Second Quarter 2023 Las Vegas Office Market Report

July 19, 2023
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Las Vegas Office Market Report

Second Quarter 2023

Total office inventory in the Las Vegas market area amounted to 68,395,710 square feet, up 467,657 square feet from one year ago. There is currently 885,322 square feet under construction.

Sale Activity
In the second quarter, 30 office transactions closed with a total volume of $52,910,423. The 30 buildings totaled 266,168 square feet and the average price per square foot equated to $198.79 per square foot. The average Cap Rates were 6.2%.

That brings the total for the 2023 calendar year to 67 transactions totaling $138,936,532 sales volume. The total square footage sold was 631,046 square feet for an average price per square foot of $220.17. The average Cap Rate was 6.0%

Tallying all office building sales.

Mark of a Market.

One of the largest transactions that has occurred within the Las Vegas market is the sale of a medical building located at 8845 West Flamingo Rd. This 17,450 square foot office building sold for $4,600,000 or $263.61 per square foot. The property was sold on 6/20/2023. The Buyer was Evangelista Development LLC. The Seller was Dp Trading Inc.

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

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