Las Vegas Office Market Asking Rents Show Signs of Recovery - United States
Las Vegas Office Market Asking Rents Show Signs of Recovery
Direct Full Service asking rents for Class A buildings in the Las Vegas Office market saw its 6th consecutive quarterly growth, increasing to $32.89/sf. This is up 7.36% from pre-pandemic levels (2019Q3).
In addition, Class B buildings are experiencing the highest asking rent increase since pre-pandemic, albeit at a slower pace. With extraordinary growth between 2021Q4 and 2023Q1, asking rents for Class B are now sitting at $24.90/sf.
As landlords continue to invest in their properties and competition for high class amenity space rises, expect to see further stabilization in asking rents, until demand returns to peak velocity.