Las Vegas Office Market Report
Fourth Quarter 2023
Inventory
Total office inventory in the Las Vegas market area amounted to 68,661,217 square feet, up 277,469 square feet from one year ago. There is currently 896,558 square feet under construction.
Sale Activity
In the fourth quarter, 39 office transactions closed with a total volume of $66,590,889. The 39 buildings totaled 463,677 square feet and the average price per square foot equated to $162.43 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 7401 W. Charleston Blvd. This 34,034 square foot office building sold for $6,900,000 or $202.74 per square foot. The property was sold on 11/01/2023. The Buyer was Christyn Cal. The Seller was Iyad Haddad.
The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.
