Las Vegas Office Market Report
First Quarter 2026
Inventory
Total office inventory in the Las Vegas market area amounted to 68,792,506 square feet, down 71,140 square feet from one year ago, reflecting a 0.10% decrease. There are currently 170,330 square feet under construction, a decrease of 568,581 square feet (-76.95%) compared to this time last year.
Sale Activity
In the first quarter, 91 office transactions closed with a total volume of $168,493,744.
The 91 buildings totaled 698,200 square feet, and the average price per square foot equated to $319.62.
Current market Cap Rates are reported to be 8.5%.
Mark of a Market.
One of the most significant transactions that occurred within the Las Vegas office market was the sale of 2724 N. Tenaya Way. The property sold on February 17, 2026, for $24,500,000. The building totaled 42,578,184 square feet and sold for $575.41 per square foot.
The Buyer was Tenaya Owner LP and the Seller was 2724 Tenaya Investors LLC.
The information in this post has been sourced by and is credited to ©2026 CoStar Group, Inc.
