Office Expansion Cools at Midyear
- Office vacancy increased slightly to 12.7%
- Net absorption remained positive
- Market poised for largest inventory expansion in years
After experiencing a significant expansion last quarter, Southern Nevada’s office market cooled at midyear. Net absorption remained positive, at 45,443 square feet, but did not keep pace with the 129,272 square feet of new development. This lifted vacancy to 12.7% this quarter, from 12.5% one quarter ago. Asking rental rates increased to $ 2.37 psf on a full service basis.
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