Las Vegas Office Market Report
Third Quarter 2025
Inventory
Total office inventory in the Las Vegas market area amounted to 69,049,162 square feet, up 342,893 square feet from one year ago, reflecting a 0.50% increase. There are currently 213,943 square feet under construction, a decrease of 247,574 square feet (-53.64%) compared to this time last year.
Sale Activity
In the third quarter, 58 office transactions closed with a total volume of $186,924,856.
The 58 buildings totaled 772,133 square feet, and the average price per square foot equated to $257.05.
Current market Cap Rates are reported to be 9.1%.
Mark of a Market.
One of the most significant transactions that occurred within the Las Vegas market was the sale of 9501 Hillwood Drive – The Mountain Church. The property was sold on September 18, 2025, for $6,380,000. The building totaled 24,362 square feet and sold for $261.68 per square foot.
The Buyer was Las Vegas Investments & Realty on behalf of Precedent Properties LLC / The Mountain Church, and the Seller was Las Vegas Institute (Hillwood Properties LLC).
The information in this post has been sourced by and is credited to ©2025 CoStar Group, Inc.
