Las Vegas office market report

Q3 2022

The Las Vegas office market had an excellent quarter marked by declining vacancy rates, rising rent pricing, and a healthy volume of investment activity. This period could be a key turning point for the local office market, as tenants and investors alike seem to be signaling returning confidence in the return to office.

468.4 ksf

Inventory under construction

There were no deliveries or new construction starts of office buildings in the quarter, leaving 468,400 sf of office space under construction for the second consecutive quarter.

655.9 ksf

Net absorption

The Las Vegas office market recorded the highest gain in net absorption in a single quarter at 655,809 sf. Nearly half of the total gains in net absorption came from the West Las Vegas submarket alone, with the submarket recording 316,191 sf in positive net absorption.

$28.94/sf

Direct asking rent

Average asking rents increased by $0.46 psf from Q2 to Q3, a significant gain in rent pricing that the market has not seen since the end of 2020.

5.8 msf

Availabilities

Total available office space declined by 424,111 sf in the quarter, for a total of 5,757,500 sf in available space at the end of Q3. Direct availabilities accounted for 5,215,226 sf, with the remaining 542,274 sf available to sublet.

13.4%

Vacancy

The total vacancy rate decreased to 13.4% in the quarter, with a 12.1% direct vacancy rate and a 1.3% sublet vacancy rate.

$233.9M

Investment sales

The office market saw $233,934,999 of investment volume in Q3, marking the highest level of investment activity since Q4 2019. The average transaction was priced at approximately $315 psf, up from $299 psf in Q2 2022.

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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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