LV Office Recovers from the Lockdowns
- Office vacancy at lowest level since Great Recession
- Net absorption highest level since 2018
- Asking rents increase to $2.27 psf FSG
Southern Nevada’s office market completed its recovery from the 2020 lockdowns in the fourth quarter of 2021, with vacancy decreasing to 13.3%, which was not only lower than its pre lockdown rate of 13.6%, but also the market’s lowest vacancy rate since before the Great Recession. Asking rental rates increased to $2.27 psf on a full service basis.
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