Office Market in Expansion Mode
- Office vacancy decreased to its lowest level in 20 years
- Net absorption remained strong
- Market poised for largest inventory expansion in years
Southern Nevada’s office market entered expansion mode this quarter, having largely recovered from the 2020 lockdowns last year. Vacancy decreased in the first quarter of 2022 to 12.5%, the lowest vacancy rate the Valley has seen since before the Great Recession. Asking rental rates increased to $2.32 psf on a full service basis.
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