Las Vegas Office Market Asking Rents Show Signs of Recovery

Bar graph displaying Las Vegas CRE Office Market Asking Rents
  • 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.

December 19, 2023

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US-NV-LAS Las Vegas