First Quarter 2022 Las Vegas Office Market Report

April 18, 2022
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Las Vegas Office Market Report

First Quarter 2022

Total office inventory in the Las Vegas market area amounted to 67,676,368 square feet, up 272,430 square feet from one year ago. There was currently 742,445 square feet under construction.

Sale Activity
In the first quarter, 100 office transactions closed with a total volume of $340,660,185. The 100 buildings totaled 1,666,412 square feet and the average price per square foot equated to $247.45 per square foot. The average Cap Rates were 6.4%.

Tallying all office building sales.

Mark of a Market. 

One of the largest transactions that occurred within the Las Vegas market is the sale of Sansone Pecos Wigwam Professional Center. This sale comprised of 4 buildings, totaled 52,354 square feet and sold for $17,100,000 or $326.62 per square foot. The properties sold on 3/4/2022. The Buyer was Marlin A, LLC. The Seller was Cwrp Wigwam Mob Owner LLC.

The information in this post has been sourced by and is credited to ©2022 CoStar Group, Inc.

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