Las Vegas office market report

Q4 2024

14.6%

Direct vacancy increases but remains below historical highs and national averages.

The direct vacancy rate in the Las Vegas office market stood at 14.6% for 2024, slightly rising to 14.7% in the fourth quarter. This marks an increase of 190 basis points from the 2023 vacancy rate, signaling some challenges in filling office spaces over the past year. However, these figures remain well below the historically high vacancy rates seen in the early 2010s and are significantly lower than current vacancies in major metropolitan markets across the U.S. This relative stability highlights the resilience of Las Vegas’ office market, even amid broader shifts in workplace dynamics and demand.

$31.30

Rents remain high and continue growing across the office landscape.

Office rents in Las Vegas continue to climb across most submarkets, with Summerlin and the Southwest leading the market in pricing. The Southwest submarket recorded the highest rents at $35.53 per square foot, followed closely by Downtown, Airport, and Summerlin areas. In contrast, North Las Vegas, primarily an industrial hub, remains more affordable, with rents still below $25 per square foot, though gradually increasing. Submarkets near residential areas are particularly strong, experiencing the lowest vacancy rates and highest rents due to demand for newer buildings and proximity to workforce housing.

100.9%

Return to office visitation reflects full recovery from November 2019 levels.

In October 2024, office visitation in Las Vegas reached 100.9% of pre-pandemic levels, benchmarked against November 2019. This milestone not only marked a full recovery but also positioned Las Vegas ahead of the national average by 250 basis points. Such a significant rebound reflects the city’s resilience and adaptability in navigating post-pandemic workplace dynamics. The strong performance underscores how Las Vegas has emerged as a leader among markets striving to revitalize office spaces, offering an encouraging sign for stakeholders in commercial real estate.

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