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Las Vegas Office Market

Average Asking Rent (Price/SF) $1.74
Vacancy Rate (%) 16.7%
Net Absorption (SF) 289,447

Numerous office projects are expected to come online in the next eight quarters. These projects are situated around the Interstate 215 Beltway (Bruce Woodbury Beltway), slightly south of Spring Valley in the Southwest submarket, in the Southeast (SE) submarket and intermittently throughout the North Las Vegas submarket. However, much of the new space is speculative, so there will not be as much pre-leasing. Sansone Development has a number of new spaces concentrated in the Southwest and South submarkets, particularly in the St. Rose Coronado area, where construction of a new, 60,000 square-foot Class B office/medical property is scheduled to begin in January 2018, and another 60,000 square-foot Class B office/residential property, Building 1 will be delivered in February 2018. Both buildings are located at 2580 St. Rose Parkway. In the Southwest submarket, Magnum Tower on Sunset expects construction of the proposed 150,000 square-foot Class B office building will begin in January. Key community drivers are gearing up for the new construction: University of Nevada, Las Vegas (UNLV) is underway with a third building to add to the 122-acre technology park in the Southwest, and the Las Vegas Convention Center and Visitors Authority (LVCVA) has finally approved an architect to oversee design for the $1.4 billion convention center expansion downtown. Together, medical office projects and owner-occupied expansions are moving the construction needle forward for the overall office sector, while trendy Class A mixed-use office projects are attracting tenants to Downtown, the Northwest and SE/Henderson submarkets.

Las Vegas Industrial Market

Average Asking Rent (Price/SF) $0.67
Vacancy Rate (%) 7.4%
Net Absorption (SF) 777,215

With several large new speculative additions inserted into the market, the North Las Vegas submarket presents considerable opportunities for tenants willing to locate to the e-commerce hub. Vacancy has fluctuated slightly higher, increasing 1.4% from 7.3% in the fourth quarter of last year, but overall is constricted throughout the Valley. The absorption of properties 5,000 square feet and greater remains consistent; tenants are moving regularly, combining for an average absorption of more than 500,000 square feet in each quarter of 2017, with 777,215 square feet absorbed in the fourth quarter.

Las Vegas Office Market Report
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Las Vegas Industrial Market Report
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