Las Vegas Office Market Report
Third Quarter 2018
Inventory
Total office inventory in the Las Vegas market area amounted to 65,368,499 square feet in 4,036 buildings as of the end of the third quarter 2018.
Sales Activity
In the second quarter, 16 office transactions closed with a total volume of $145,605,750. The 16 buildings totaled 780,547 square feet and the average price per square foot equated to $186.54 per square foot. That compares to 14 transactions totaling $153,977,885 in the first quarter 2018. The total square footage in the first quarter was 726,678 square feet for an average price per square foot of $211.89.
Cap rates have been higher in 2018, averaging 7.48% compared to the same period in 2017 when they averaged 7.46%.
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 last four quarters in the Las Vegas market is the sale of in Henderson. This 271,114-square-foot office building sold for $51,750,000, or $190.88 per square foot. The property sold on 6/21/2018, at a 9.44% cap rate.
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.
