- Net absorption in Q1 was weak but positive
- Deliveries of medical office outpaced net absorption
- Vacancy increased to 11.4% this quarter
Southern Nevada’s medical office market ended 2020 on a low note, but bounced back in the first quarter of 2021. Net absorption in the first quarter was not especially strong, and was outpaced by deliveries this quarter, sending vacancy up 0.1 point to 11.4%. Asking rental rates increased by $0.05 to $2.30 psf on a full service gross (FSG) basis.
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