Las Vegas Office Market Report
Fourth Quarter 2021
Inventory
Total office inventory in the Las Vegas market area amounted to 67,401,978 square feet, up 211,954 square feet from one year ago. There is currently 922,311 square feet under construction.
Sale Activity
In the fourth quarter, 114 office transactions closed with a total volume of $323,150,401. The 114 buildings totaled 1,456,956 square feet and the average price per square foot equated to $233.58 per square foot. The average Cap Rates were 6.6%.
That brings the total for the 2021 calendar year to 407 transactions totaling $984,157,986 sales volume. The total square footage sold was 4,610,830 square feet for an average price per square foot of $224.68. The average Cap Rate was 7.2%
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 United Healthcare at 2716 N. Tenaya Way. This 204,123 square foot office building sold for $67,000,000 or $328.23 per square foot. The properties sold on 11/5/2021. The Buyer was Premier Realty Management, Inc. The Seller was Virtua Partners.
The information in this post has been sourced by and is credited to ©2022 CoStar Group, Inc.
