Las Vegas Office Market Report
First Quarter 2018
Inventory
Total office inventory in the Las Vegas market area amounted to 64,760,917 square feet in 4,024 buildings as of the end of the first quarter 2018.
Sales Activity
In the twelve months of 2017, the market saw 68 office sales transactions with a total volume of $619,607,637. The price per square foot averaged $186.34. In the same twelve months of 2016, the market posted 41 transactions with a total volume of $396,649,690. The price per square foot averaged $174.03.
Cap rates have been lower in 2017, averaging 7.41% compared to the same period in 2016 when they averaged 7.82%.
Tallying office building sales of 15,000 square feet or larger.
Mark of a Market.
The largest projects underway at the end of first quarter 2018 were Two Summerlin, a 144,574-square-foot building with 36% of its space pre-leased, and 10200 W Flamingo Rd, a 180,000-square-foot facility that is 100% pre-leased.
