- Absorption Turns Positive
The Las Vegas office market recorded over 40,000 sf of positive absorption in Q2.
- Vacancy Rate Rises YOY
Overall vacancy rate, including sublease space, increased 160 bps from last year to 13.9%.
- New Leasing Activity Decreases YOY
Tenants leased 249,000 sf of new space down 50% YOY.
- Sales Activity Slows
The Las Vegas office market recorded $29 million in sales, down 73% YOY.
- Average Asking Rent Rises YOY
The average asking rent for all classes combined increased 5.1% YOY to $26.88.
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.