Las Vegas office market report

Q1 2023

Three key market themes:


Average direct market rent

Rents have remained relatively consistent from Q4 (’22) to Q1 (’23) - showing a slight $0.10 increase from $27.70 in the 4th quarter to $27.80 at the end of the first period of 2023.


Total vacancy rate

The total vacancy rate for office space in Las Vegas showed its first quarterly increase in the past six quarters – ending the first period at 15.0%.

The direct vacancy rate increased from 12.2% in Q4 2022 to 13.0% in Q1 2023 & the sublet vacancy rate showed a slight increase of 10 basis points over Q4’s rate.


Sales volume (Q1)

Sales volume dropped significantly in Q1, as only $32.8m was transacted throughout the quarter – the lowest quarterly sales volume by dollar amount since Q1 of 2017.


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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