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Las Vegas Market Reports

Las Vegas Office Market

Average Asking Rent (Price/SF) $1.80
Vacancy Rate (%) 16.5%
Net Absorption (SF) 128,641

The first quarter of 2018 closed with the overall asking rate for office space at $1.80/SF, a 3. 5% increase from the prior quarter. The Downtown submarket recorded the highest average rate at $2.52/SF, followed by the Northwest submarket at $1.92/SF and the Southeast submarket at $1.80/SF. However, the Central East submarket had the highest average asking rate for Class A space at $2.87/SF, compared with $2.77/SF in Downtown. Move-ins occurred mostly in the West and Southwest during the first quarter, although tenants were active in the South, Central East and Northwest submarkets as well. In the Central East submarket, NS8 Inc. occupied 12,890 square feet at Holsum Design Center. In the Northwest submarket, Learning Center occupied 9,016 at Spectrum Office Plaza. In the South Alpha Connect occupied 15,231 square feet at Gateway Business Park, and Artic Marketing Group occupied 5,300 square feet at Sunset Ridge Professional Plaza.

Las Vegas Industrial Market

Average Asking Rent (Price/SF) $0.68
Vacancy Rate (%) 6.8%
Net Absorption (SF) 358,563

The industrial market in Las Vegas remains constricted, as shown by its steadily declining vacancy and the issue of land constraints becoming more publicized. The lack of land availability is inescapable: For properties of 5,000 square feet and greater, vacancy fell to 6.8%, a decrease of 8.1% from the prior quarter. To combat these barriers to entry, local municipalities are stepping up to manage federal lands that can be used for commercial purposes. For instance, in May, the city of Henderson will auction 358 acres of land near Interstate 15 that are already zoned commercial/industrial for a planned industrial district, with the proceeds going to the Bureau of Land Management.

Las Vegas Office Market Report
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Las Vegas Industrial Market Report
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