Las Vegas Office Market Report

Flight-to-quality apparent. Las Vegas’ office sector is in a position of strength when compared to other major U.S. markets. Vacancy was 440 basis points below its long-term average in March, with the local mean asking rent remaining on a consistent upward trajectory since 2021. Recent tenant demand for Class A options are partially supporting these conditions. Spanning the last 10 quarters, roughly 1 million square feet of upper-tier space was absorbed on net, which represents 8 percent of existing Class A stock. This leasing activity indicates companies are willing to occupy high-quality floor plans for upward of $30 per square foot. Should this level of demand continue, it would represent a boon for the 550,000 square feet of space in the active pipeline that was available as of May.