Las Vegas Office Market Report
Second Quarter 2025
Inventory
Total office inventory in the Las Vegas market area amounted to 68,510,347 square feet, up 91,795 square feet from one year ago, reflecting a 0.13% increase. There are currently 482,408 square feet under construction, an increase of 27,684 square feet (up 6.09%) compared to this time last year.
Sale Activity
In the second quarter, 35 office transactions closed with a total volume of $75,574,942. The 35 buildings totaled 486,504 square feet and the average price per square foot equated to $254.21 per square foot. Current market Cap Rates are averaging 8.6%.
Mark of a Market.
One of the most significant transactions that occurred within the Las Vegas market was the sale of 10040 Alta Drive – Queensridge Medical Office Building 1. The property was sold on March 11, 2025 for $42,500,000. The building totaled 71,400 square feet and sold for $595.24 per square foot. The Buyer was Ihc Health Services Inc (Intermountain Healthcare). The Seller was Panther Hualapai Corner LLC (Prospect Street).
The information in this post has been sourced by and is credited to ©2025 CoStar Group, Inc.
