- Office vacancy increased to 13.4 percent at the end of 2020
- Net absorption remained negative
- Asking rents increased to $2.22 psf
Southern Nevada’s office market entered into negative net absorption territory one quarter ago, and unfortunately remained there in the fourth quarter of 2020. Fourth quarter net absorption was negative 133,081 square feet, bringing net absorption for 2020 as a whole to negative 251,158 square feet. Office vacancy increased to 13.4 percent, an increase of 1 point from the fourth quarter of 2019. The weighted average asking rate for office space increased to $2.22 per square foot (psf) on a full service gross (FSG) basis.
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