Skip to main content Skip to footer

2020 Q1 Las Vegas Office Market Research Report

Download Report
OFC_A_1536x1040

The Calm Before The Storm

MR_LAS_20Q1_OFC_175x227

  • Office vacancy decreased to 12.1 percent in the first quarter of 2020
  • Southern Nevada’s office inventory rebounded from 2019’s decrease
  • Asking rents remained stable at $2.22 psf

There was no other way to describe Southern Nevada’s office market in 2019 than “strange”, with an overall reduction in office inventory for the first time since we started tracking the market 20 years ago. The first quarter of 2020 offered a refreshing change, posting 225,720 square feet of net absorption, up from one year ago. New construction in the first quarter reversed the decrease in inventory experienced in 2019. This sent office vacancy down to 12.1 percent, while the weighted average asking rate for office space remained stable at $2.22 per square foot (psf) on a full service gross (FSG) basis. All would be well, if not for the emergence of the COVID-19 pandemic.

 

Have future reports delivered directly to your inbox - click here to subscribe to this and other regional e-mail delivery lists.


OFC_A_1024x972

2020 Q1 Las Vegas Office Market Research Report

Download Report
Related Experts

John Stater

Research Manager

Las Vegas

John has managed the research and GIS (Geographic Information Services) departments at Colliers’ Las Vegas office for more than two decades. During that time he has been collecting, analyzing and reporting on the commercial real estate market of Las Vegas, NV, building the research department at Colliers International's Las Vegas from the ground up, establishing a database of properties, availabilities and lease and sales comps with over 20,000 records covering the industrial, office, retail, land, multifamily, hospitality, medical office markets, as well as Southern Nevada's economy in general. He also writes for the Vegas CRE Insider blog. As his office's GIS manager, he produces local, regional and national maps.

In his spare time, John writes, designs and publishes games and does freelance work in the game industry and economic research.

 

View expert