First Quarter 2023 Las Vegas Office Market Report

April 19, 2023
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Las Vegas Office Market Report

First Quarter 2023

Total office inventory in the Las Vegas market area amounted to 68,301,268 square feet, up 380,023 square feet from one year ago. There was currently 613,120 square feet under construction.

Sale Activity
In the first quarter, 29 office transactions closed with a total volume of $73,932,561. The 29 buildings totaled 348,527 square feet and the average price per square foot equated to $212.13 per square foot. The average Cap Rates were 5.9%.

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 Village Center Circle Office Suite at 1885 Village Center Circle. This 3,852 square foot office building sold for $2,300,000 or $597.09 per square foot. The property was sold on 3/31/2023. The Buyer was Sanaya Generations LLC. The Seller was Early Spring LLC.

The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.

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