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Las Vegas Office Five Fast Facts | Q2 2023

Jeff Platts • 8/3/2023
What to know in the Las Vegas office commercial real estate (CRE) market.
  1. Absorption Turns Positive  
     The Las Vegas office market recorded over 40,000 sf of positive absorption in Q2. 

  2. Vacancy Rate Rises YOY 
    Overall vacancy rate, including sublease space, increased 160 bps from last year to 13.9%. 

  3. New Leasing Activity Decreases YOY 
    Tenants leased 249,000 sf of new space down 50% YOY. 

  4. Sales Activity Slows 
    The Las Vegas office market recorded $29 million in sales, down 73% YOY. 

  5. Average Asking Rent Rises YOY 
    The average asking rent for all classes combined increased 5.1% YOY to $26.88. 
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