Elson (Colliers, Bus Tour Committee Chair), Tyce O’Neill (CBRE, Bus Tour Committee Vice Chair), and Jake Higgins, SIOR (CBRE, Board Liaison)
The CREDA Southern Nevada Bus Tour Committee is proud to present the 2026 Bus Tour — “Deep Dive.” We look forward to continuing the storied tradition of the Southern Nevada Bus Tour while taking a deeper look at the projects, developments, and market trends shaping our region’s future. Southern Nevada continues to be one of the most dynamic commercial real estate markets in the country. Despite evolving economic conditions, the Las Vegas Valley remains a destination for investment, business growth, and new development. Across the region, transformative projects are redefining our landscape and reinforcing the strength, resilience, and adaptability of our local economy.
This year’s theme, Deep Dive, reflects an opportunity to go beyond the surface and gain a closer understanding of the developments, partnerships, and market forces driving Southern Nevada forward. From industrial and office projects to retail and mixed-use destinations, the Bus Tour offers a unique perspective on the people and investments shaping our community. The continued success of our region is made possible through the collaboration of developers, architects, engineers, contractors, brokers, consultants, lenders, and countless other industry professionals. Together, they help attract new businesses, create jobs, strengthen our communities, and support the long-term diversification of Southern Nevada’s economy.
This year, we are proud to showcase 31 industrial, office, mixed-use, and retail projects that have recently been completed or are currently under construction. The Bus Tour Committee’s goal is to highlight the innovation, investment, and momentum that continue to define the Las Vegas market and provide attendees with valuable insight into where our region is headed next.
A special thank you to the CREDA Southern Nevada Board of Directors, the Bus Tour Committee, our sponsors, advertisers, project participants, and volunteers. Your dedication and support continues to make the Bus Tour one of our industry’s most anticipated annual events.
As we take a deeper look at the projects shaping our community and explore what lies ahead, we welcome you to the 2026 CREDA Southern Nevada Bus Tour. Thank you for joining us as we celebrate another year of growth, collaboration, and opportunity across Southern Nevada.
By Mike Willmore, CBRE
The Southwest Submarket remains one of the most active industrial markets in Southern Nevada, benefiting from direct access to the I-15 and 215 Beltway corridors, a growing concentration of modern industrial product, and consistent occupier demand. Over the past three years, approximately 4.5 million SF of industrial space has been delivered, including more than 600,000 SF year-to-date, with another 673,000 SF currently under construction. While new supply has increased available inventory, it has further solidified the Southwest as a preferred location for both regional distribution users and local businesses seeking modern facilities.
As of Q3 2026, the Southwest reported a 6.5% direct vacancy rate, while total availability rose to 9.2% when sublease space is included. The submarket currently contains more than 605,000 SF of sublease inventory, primarily concentrated in newer distribution projects. Despite elevated vacancy, leasing activity remains healthy, with approximately 167,000 SF of positive year-to-date absorption, demonstrating continued tenant demand across a broad range of building sizes and product types.
Asking rental rates have moderated from peak levels but remain among the strongest in the Las Vegas Valley. Functional small-bay and mid-bay industrial product is generally achieving rents in the mid-$1.30s to low-$1.40s PSF NNN per month, while modern distribution facilities continue to attract both local and national occupiers.
Owner-user activity remains a key market driver, particularly for buildings under 50,000 SF. Rising lease costs and a desire for long-term occupancy control continue to push businesses toward acquisition opportunities. A recent example is the 33,678 SF Sunset Jones Industrial property, which sold to an owner-user during Q3 2026 for $311 PSF. Investor demand for stabilized multi-tenant industrial assets remains steady, supporting pricing throughout the submarket.
By Tonya Gottesman, CBRE
The Southwest Submarket, located south of the I-215 and Flamingo Road and west of the I-15, continues to be one of the most desirable office markets in Southern Nevada. With approximately 8.8 million SF of inventory, the submarket remains a preferred location for professional service firms, medical users, attorneys, wealth management groups, and corporate office tenants seeking access to both Summerlin and Henderson.
A lack of new supply, coupled with rising construction costs and financing challenges, has constrained development opportunities and availability. The Las Vegas office market recently recorded its strongest net absorption in nearly a decade while overall vacancy declined to 10.8%, further reflecting renewed demand and a shrinking supply of quality office product.
The owner-user market demand for office condominiums remains strong as businesses seek to control occupancy costs and build long-term equity. The demand typically targets suites ranging from 2,000 to 10,000 SF. This has pushed pricing to record levels, with newly constructed gray shell office condominiums commonly reaching $400 to $450 PSF while high-quality second-generation office condos have exceeded $600 PSF in select projects. An emerging trend is the conversion of traditional office buildings into office condominium projects. Owners are recognizing the value of selling suites individually rather than maintaining traditional lease-up strategies. While these conversions have expanded ownership opportunities for local businesses, they have also reduced the supply of available lease space, further contributing to the shortage of quality office inventory.
One of the most significant developments underway is Halo Tower, an approximately 220,000 SF Class A office project located adjacent to the 215 Beltway at Sunset Road. Currently under development by Moonwater Capital, the eight-story tower is expected to introduce new institutional-quality office product to Southern Nevada and will be one of the few large-scale office developments currently moving forward in the market.
By Morgan Elson, Colliers
The West Henderson Industrial Submarket, the southernmost in the valley, is one of the newest submarkets and has become one of the fastest-growing areas in the region over the last seven to eight years. Totaling approximately 7.2 million SF, the submarket is strategically located with direct access to the California border via I-15 while also being in close proximity to Harry Reid International Airport and the Las Vegas Strip. As of Q2 2026, the vacancy rate sits at 9.6%, mainly due to two large distribution buildings being vacant: a 294,512 SF portion of a building owned by Marq and a 330,720 SF building owned by Dermody Properties.
West Henderson had 97,329 SF of net absorption in Q2 2026, which may sound light, but this is primarily due to the fact that available inventory is lacking aside from the two large distribution buildings previously mentioned. Currently, 2.37 million SF is under construction, with approximately 1.2 million SF planned. An important thing to note is that the 2.37 million SF currently under construction is one building for Haas Automation, which will be used for manufacturing/distribution and is scheduled to be delivered in Q4 2026. This single-tenant building will be the largest industrial building in the entire Las Vegas Valley.
As of Q2 2026, West Henderson has delivered 84,425 SF of new product, with an additional 2.37 million SF expected to be delivered by year’s end (Haas Automation). Once this project is delivered, few new deliveries in the future are anticipated. The limited amount of new product is primarily due to the fact that most developable land is owned by the City of Henderson, and until land sites are released to the public, new development will be thin.
By Jarrad Katz, SIOR, CCIM, MDL Group
The Henderson industrial submarket continues to benefit from some of the valley’s strongest population and residential growth. That expansion supports demand from contractors, building-material suppliers, service companies and last-mile users that want to be close to Henderson’s growing customer base. From Q2 2025 through Q2 2026, the submarket recorded 441,018 SF of net absorption.
Developers delivered 551,104 SF during the same period, with another 2.8 million SF under construction at the end of Q2 2026. That pipeline reflects long-term developer confidence in the southeast valley, but it also creates near-term leasing pressure as new projects compete for tenants. Newer, functional space should continue to attract users, while older buildings may need to compete more aggressively on rate, improvements, and flexibility.
Unlike many markets where higher interest rates have sharply slowed development, Henderson remains one of the region’s more active high-growth industrial areas. The trade off is that supply is currently arriving faster than demand. Vacancy stands at 11.6%, and year-over-year rent growth is flat at 0.0%. Until the construction pipeline is absorbed, tenants should have more choices and negotiating leverage, while landlords may need to offer additional concessions.
Through Q2 2026, the submarket recorded 43 sales at an average price of $270 PSF. Flat rent growth has limited price appreciation and made underwriting more challenging for investors navigating the current market.
Rates vary by product type, with mid-bay space ranging from $1.05 to $1.25 PSF NNN and bulk distribution product ranging from $0.88 to $1.05 PSF NNN. With the decrease in new construction, vacancy should continue to decline, which will stabilize and push appreciation in rents.
By Megan McInerney, Colliers
As of mid-2026, Henderson remains one of the strongest performing office submarkets in the valley, supported by strong demand and limited new supply. The submarket includes 5.5 million SF of office inventory, largely Class B and C product. Overall vacancy dropped to 8.8% in Q2 2026, down from 11.5% last quarter and well below the valley-wide average of 10.8%. Henderson posted nearly 148,000 SF of positive net absorption during Q2 2026 and 177,000 SF year-to-date. Asking rents also continued to climb, reaching $2.77 PSF FSG, up from $2.65 PSF FSG one year ago.
This momentum is consistent with the broader valley, which recorded its strongest quarter of net absorption in nearly a decade. Henderson was a major contributor, with positive absorption across Class A, B and C product. Companies such as Haas Automation and Levi’s continue to grow, and so do jobs and the demand for ancillary professional services. The new 160,000 SF Henderson Sport & Social complex, slated to deliver in Fall 2026, will further enhance the area’s live-work-play dynamic.
Demand remains strong not only from tenants, but also from owners seeking well-located office buildings. While this is a valley-wide trend, Henderson remains one of the most sought-after submarkets for ownership opportunities. Quality buildings continue to command pricing in the high $300s to $400 PSF range, with limited inventory keeping competition strong.
New office deliveries remain limited, helping existing buildings work through vacancy and giving landlords additional pricing power. Henderson currently has 42,500 SF under construction, while meaningful new development valley-wide remains constrained. With fewer large blocks of quality space available, tenants are also making renewal decisions earlier to lock in current rental rates and avoid limited relocation options.
Overall, Henderson continues to stand out for its value, connectivity, established residential communities, robust amenities and growing employment base.
By Lauren Willmore, CBRE
The Airport Submarket has experienced negative absorption over the past three quarters, despite limited new industrial development due to a scarcity of developable land. Much of the submarket was built decades ago, with just 330,000 SF of new industrial product delivered over the past three years. As a result, a significant portion of the inventory lacks the functionality offered by newer, competing developments in North Las Vegas, Henderson, and the Southwest, including higher clear heights, larger truck courts, dedicated trailer storage, and modern power infrastructure.
As of Q3 2026, the Airport Submarket reported a direct vacancy rate of 5.2%, but when sublease space is included, total vacancy is hovering at 8.9%. Vacancy has gradually improved quarter-over-quarter; however, the market continues to experience tenant churn, particularly within the small-bay segment, where newly vacated spaces often offset recent leasing activity.
Despite these occupancy fluctuations, asking rents for mid-bay and light distribution properties have remained relatively stable at $1.30 PSF. In contrast, flex product has experienced rent compression, with both asking and achieved rates now falling below the $1.30 PSF threshold.
Owner-user demand continues to drive small-bay/flex activity, with more businesses purchasing higher-vacancy properties rather than leasing. Notable sales include 6165 S. Pecos Road to Steel Empire at $214 PSF and 313 Pilot Road to Nevada Coin & Jewelry at $270 PSF. Given the aging inventory and limited landlord investment in upgrades, ownership has become an attractive option not only in the Airport, but valley-wide, allowing users to secure long-term occupancy and finance needed improvements through acquisition financing.
By Kelsey Higgins, CBRE
North Las Vegas combined with the Apex Submarket is the largest in the Las Vegas Valley, totaling roughly 85.5 million SF, or 47% of the overall market and about 70% of the Valley’s bulk and light distribution inventory. Proximity to the Southern California ports, lower occupancy costs and a deep labor pool consistently keep the submarket as the region’s first stop for e-commerce and logistics users.
North Las Vegas posted nearly 600,000 SF of net absorption in Q2 2026, nearly three-fourths of the Valley’s total for that quarter, while Apex added another nearly 350,000 SF. Combined net absorption reached 2.1 million SF YTD, or 84% of all occupancy added across the submarket. North Las Vegas captured 64% of Q2 leasing activity, led by World Pack USA’s (303,000 SF) renewal on N. Lamb Blvd. and new leases signed by Johnstone Supply (291,000 SF), EP Group (202,000 SF) and Masterbrand Cabinets’ expansion (182,000 SF).
Vacancy in North Las Vegas fell to 9.4% from 11.3% a year ago as the large delivery wave continues to be eaten through. Apex sits at 28.2% vacancy currently, a function of scale as the submarket holds 10 buildings, and the two-building (794,749 SF) Peak Distribution Center delivered in Q2 with one building fully committed to a global shipping and logistics company. Together, the two areas (NLV and Apex) hold 57% of all vacant space in the submarket.
North Las Vegas recorded Las Vegas’s strongest annual rent growth at nearly 14% while concessions continue to tighten.
North Las Vegas/Apex delivered 800,000 SF YTD with 2 million SF under construction, 33% of the valley pipeline, anchored by Apex Ridge Logistics Park (1.4 million SF) and Sloan North Las Vegas (350,289 SF). Another 6.5 million SF sits in the planned pipeline, most not expected to begin construction this calendar year.
By Troy Lance, Cushman & Wakefield
The Northwest Submarket encompasses the area west of I-11 and north of Lake Mead Boulevard. The submarket contains approximately 2.9 million SF of office inventory, representing 7.3% of the Las Vegas Valley’s total office stock. As of Q2 2026, overall vacancy stands at 18.5%, notably higher than the valley-wide vacancy rate of 12.3%.
Elevated vacancy in the Northwest is largely attributable to the availability of several large blocks of space. Significant tenant departures during and following the pandemic, including Asurion’s consolidation at Montecito Tower, SYKES’ departure from Cheyenne Corporate Center and approximately 60,000 SF of vacant call center space at The Center at Lake Mead continue to impact market performance. Given the limited number of large office users in the Las Vegas Valley, backfilling these large vacancies has remained a challenge.
Direct asking rents average $2.51 PSF on a full-service basis, while Class A properties command an average of $3.07 PSF. Strong rental growth in the West and Southwest Submarkets has helped support rate growth in the Northwest as well. The spread between overall and Class A asking rates reflects a broader valley trend, as the supply of high-quality space continues to tighten. As Class A availability declines, upward pressure on rents may lead more cost-conscious tenants to consider well-positioned Class B and Class C alternatives.
Development activity remains limited, with new construction largely dependent on significant preleasing commitments. Meanwhile, leasing activity and net absorption have improved throughout 2026 as tenants continue to gravitate toward modern, amenity-rich office environments. As available quality space continues to diminish, landlords in the Northwest Submarket may have to consider demising and renovating some of the large blocks of space to accommodate future tenant demand.
By Lilly Kossoff, JLL
The West Las Vegas Office Submarket, a prominent professional corridor with over 7 million SF of office inventory, has demonstrated remarkable activity thus far in 2026. Geographically defined by properties west of I-15, between Charleston and Tropicana, the West maintains a low vacancy rate of 8% across all office classes. Anchored by Howard Hughes‘ Downtown Summerlin project, the Class A segment is experiencing unprecedented activity across all tenant sizes—from requirements as small as 1,500 SF to larger tenants seeking 20,000 SF. With fewer than 10 smaller spaces available and only a handful of larger properties remaining, tenants face significantly limited negotiation power as landlords can be increasingly selective about terms and tenant quality.
Between its three Class A office buildings (totaling 617,000 SF) in Downtown Summerlin, Howard Hughes maintains a 98% occupancy rate. Capitalizing on this momentum, Hughes delivered Meridian, a two-building Class A project in Summerlin South that is now nearly 100% leased to high-caliber tenants including Google Fiber, F1, Eide Bailly, and Regus. Hughes has strategically increased asking rates with each signed lease, with current rates in the $4.50 to $4.60 FSG range on existing product. Looking forward, Howard Hughes plans to solve for the lack of supply with The Rosemary: a seven-story, 173,000 SF project with asking rates of $5.00 NNN.
In contrast to last year’s dynamics, the submarket is now oversaturated with office condominium offerings. With more than 25 condos currently on the market, including both second-generation and gray shell opportunities, the owner-user sales market has become notably sluggish despite robust leasing activity elsewhere.
The West submarket continues to solidify its position as a premier office destination for companies seeking sophisticated workspace solutions that accommodate future growth and enhance their corporate profile in an increasingly competitive market.
By Areeba Moten, Colliers
The Las Vegas Strip remains Nevada’s most dynamic retail market, driven by its unmatched concentration of hospitality, entertainment, dining and experiential retail.
While recent media coverage has focused on declining visitation, the latest LVCVA data demonstrates the market’s resilience. Through July 2026, Las Vegas welcomed 22.8 million visitors, up 0.5% from the prior year. Convention attendance reached 3.9 million, an 11.2% increase, while Strip gaming revenue exceeded $5.25 billion, up 3.2%.
Investor confidence also remains strong. Fertitta Entertainment entered into an agreement to acquire Caesars Entertainment for approximately $17.6 billion, while MGM Resorts received an $18 billion buyout proposal from Barry Diller’s People Inc. This activity reflects confidence in a market known for remaining nimble and responding quickly to changing consumer demand.
New openings and announcements further show the Strip’s evolution. Gindi’s BLVD welcomed an 8,000 SF In-N-Out and will add a 100,000 SF Netflix House, along with additional retailers and restaurants. Miracle Mile Shops will welcome Gibson Garage, an immersive retail and live-music destination. AREA15‘s Zone 2 also expanded with Universal Horror Unleashed, Museum of Ice Cream and Interstellar Arc.
Sports, development, and technology are also reshaping the corridor. The A’s ballpark is scheduled to open in early 2028, while Hard Rock is pacing toward a 2027 opening. Discussions continue around a potential NBA expansion team and arena on or near the Strip. A 29-story, heart-shaped resort also received zoning approval for the long-abandoned former SkyVue Ferris wheel site on the south end of the Strip. Technology is changing how visitors move throughout the resort corridor. Zoox currently operates autonomous robotaxis around the Strip, while Waymo and Tesla have received approval to deploy autonomous vehicles in Clark County.
Together, these developments demonstrate how retail, dining, technology, entertainment and sports continue to fuel visitation and leasing demand across the Strip.
By Jennifer Ott, CCIM, SVN | The Equity Group
Southern Nevada’s retail landscape continues to evolve, and one category is consistently leading absorption: fitness, health, wellness, and longevity. Post-pandemic consumer behavior accelerated a national shift toward personal well-being, and that momentum has not slowed. Today, these uses are among the most active demand drivers in the Las Vegas market, particularly in higher-income trade areas where discretionary spending supports premium concepts.
Boutique fitness remains the strongest performer, with both national and local operators expanding. Brands such as Barry’s Bootcamp, [solidcore], Pvolve, and Reformed Pilates are actively securing sites, typically in the 2,000 to 6,000 SF range. Existing national operators are renewing early and enlarging footprints, signaling confidence in long-term performance. This aligns with national trends, where boutique concepts continue to outperform traditional fitness in utilization, membership retention, and revenue per SF.
Large-format fitness is also resurging with higher-end concepts. Life Time Fitness is delivering its third Las Vegas location—128,000 SF across three stories on 15 acres at Sunset & Durango—by year end. Meanwhile, the Municipal Gym, backed by Mark Wahlberg and EOS Fitness, will open 32,064 SF at Downtown Summerlin. These projects reinforce fitness as a modern anchor capable of driving daily traffic and supporting surrounding retail.
Health, wellness, and longevity tenants are expanding rapidly. Recovery studios, IV therapy, hormone optimization, metabolic health clinics, and bio-performance labs are proliferating as Baby Boomers focus on extending healthspan, and Millennials and Gen Z prioritize aesthetics and preventative care. Even franchise concepts—such as the Gary Brecka-backed Ultimate Longevity Center—are entering the market.
Las Vegas’ hospitality-driven workforce further amplifies demand. With many roles emphasizing appearance, wellness spending has become a consistent lifestyle investment.
For landlords and brokers, these categories represent reliable occupancy, strong credit profiles, and sustained traffic—making them central to Southern Nevada’s retail growth story.
By Chris Waldburger, CCIM, ROI Commercial Real Estate
Restaurant and QSR demand continues to reshape retail development throughout the Las Vegas Valley. Rather than designing projects around a traditional anchor and surrounding shop space, landlords are increasingly prioritizing freestanding pads with frontage, visibility and drive-thru access. The strongest economics are often found at the perimeter of the project.
Competition from coffee concepts, car washes and established QSRs has pushed land values and ground rents significantly higher. As a result, developers are reducing traditional shop space and adjusting site plans to accommodate more pad users. Chick-fil-A, McDonald’s and In-N-Out remain aggressive, while concepts like 7 Brew Coffee, Black Rock Coffee, CAVA and Luna Grill are actively pursuing Las Vegas expansion.
The market is experiencing a “changing of the guard.” Older locations previously occupied by popular brands such as Del Taco, Arby’s, Jack in the Box and Wendy’s are increasingly being repurposed for newer concepts capable of generating stronger sales and paying higher rents. These second-generation restaurant properties are particularly attractive because they may offer existing drive-thru infrastructure, prominent signage and established access in otherwise land-constrained trade areas.
At the same time, several full-service brands are showing renewed interest. Groups such as P.F. Chang’s, Applebee’s and Chili’s are evaluating opportunities more actively than anticipated, adding another layer of competition for well-positioned restaurant sites.
Development and leasing activity remains concentrated in the Southwest, the Kyle Canyon, Skye Canyon and Centennial Hills areas of the Northwest, and along the Stephanie Street retail corridor. Larger projects are being discussed along the South Strip. Though not yet fully announced, this area is anticipated to become a highly desired trade area.
With drive-thru access, frontage and convenience continuing to drive consumer demand, restaurant pads have become more than supporting components of retail development. In many projects, they now determine the site plan.
By Cooper Powell, LOGIC Commercial Real Estate
The Las Vegas retail pad market has slowed on the development side in 2026 but remains highly active in construction and sales activity.
Completed projects and sales are mainly QSR drive-thrus, gas stations, and car washes. From the outside, the pad market has visibly kept growing throughout the valley, though new development deals have slowed due to overall costs, demands, and consumers pulling back. Henderson (including Inspirada) and North Las Vegas remain the leading growth corridors for new deals.
In the Las Vegas market, ground lease rates with no landlord contribution in the major growth corridors range from $125,000 to just north of $200,000 annually in rent, while built-to-suit deals with heavy landlord responsibilities exceed $225,000 annually. For car wash uses specifically, rents remain above normal market levels but come with long contingency periods.
Cap rates for new construction, single-tenant deals with corporate signatures remain in the 4.75% to 5.50% range. Trades in the local market are a mix of newly built gas stations and QSRs, or existing QSRs and drug stores. Existing product is trading in the low-to-mid 5% cap rate range, while the wave of drug store sales has landed between 6.75% and 8.5% caps, depending on term length and rent.
Notable retail pad tenants, either new to the market or looking to enter, include 7 Brew Coffee, CAVA, Swig, and Better Buzz Coffee. Brands already well established here and continuing to expand via pad deals include Dutch Bros, Chipotle, Darden brands, In-N-Out, Bojangles, and a variety of car washes.
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