Las Vegas Office Market Report

Strong occupancy noted in metro’s northern half. Las Vegas entered 2025 with the seventh-lowest vacancy rate among major U.S. markets. While an elevated delivery slate in 2025 will lift vacancy to 12.1 percent by year-end, this rate remains more than 400 basis points below the metro’s historical average. Some submarkets are fairing better than others when it comes to occupancy. North and Central North Las Vegas both hold inventories over 1.5 million square feet and entered 2025 with sub-5 percent vacancy. Office spaces in the northern half of the metro benefit from proximity to professionals already living there, allowing for shorter commute times. With both submarkets well occupied, firms interested in leasing traditional office space on this side of the market will likely be directed to areas with larger inventories like Northwest Las Vegas. Here, vacancy dropped by 250 basis points in 2024, with most of the contraction occurring in the second half when leasing needs flowed over. This trend is likely to continue as the North and Central North submarkets historically receive relatively fewer supply additions.