Las Vegas office market report
Q3 2025
Net absorption
The Las Vegas office market recorded 48,444 sf of positive net absorption in Q3 2025, marking the second consecutive quarter of positive demand. This brings the year-to-date total to 305,736 sf, signaling a strong recovery from the negative absorption in Q1.
Asking rents
The Las Vegas office market reached a new peak in Q3 2025, with overall asking rents climbing to $29.75 psf. This upward trajectory was primarily fueled by strong performance in key suburban markets, confirming a sustained divergence from the urban core.
Leasing volume
Las Vegas office activity showed concentrated strength in Q3 2025 with 375,481 sf leased across just 87 deals. This sustained volume amid declining transaction count underscores a market prioritizing quality over quantity, as tenants commit to strategic real estate decisions that support long-term operational needs. The trend toward more substantial, deliberate leasing activity indicates a maturing market entering a new phase of stable recovery.
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