- Office vacancy increased to 13.0 percent in the third quarter of 2020
- Net absorption fell into negative territory
- Asking rents remained stable at $2.21 psf
Job losses and economic disruption finally registered in Southern Nevada’s office market, with net absorption decreasing to negative 233,279 square feet in the third quarter of 2020. That sent the vacancy rate up to 13 percent, higher than one year ago. The weighted average asking rate for office space remained at $2.21 per square foot (psf) on a full service gross (FSG) basis for the third consecutive quarter.
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