- By buyer type, the market comprises two distinct groups with opposing sensitivities to interest rates: investment buyers and owner-users. Investment volume from institutional, private, and private equity buyers had a loose -0.30 correlation with the 10-year Treasury yield, declining from a quarterly pace of $142 million in 2022 to roughly $29 million in 2023 and 2024 as debt costs peaked.
- Owner-user volume moved the opposite way. Purchasing to occupy rather than to finance a return, these buyers increased activity as rates rose, raising their market share from 4% in 2022 to nearly half by 2023. In the third quarter of 2023, as the Treasury climbed from 3.8% to 4.6%, investment buyers withdrew while owner-users took 74% of volume, reflecting occupier demand from Nevada's healthcare and professional-services growth.
- Volume recovered to $529 million in 2025 as both pools re-engaged. Of the 41 properties that traded, six were Class A, led by the Narrative at $479 per square foot and UnitedHealth’s Optum campus at $583. Pricing reached a cycle-high $283 in 2026 with the Treasury near 4.7%, anchored by Nevada’s nation-leading job growth and diversification beyond the hospitality and gaming industries.
Two-speed market: users backfill as investors retreat
August 28, 2026
