First Quarter 2021 Las Vegas Office Market Report

April 12, 2021
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Las Vegas Office Market Report

First Quarter 2021

Total office inventory in the Las Vegas market area amounted to 67,115,014 square feet, up 462,109 square feet from one year ago. There is currently 1,117,723 square feet under construction.

Sale Activity
In the first quarter, 75 office transactions closed with a total volume of $113,114,310. The 75 buildings totaled 647,267 square feet and the average price per square foot equated to $204.60 per square foot. The average Cap Rates were 7.7%.

Tallying all office building sales.

Mark of a Market.

One of the largest transactions that has occurred within the Las Vegas market is the sale of Coronado Medical Center at 2779 W. Horizon Ridge Parkway. This 39,761 square foot office building sold for $18,800,000 or $472.83 per square foot. The properties sold on 1/21/2021. The Buyer was White Oak Credit Services, LLC. The Seller was Crovetti Orthopaedics and Sports Medicine.

The information in this post has been sourced by and is credited to ©2021 CoStar Group, Inc.

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