Las Vegas Office Market Report
Fourth Quarter 2018
Inventory
Total office inventory in the Las Vegas market area amounted to 65,524,855 square feet in 4,049 buildings as of the end of the fourth quarter 2018.
Sale Activity
In the third quarter, 16 office transactions closed with a total volume of $104,983,276. The 16 buildings totaled 634,410 square feet and the average price per square foot equated to $165.48 per square foot. That compares to 16 transactions totaling $145,605,750 in the second quarter 2018. The total square footage in the second quarter was 780,517 square feet for an average price per square foot of $186.55.
Cap rates have been higher in 2018, averaging 7.93% compared to the same period in 2017 when they averaged 7.45%.
Tallying office building sales of 15,000 square feet or larger
Mark of a Market.
One of the largest transactions that has occurred within the last four quarters in the Las Vegas market is the sale of 2495 Village View Drive in Henderson. This 162,972 square foot office building sold for $34,000,000, or $208.62 per square foot. The property sold on 11/5/2018, at a 6.63% cap rate. This building was bought by JMA Ventures and sold by America Nevada Company.
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.
