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2021 Q3 Las Vegas Office Market Research Report

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  • 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.

 

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2021 Q3 Las Vegas 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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Aaron West

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