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2022 Q1 Las Vegas Office Market Research Report

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Office Market in Expansion Mode

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  • 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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2022 Q1 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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Colliers in Las Vegas is a full-service commercial real estate firm, providing integrated services to clients locally and globally.  As Managing Director, Aaron West manages brokerage operations and service lines in Las Vegas with a key focus on new business development, talent recruitment and retention.

Aaron and his  team provide best in class service and results to their clients, including owners, occupiers, investors and developers.  The team accomplishes this through dedication to the constant pursuit of improvement, and by creating unsurpassed intellectual capital within the market.

With more than 10 years of leadership experience in business development and lead generation, he brings a robust skillset and comprehensive industry knowledge to Colliers including technology delivery, platform optimization, marketing and research, labor market intelligence, leasing solutions, and transaction reporting systems.

Prior to joining Colliers, Aaron  served as a Vice President for CBRE where he was a leader on one of the firm's top producing multi-market brokerage teams, representing both national and international corporate clients.

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