Las Vegas' ongoing suburban office development provides a competitive advantage when contrasted with typical metropolitan office markets

Las Vegas Office Data Bite March 2024_chart

• The Las Vegas office market boasts a distinct competitive edge attributed to its suburban-centric working environment; one of the factors that has kept its vacancy rates notably low on a national scale. Unlike many metropolitan areas experiencing surges in downtown office vacancies, Las Vegas thrives predominantly within its suburban landscape. Demand for offices in the suburban submarkets is sustained by benefits like ample parking, shorter commutes from residential areas, more space for development as well as the expansion of professional sports in Southern Nevada.
   
• Notably, office development remains robust in Las Vegas, a clear indicator of sustained demand, especially within the South, Southwest, and West submarkets. While all segments of the office market have seen contributions to inventory over the past decade, it's evident that these submarkets have emerged as primary drivers, emphasizing a thriving and healthy market outlook.

March 25, 2024

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