Executive Summary
The Las Vegas industrial market recorded 18 confirmed, arm’s-length sales with disclosed pricing between February and April 2026, representing $67.0 million in total transaction volume across 240,787 square feet of warehouse, distribution, manufacturing, and service properties. Activity was led by SW Las Vegas, which generated over half of the quarter’s total dollar volume, underscoring continued investor preference for the city’s premier industrial corridor.
February was the volume standout — anchored by a $22M distribution acquisition at 6950 Miller Lane — while April posted the highest transaction count (8 deals) despite lower average unit values, suggesting a pivot toward smaller-bay, owner-user product as larger investment-grade deals remain scarce. Average price per square foot softened from $353/SF in February to $283/SF in April, reflecting a compositional shift rather than broad market devaluation. Critically, no cap rates were reported across the dataset, strongly indicating that the majority of transactions were owner-user in nature rather than investment-yield-driven purchases.
Average time on market of 242 days (across transactions with disclosed marketing periods) reflects the protracted negotiations typical of owner-user industrial deals in Las Vegas, and a meaningful improvement from the 315-day average seen in February alone.
Key Insights
| 📈 POSITIVE SIGNAL: Transaction Count
April 2026 posted 8 closed sales — the highest monthly count in the quarter — suggesting latent buyer demand continues to clear the market even as large-format deals dry up. |
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| ⚠️ WATCH ITEM: Price/SF Compression
April’s average of $283/SF versus February’s $353/SF reflects a product mix shift toward smaller Class C properties. Valuations at the top of the quality curve remain resilient above $340/SF. |
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| 🏗️ MARKET CONTEXT: Owner-User Dominance
Zero cap rates reported across 18 transactions strongly suggests owner-user buyers are driving the Las Vegas industrial market, consistent with the broader national trend of businesses acquiring their own facilities to lock in occupancy costs. |
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| 🕐 ELEVATED MARKET TIME
An average of 242 days on market — with outliers exceeding 500 days — indicates industrial buyers in Las Vegas are disciplined and negotiations are drawn out. Sellers pricing ahead of market risk extended exposure. |
Monthly Transaction Overview
| $38.9M
FEBRUARY 2026 7 transactions · $352.74/SF avg |
$9.2M
MARCH 2026 3 transactions · $359.70/SF avg |
$19.0M
APRIL 2026 8 transactions · $283.16/SF avg |
Monthly Summary Data
| Month | Transactions | Volume | Avg $/SF | Avg Market Time |
| February 2026 | 7 | $38,850,411 | $352.74 | 315 days |
| March 2026 | 3 | $9,157,140 | $359.70 | 237 days |
| April 2026 | 8 | $19,011,975 | $283.16 | 156 days |
| TOTAL / AVERAGE | 18 | $67,019,526 | $316.08 | 242 days |
February’s outsized volume ($38.9M across just 7 deals) was driven primarily by the $22M acquisition of 6950 Miller Lane, a 75,900 SF Class A distribution facility — one of the largest single-asset industrial trades recorded in Las Vegas in recent memory. Excluding this outlier, February’s remaining 6 transactions averaged approximately $2.8M each, more in line with the broader quarter.
March saw a notable slowdown in deal flow with only 3 closed transactions, though average price/SF ($359.70) was actually the quarter’s highest — driven by quality product at SW Las Vegas Pioneer Way condo complex and the 4022 Ponderosa Way warehouse. April rebounded strongly in count, though smaller deal sizes pulled the average price/SF down to $283/SF.
Price Per SF — Month-over-Month Trend
| Month | Avg $/SF | Change | Commentary |
| February 2026 | $352.74 | — | Driven by premium small-bay and Class A distribution product |
| March 2026 | $359.70 | +$6.96 (+2.0%) | Quality inventory at Pioneer Way condo complex; only 3 deals |
| April 2026 | $283.16 | -$76.54 (-21.3%) | Product mix shift to smaller, older Class C properties |
Monthly Activity
April 2026 closed with 8 confirmed transactions totaling $19.0 million, making it the most active month by deal count in the three-month window. Sales ranged from $750,000 (a 3,675 SF manufacturing building in North Las Vegas) to $5.7 million (a Class A warehouse condo at 6450 S Pioneer Way). The month was characterized by a mix of Class A, B, and C product, with smaller footprints (average 8,638 SF) and an average price/SF of $283.
April 2026 — All Confirmed Transactions
| Date | Address | Submarket | Type | Cls | Size SF | Sale Price | $/SF | Days |
| Apr 6 | 6450 S Pioneer Way (Condo) | SW Las Vegas | Warehouse | A | 18,695 | $5,701,975 | $305.00 | 341 |
| Apr 24 | 3910 Graphic Center Dr | SW Las Vegas | Warehouse | B | 18,788 | $4,400,000 | $234.19 | 39 |
| Apr 17 | 2545 W Cheyenne Ave | North Las Vegas | Warehouse | A | 8,000 | $2,200,000 | $275.00 | — |
| Apr 20 | 6406 W Montessouri St | SW Las Vegas | Warehouse | B | 4,587 | $1,775,000 | $386.96 | 84 |
| Apr 30 | 2844 Synergy St | North Las Vegas | Warehouse | C | 7,373 | $1,700,000 | $230.57 | 77 |
| Apr 22 | 4140 W Desert Inn Rd | West Las Vegas | Mfg. | C | 3,584 | $1,250,000 | $348.77 | — |
| Apr 20 | 1421 Sutter Ave | Central LV | Warehouse | C | 4,400 | $1,235,000 | $280.68 | 238 |
| Apr 13 | 2235 Crestline Loop | North Las Vegas | Mfg. | C | 3,675 | $750,000 | $204.08 | — |
| 🏆 FASTEST CLOSE — APRIL
3910 Graphic Center Dr (SW Las Vegas) closed in just 39 days on market at $234/SF — a significant discount suggesting the seller accepted a price concession for speed of close. |
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| 📊 HIGHEST $/SF — APRIL
6406 W Montessouri St achieved $386.96/SF — the highest price/SF in April — for a 4,587 SF Class B warehouse, illustrating the premium commanded by small-bay, move-in-ready product in SW Las Vegas. |
Submarket Analysis
| Submarket | Transactions | Total Volume | Avg $/SF | Avg Market Time |
| SW Las Vegas | 9 | $53,384,526 | $338.94 | 249 days |
| North Las Vegas | 4 | $6,250,000 | $316.98 | 158 days |
| Central Las Vegas | 3 | $5,035,000 | $310.23 | 294 days |
| West Las Vegas | 2 | $2,350,000 | $282.23 | 246 days |
SW Las Vegas is the undisputed market leader, accounting for 9 confirmed transactions and $53.4M in volume — nearly 80% of the quarter’s total. The submarket benefits from proximity to the I-215 beltway, Harry Reid International Airport cargo operations, and the concentration of functional Class A and B warehouse product. Average pricing of $338.94/SF reflects the premium placed on newer, well-located distribution space.
North Las Vegas, traditionally the market for heavy industrial and manufacturing, generated 4 transactions and an average of $317/SF — comparable to SW Las Vegas on a per-foot basis but at significantly smaller scale. This submarket is seeing growing interest driven by new master-planned industrial parks along the I-15 corridor near Apex Industrial Park. Central Las Vegas and West Las Vegas remain active but largely owner-user driven, with older Class B and C product trading in the $250–$310/SF range.
Pricing & Valuation
| $341.70
CLASS A AVG $/SF 6 transactions · $6.2M avg deal |
$318.51
CLASS B AVG $/SF Most active by volume |
$261.83
CLASS C AVG $/SF 15 transactions (all data) |
Price Per SF by Building Class
| Class | Transactions | Avg $/SF | Avg Sale Price | Notes |
| Class A | 6 | $341.70 | $6,218,254 | Newest vintage; ESFR sprinklers; high clearance |
| Class B | 18 (all data) | $318.51 | $4,956,000 | Most active segment; functional mid-generation buildings |
| Class C | 15 (all data) | $261.83 | $1,930,556 | Older vintage; owner-user dominated; value-add potential |
The Class A premium in Las Vegas industrial stands at approximately 31% over Class C product ($341/SF vs. $262/SF), consistent with national industrial markets where newer, higher-clearance, ESFR-sprinklered buildings command significant pricing differentials. The spread between A and C has widened over the past 18 months as institutional capital has concentrated in trophy product while smaller private buyers absorb older inventory.
The quarter’s most significant valuation data points include the $563.84/SF achieved at 6445 S Tenaya Way (a small 3,413 SF Class B warehouse in February) and $558.27/SF at 3850 Leon Ave — both indicative of the outsized premiums paid for small-bay, move-in-ready buildings in supply-constrained locations. At the low end, Class C manufacturing properties transacted as low as $204.08/SF, demonstrating a nearly 3:1 valuation spread across the market.
| 💡 SMALL-BAY PREMIUM
Buildings under 5,000 SF consistently command the highest $/SF prices in this dataset — sometimes exceeding $550/SF — reflecting acute supply constraints in the small-bay segment and strong owner-user demand from local businesses. |
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| 💡 NO INVESTMENT SALES DETECTED
The complete absence of reported cap rates across all 18 confirmed transactions is a hallmark of an owner-user dominated market. Investors seeking yield-based acquisitions should note limited stabilized investment product available for sale in this cycle. |
Time on Market
| Month | Avg Days on Market | Range | Observation |
| February 2026 | 315 days | 187–574 days | Several condo sales with extended marketing from prior periods |
| March 2026 | 237 days | 168–306 days | Moderate improvement; all deals in the mid-range bucket |
| April 2026 | 156 days | 39–341 days | Most rapid close in the quarter: 39 days at Graphic Center Dr |
Market Time Distribution
| Bucket | Transactions | Key Examples |
| 0–90 days (Fast) | 3 | 3910 Graphic Center (39d), 2844 Synergy St (77d), 6406 W Montessouri (84d) |
| 91–180 days (Moderate) | 2 | 6950 Miller Ln (187d), 4022 Ponderosa Way (168d) |
| 181–365 days (Extended) | 4 | 6450 Pioneer Way condo tranches (293–341d), 3060 Westwood (351d) |
| 365+ days (Protracted) | 2 | 7925 W Arby Ave (574d), 1421 Sutter Ave (238d) |
Among the 11 transactions with disclosed marketing periods, days on market ranged from a swift 39 days (3910 Graphic Center Dr, SW Las Vegas) to over 574 days (7925 W Arby Ave condo). The average of 242 days meaningfully exceeds national industrial averages of 90–120 days for comparable product. The trend toward shorter market times in April (average 156 days vs. 315 days in February) is an encouraging signal of improving market velocity.
| 🚀 FASTEST TRANSACTION
3910 Graphic Center Dr — 39 days (SW Las Vegas, Class B warehouse, 18,788 SF, $234/SF). Priced below $250/SF in a market where comparables justify $270–$340/SF, suggesting the seller accepted a discount for speed of close. |
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| ⏳ SLOWEST TRANSACTION
7925 W Arby Ave — 574 days (SW Las Vegas, Class B distribution condo, 22,805 SF, $285/SF). Extended marketing likely reflects a complex condo structure and the need for a buyer to underwrite a non-standard ownership form. |
Property Type Breakdown
| Property Type | Transactions | Avg Sale Price | Avg $/SF | % of Count |
| Warehouse | 12 | $2,991,456 | ~$301/SF | 67% |
| Distribution | 2 | $14,250,000 | $287/SF | 11% |
| Manufacturing | 2 | $1,000,000 | ~$276/SF | 11% |
| Service / Flex | 2 | $1,350,000 | ~$387/SF | 11% |
Warehouse properties dominate the Las Vegas industrial sales market in both transaction count and aggregate volume — consistent with the metro’s role as a Western U.S. distribution hub serving Nevada, Southern California, and Arizona markets. Of the 18 confirmed sales, 12 were warehouse properties. Distribution assets, while fewer in number (2 confirmed sales with pricing), generated the highest average deal size at roughly $14.3M per transaction, driven by the $22M Miller Lane deal.
Manufacturing assets traded at more modest price points ($750K–$1.25M) in the Class C range — North Las Vegas continues to attract manufacturing users given its lower land costs and permissive M-2 zoning. Service properties (small flex/service bays) traded at the lowest average pricing, reflecting functional limitations and older vintage stock in Central and West Las Vegas.
Pipeline — What’s Coming
Figure 10. Closed vs. pending (under contract or escrow) industrial deal counts and volume.
An additional 10 industrial properties were under contract or in escrow as of the data cutoff, with reported asking prices totaling approximately $18.4 million (some pending deals did not report price). The pending pool skews toward smaller assets: average size 10,021 SF, with the largest pending deal being a 28,403 SF property at 3020 S. Valley View Boulevard. Average time on market for pending deals is just 132 days — meaningfully shorter than the 329 day median on closed transactions — suggesting newer listings are clearing faster than aged inventory.
Pending Pipeline Detail
| Property | City | Submarket | Status | Ask Price | Size (SF) |
| 3910 Graphic Center Dr | Las Vegas | Southwest LV | Under Contract | $4,600,000 | 18,788 |
| 3020 S Valley View Blvd | Las Vegas | West LV | Under Contract | $4,600,000 | 28,403 |
| 1704-1710 Western Ave | Las Vegas | Central LV | Escrow | $3,650,000 | 13,750 |
| 6406 W Montessouri St | Las Vegas | Southwest LV | Under Contract | $1,849,000 | 4,587 |
| 2844 Synergy St | North Las Vegas | North LV | Under Contract | $1,700,000 | 7,373 |
| 1421 Sutter Ave | Las Vegas | Central LV | Under Contract | $1,235,000 | 4,400 |
| 2235 Crestline Loop | North Las Vegas | North LV | Under Contract | $800,000 | 3,675 |
| W. Sunset Rd. & South Decatur Blvd (Condo) | Las Vegas | Southwest LV | Escrow | — | 5,868 |
| W. Sunset Rd. & South Decatur Blvd (Condo) | Las Vegas | Southwest LV | Escrow | — | 6,042 |
| 6450 S Pioneer Way (Condo) | Las Vegas | Southwest LV | Escrow | — | 10,014 |
Las Vegas Market Context & Perspectives
The Las Vegas industrial market has undergone a structural transformation over the past decade. What was once dominated by tourism and hospitality support industries has evolved into a diversified logistics, manufacturing, and distribution hub — aided by Nevada’s favorable tax environment (no state income or corporate income tax), a central location relative to Western U.S. population centers, and significant infrastructure investment along the I-15 and I-215 corridors.
Key Market Themes — Las Vegas Industrial, 2025–2026
| Theme | Observation | Implication for Clients |
| Owner-User Demand | No cap rates reported across 18 sales; typical deal size under $5M | Small-business acquisition demand remains durable; less sensitive to interest rate cycles than investment buyers |
| SW LV Corridor Premium | SW LV commands $339/SF average vs. $262/SF for Class C elsewhere | Proximity to I-215, Harry Reid Airport, and established industrial parks creates a durable location premium |
| North Las Vegas Emergence | Apex Industrial Park spec construction ongoing; NLV posted 4 sales at $317/SF avg | NLV represents the best opportunity for value-add acquisition and land plays as infrastructure improves |
| Small-Bay Scarcity | Sub-5,000 SF buildings achieved $550+/SF — highest rates in the dataset | Persistent undersupply of small-bay industrial creates pricing power for owners of this product type |
| Extended Marketing Periods | Avg 242 days on market; outliers beyond 574 days | Sellers should be prepared for 6–12 month marketing timelines; pricing discipline is critical to velocity |
| Condo Industrial Trend | 5 of 18 confirmed sales involved industrial condo units (Pioneer Way, W Arby Ave) | Industrial condos allow smaller businesses to acquire individual units — a format gaining traction as land costs rise |
| Nevada Tax Advantage | No state income or corporate income tax; property taxes among lowest in Western U.S. | Continued in-migration of businesses from California and other high-tax states sustains owner-user acquisition demand |
| Data Center Adjacent | Las Vegas seeing increased data center investment (power, land, fiber) | Heavy power users and adjacent service businesses create industrial demand in North LV and Henderson submarkets |
| 🏔️ HENDERSON / SOUTHEAST LV — NOTABLE ABSENCE
The Henderson submarket — which has historically generated significant industrial volume, particularly around the Green Valley and Stephanie Street corridors — recorded no confirmed sales in this 90-day window. This may reflect limited available inventory or transactions pending CoStar verification, and should be monitored in the Q2 2026 dataset. |
