Las Vegas Office Market Report
Fourth Quarter 2020
Total office inventory in the Las Vegas market area amounted to 67,178,092 square feet, up 552,930 square feet from one year ago. There is currently 1,047,436 square feet under construction.
In the fourth quarter, 67 office transactions closed with a total volume of $91,760,587. The 67 buildings totaled 714,198 square feet and the average price per square foot equated to $145.39 per square foot. The average Cap Rate was 7.3 %. That brings the total for the 2020 calendar year to 242 transactions totaling $631,664,505 sales volume. The total square footage sold was 3,144,211 square feet for an average price per square foot of $228.13. The average Cap Rate was 7%
Mark of a Market.
One of the largest transactions that has occurred within the fourth quarter in the Las Vegas market is the sale of Downtown Office located at 400 E. Stewart Ave, part of a 2 property portfolio sale. The 295,753 square foot office buildings sold for $28,431,649 or $96.13 per square foot. The property sold on 10/20/2020. The Buyer was 400 Stewart LLC. The Seller was Downtown Las Vegas City Hall LLC.
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