Second Quarter 2019 Las Vegas Office Market Report

July 15, 2019
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Las Vegas Office Market Report

Second Quarter 2019 

Total office inventory in the Las Vegas market area amounted to 65,876,883 square feet with 231,305 square feet under construction.

Sale Activity
In the second quarter, 6 office transactions closed with a total volume of $62,836,000. The 6 buildings totaled 208,379 square feet and the average price per square foot equated to $301.54 per square foot. That compares to 12 transactions totaling $78,812,495 in the first quarter 2019. The total square footage in the first quarter was 716,300 square feet for an average price per square foot of $110.03.

Tallying office building sales of 15,000 square feet or larger

Mark of a Market.

One of the largest transactions that has occurred within the second quarter in the Las Vegas market is the sale of 2825, 2845 & 2865 Siena Heights Dr. in Henderson, NV. These 139,222 square foot office buildings sold for $55,116,296 or $395.89 per square foot. The properties sold on 5/15/2019 as part of a 55 building portfolio across 16 states in the U.S. The Buyer was Welltower Inc. The Seller was CNL Healthcare Properties, Inc.

The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.

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