Weathering the Storm
- Office vacancy increased to 12.5 percent in the second quarter of 2020
- Southern Nevada’s office inventory increased by 65,000 square feet
- Asking rents decreased at $2.21 psf
When an office market loses more than 48,000 jobs, even if those losses are intended to be temporary, it should come as no surprise that it also suffers an increase in vacancy. Southern Nevada saw office vacancy increase to 12.5 percent, while inventory expanded by 65,000 square feet. Net absorption was 10,083 square feet. The weighted average asking rate for office space remained stable at $2.21 per square foot (psf) on a full service gross (FSG) basis.
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