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Second Quarter 2020 Las Vegas Office Market Report

July 27, 2020
MARKET REPORTS
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Las Vegas Office Market Report

Second Quarter 2020

Inventory
Total office inventory in the Las Vegas market area amounted to 65,598,114 square feet with 1,219,736 square feet under construction.

Sale Activity
In the second quarter, 16 office transactions closed with a total volume of $73,700,000. The 16 buildings totaled 356,000 square feet and the average price per square foot equated to $207 per square foot. CoStar did not report an average Cap Rate for the quarter.

That brings the total for the 2020 calendar year to 84 transactions totaling $445,000,000 sales volume. The total square footage sold was 1,500,000 square feet for an average price per square foot of $304.00. The average Cap Rate was 6.9%

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 Corporate Center Circle located at 2280 Corporate Circle. The 63,959 square foot office building sold for $15,960,000 or $249.50 per square foot. The property sold on 5/1/2020 as part of a 3 building portfolio sale. The Buyer was AHST 118 LLC. The Seller was TPG Global LLC.

 

The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.

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