Las Vegas Office Market Report
Second Quarter 2018 – Office
Total office inventory in the Las Vegas market area amounted to 64,861,906 square feet in 4,027 buildings as of the end of the second quarter 2018.
There were 14 office transactions closed with a total volume of $153,977,885 in the first quarter 2018, totaling 726,678 square feet with an average sales price of $211.89 per square foot. Comparatively in the first quarter of 2017, the market posted 17 transactions with a total volume of $97,644,665. The average sales price was $148.49 per square foot.
Cap rates have been dramatically lower in 2018, averaging 6.65% compared to the same period in 2017 when they averaged 8.02%.
Tallying office building sales of 15,000 square feet or larger.
Mark of a Market.
One of the largest transactions that has occurred in the second quarter was the sale of Marnell Corporate Center IV at 6750 Via Austi Parkway. This 93,650 square foot office building sold for $30,750,000, or $328.35 per square foot. The property sold on 4/3/2018, at a 6.30% cap rate.
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.