Las Vegas office market report

While many office markets across the nation are grappling with increasing vacancy rates, Las Vegas stands apart. Thanks to its predominantly suburban-style office setup, companies in Las Vegas have largely avoided the challenges of getting employees back into the office, as their workplaces are conveniently situated near their homes. Although there was a slight uptick in vacancy rates during the peak of the pandemic, they have consistently remained below historical averages. As of the close of Q1 2024, the current vacancy rates stand at 16.2%, with 14.5% being direct vacancies and 1.7% sublet vacancies.

Las Vegas continues to be a leader in office rent growth, reaching a peak of $28.15 per square foot annually by the end of Q1 2024. Specifically, Class A offices commanded $33.01, Class B were at $24.95, and Class C stood at $18.45. Notably, Class A rents have steadily risen quarter over quarter for the past 8 quarters, climbing from $30.99 in Q2 2022 to $33.01 in Q1 2024, marking a 6.5% increase.

While the economy strengthens and population increases, office supply remains tight and demand high, driving consistently increasing asking rents.

Las Vegas continues to be a leader in office rent growth, reaching a peak of $28.15 per square foot annually by the end of Q1 2024. Specifically, Class A offices commanded $33.01, Class B were at $24.95, and Class C stood at $18.45. Notably, Class A rents have steadily risen quarter over quarter for the past 8 quarters, climbing from $30.99 in Q2 2022 to $33.01 in Q1 2024, marking a 6.5% increase.

While the economy strengthens and population increases, office supply remains tight and demand high, driving consistently increasing asking rents.