Southern Nevada’s office market saw dramatic improvement in the second quarter of 2017. After five years of recovery, the office market saw its strongest demand in nine quarters, with net absorption of 545,955 square feet. This brought vacancy down to 16.1 percent, while asking rents remained at $2.02 per square foot (psf) on a Full Service Gross (FSG).
Southern Nevada’s office job market improved in April 2017 (the latest month of data available) compared with April 2016. The Valley added 23,400 jobs over the past twelve months, with the largest gain coming from the professional and business services sector (+13,600 jobs). Unemployment in the Las Vegas-Paradise MSA stood at 4.6 percent as of April 2017, down from 5.9 percent in April 2016. From April 2016 to April 2017, total employment in Southern Nevada increased by 40,600 jobs.