Fourth Quarter 2022 Las Vegas Office Market Report

January 25, 2023
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Las Vegas Office Market Report

Fourth Quarter 2022

Total office inventory in the Las Vegas market area amounted to 68,109,879 square feet, up 383,253 square feet from one year ago. There is currently 617,931 square feet under construction.

Sale Activity
In the fourth quarter, 46 office transactions closed with a total volume of $138,086,645. The 46 buildings totaled 579,422 square feet and the average price per square foot equated to $238.32 per square foot. The average Cap Rates were 6.7%.

Tallying all office building sales.

Mark of a Market.

One of the largest transactions that have occurred within the Las Vegas market is the sale of 6720 Via Austi Parkway. This 110,974 square foot office building sold for $31,875,000 or $287.23 per square foot. The property was sold on 11/17/2022. The Buyer was Moonwater Capital Management. The Seller was TA Realty.

The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.

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