Southern Nevada has now experienced five years of healthy net absorption in the office market. Net absorption totaled 687,966 square feet in 2016, down from 2015 but much improved from 2014. Total office completions were lower this year than last. Office vacancy ended the year at 17.3 percent, down almost 1.0 percentage point from 2015, and down almost 5.0 percentage points from the peak vacancy of 22.0 percent in 2012. Continued healthy demand for office space has driven asking rates upward to $2.03 per square foot (psf) on a Full Service Gross (FSG) in 2016, an increase of $0.07 psf over 2015.