Las Vegas office market report

Q1 2025

14.9%

Direct vacancy continues to slightly tick up quarterly 

Las Vegas maintains one of the lowest vacancy rates among major U.S. metros, but direct vacancy continues to rise gradually. Unlike other cities facing large-scale office downsizing, Las Vegas has been insulated by its hospitality-driven economy. However, office demand has weakened as leasing volume remains below pre-pandemic levels, and smaller tenants reassess space needs.
$31.27

Asking rents seem to stabilize, remaining above $30 levels in the past year

Despite weaker leasing activity, Las Vegas office rents have remained above $30, outperforming national trends. Limited new supply and strong demand for smaller office spaces have helped sustain pricing. However, rent growth has slowed significantly from its peak, making future increases less likely.
87%

Las Vegas exceeds the national average for post-holiday in-office working time

Las Vegas office attendance has reached 87% of pre-pandemic levels, surpassing the national average. The market’s minimal reliance on tech firms, many of which have embraced remote work, has supported a stronger in-office culture among professional services and financial firms.

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