The Industrial Revolution: Nevada’s Commercial Real Estate Industrial Market 3/1/19 The industrial real estate market is humming along very well, but still experiencing a hangover from the Great Recession. Multiple Nevada real estate executives noted the strong performance of industrial real estate in both Northern and Southern Nevada, led by low vacancy numbers, but it’s hard to keep up with the current demand. There’s a lack of speculative development, according to Larry Monkarsh, owner of LM Construction and partner of Brass Cap Development. “It’s still a hangover of the recession, especially the lenders,” Monkarsh said. “The institutional banks aren’t lending on it, but it is out there and people are getting it done.” The industrial vacancy rate in Las Vegas is 3.6 percent and Reno is at 5.67 percent, according to Colliers International Q4 2018 market report.