Las Vegas Office Market Report
Fourth Quarter 2019
Total office inventory in the Las Vegas market area amounted to 66,080,483 square feet with 752,179 square feet under construction.
In the fourth quarter, 76 office transactions closed with a total volume of $294,703,381. The 76 buildings totaled 1,379,130 square feet and the average price per square foot equated to $222.34 per square foot. That brings the total for the 2019 calendar year to 160 transactions totaling $538,325,408. The total square footage sold was 2,715,548 square feet for an average price per square foot of $213.50. The average Cap Rate were 7.4%.
Tallying all office building sales.
Mark of a Market.
One of the largest transactions that has occurred within the Las Vegas market is the sale of 1505 S. Pavilion Center Dr. This 138,558 square foot office building sold for $57,000,000 or $411 per square foot. The properties sold on 10/29/2019. The Buyer was Station Casinos, LLC. The Seller was Service Properties Trust (Nasdaq: SVC).
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.