Las Vegas office market report
Las Vegas had a quarter of mixed results for office product as vacancy rates ticked higher while investment pricing reached a new all-time high. Southwest Vegas continued to see rising rents and increased leasing activity as tenants continue to flock to the popular submarket.
Inventory under construction
Las Vegas currently has 468,400 sf of office space under construction with all the new office product located in either Northwest, West, or Southwest Las Vegas.
The Las Vegas office market recorded negative net absorption for the first time since Q3 2021. Las Vegas has recorded 49,670 sf of positive net absorption year-to-date.
Direct Asking Rent
Average asking rents declined by $0.02 psf from Q1 to Q2, a relatively minor decline as the office market continues to stabilize in the post-COVID environment.
Total available office space increased by 417,623 sf in the quarter, reaching a total of 6,181,611 sf of total available office space at the end of Q2.
The total vacancy rate increased to 15.0% in the quarter with a 13.5% direct vacancy rate and a 1.5% sublet vacancy rate.
The office market saw $50,462,579 of investment volume in Q2, down from $75,536,596 recorded in Q1 2022. The average transaction sold for $291 psf, a new all-time high for the Las Vegas office market.
Your source for the latest Las Vegas office market reports
Get in-depth office market reports and insights from commercial real estate experts in the Greater Las Vegas area. Avison Young advisors look at Nevada's commercial real estate activities and the latest Las Vegas statistics to provide you expert market research on the area's office properties.
Explore different topics like the latest office market pricing trends and analysis of Las Vegas's current office real estate market conditions. Gain a better understanding of the city’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Las Vegas's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Las Vegas.
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