Let’s Get Small
- Office demand on pace to be strongest since 2018
- Vacancy decreased to 13.9%, a two year low
- Asking rents increase to $2.25 psf FSG
Southern Nevada’s office market continued its lockdown recovery in third quarter of 2021, with a second straight quarter of strong net absorption. Vacancy decreased to 13.9%, its lowest level in two years, and asking rental rates responded by increasing to $2.25 psf on a full service basis. Activity this quarter favored Class B office buildings in the Southwest submarket, and tenants appear to be favoring smaller units over larger.
Have future reports delivered directly to your inbox - click here to subscribe to this and other regional e-mail delivery lists.