Las Vegas office market report

The Las Vegas office market closed 2025 with 149,280 SF of net absorption in Q4, securing a third consecutive quarter of positive demand and bringing the full-year total to approximately 455,016 SF. This consistent, multi-quarter growth underscores a firm trend toward market stabilization, indicating that settled tenant strategies are now driving a period of measured, positive recovery.

Overall asking rents in Las Vegas reached a new high of $31.56 psf at year-end 2025. The Southwest and Summerlin submarkets continued to anchor this growth with significant premiums, underscoring that pricing power and tenant demand remain concentrated in decentralized, amenity-rich hubs. This sustained stratification confirms a market defined by settled preferences for modern, accessible locations.

Leasing activity in Las Vegas remained strategically focused in Q4 2025, with 299,062 SF completed across 89 transactions. This continued emphasis on substantive deal-making over volume highlights a mature market phase, where tenant commitments are deliberate and driven by long-term operational needs rather than market speculation. The consistent pattern affirms a prudent and stability-oriented approach to recovery.