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2020 Q3 Las Vegas Medical Office Market Research Report

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Medical in Stable Condition

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  • Vacancy increased to 10.4 percent this quarter
  • Net absorption improved over last quarter
  • The average asking rental rate decreased

Southern Nevada’s medical office market has been challenged in 2020, but has held up well. Net absorption has remained positive, although the last two quarters’ net absorption has been lower than in the first quarter of 2020. New completions totaled 40,000 square feet this quarter. Medical office vacancy increased slightly to 10.4 percent in the third quarter, from last quarter’s 10.3 percent. Asking rental rates decreased to $2.26 per square foot (psf) on a full service gross (FSG) basis this quarter.

 

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2020 Q3 Las Vegas Medical Office Market Research Report

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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.

 

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Mike Mixer

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Area of Expertise
Mike Mixer, SIOR Chairman is the former Executive Managing Director and co-founder of the Colliers International Las Vegas office, the leading full-service commercial real estate firm in Southern Nevada. An expert in the resort and gaming market, Mike’s expertise has been used by many of the top development and investment firms throughout the world. Mike has been a dominant force in the company’s success in all aspects of the real estate business and has consistently been ranked on of the top three brokers at Colliers International with billions of dollars in real estate transactions.

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He began his career in the Resort/Gaming field in 1987 as a casino marketing specialist, working for Steve Wynn at the Golden Nugget Hotel & Casino in Las Vegas. Mike began his Commercial Real Estate career in Las Vegas in 1988 with a firm that built and owned numerous office, retail, and resort projects throughout Southern Nevada and California. In 1993, Mike combined his knowledge and experience to form Stuart Mixer Commercial, (now known as Colliers International- Las Vegas). 

Mike currently leads the firms’ Resort & Gaming and Hotel Services Group focusing primarily on existing hotels, resort hotel projects, gaming properties, mixed-use and redevelopment sites in and around the Las Vegas resort corridors and the University District. He has represented notable clients such as MGM MIRAGE, The Related Companies, American Nevada Corporation, Wynn Resorts and Morgans Hotel Group. Mike is continually sought after for his knowledge and experience in the continuing evolution of the Las Vegas resort corridor, particularly among an increasing international client base. 

Mike has served as a past chairman of the Colliers International USA Board, on the International Governance Committee (IGC) for Colliers and a past chairman of the Colliers USA Board of Advisors. As Managing Partner for the local Las Vegas office, he continues to provide seamless guidance and stability for the firm and its brokers.

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