Las Vegas office market report

Q3 2023

Three key market themes:


Direct asking rents fs ($/psf)

Direct asking rents for Las Vegas office saw growth for a fifth consecutive quarter – jumping $0.38/sf (1.3%) from $30.08 to $30.46 during the quarter.

In Q2, “class A” office space saw the largest jump in asking rents during the quarter. However, the opposite was seen in the third quarter.

In Q3, “Class B & C” office space saw the largest rent growth quarter-over-quarter, respectively increasing by 2.4% ($30.42/sf) and 1.4% ($18.53/sf) – while “class A” office space saw rents fall by 2.1%, ending the quarter with an average asking rate of $31.18.


Total vacancy rate (%)

Office vacancy saw a modest decrease of 0.4% in Q3, ending the quarter with a total vacancy rate of 15.3% -  breaking the streak of back-to-back quarterly increases in vacancy experienced in Q1 and Q2.

The direct vacancy rate decreased 50bps from 13.9% in Q2 to 13.4% in Q3, while sublet vacancy increased by 10 basis points over the same period, ending the quarter at 1.9%.

The decrease in total vacancy rate can be attributed mainly to the high rate of absorption experienced in the evolving suburban office markets of West and Southwest Las Vegas.


Transaction volume (by $)

Capital markets activity for Las Vegas office rebounded significantly with $106,860,488 transacted in the third quarter, which is only $100k short of the combined transaction volume recorded over the previous three quarters ($106,973,584).

Aside from transaction volume by dollar amount, the number of completed transactions and average price per square foot also saw significant increases, with completed transactions jumping from 4 in Q2 to 12 in Q3, and average price per square foot up 6.7% quarter-over-quarter – ending the quarter at $224/sf.


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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