Las Vegas Office Market Report
First Quarter 2024
Inventory
Total office inventory in the Las Vegas market area amounted to 68,158,826 square feet, up 345,356 square feet from one year ago. There are currently 907,878 square feet under construction.
Sale Activity
In the first quarter, 23 office transactions closed with a total sales volume of $65,120,107. The 23 buildings totaled 367,991 square feet and the average price per square foot equated to $182.24 per square foot. The average Cap Rates were 7.3%.
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 5421 Spring Mountain Road. This 214,630 square foot office property sold for $22,350,000.00 or $104.13 per square foot. The property was sold on 1/30/2024. The Buyer was Culinary Union. The Seller was Southwest Gas.
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