Las Vegas Office Market Report
Third Quarter 2020
Inventory
Total office inventory in the Las Vegas market area amounted to 67,169,680 square feet, up 629,393 square feet from one year ago. There is currently 1,262,588 square feet under construction.
Sale Activity
In the third quarter, 58 office transactions closed with a total volume of $104,462,461. The 58 buildings totaled 746,875 square feet and the average price per square foot equated to $150.59 per square foot. The average Cap Rate was 6.8%
That brings the total for the 2020 calendar year to 177 transactions totaling $549, 382,438 sales volume. The total square footage sold was 2,416,049 square feet for an average price per square foot of $254.61. The average Cap Rate was 6.9%
Mark of a Market.
One of the largest transactions that has occurred within the third quarter in the Las Vegas market is the sale of Nevada Power Company located at 6226 W. Sahara Avenue. The 257,000 square foot office building sold for $33,350,000 or $129.77 per square foot. The property sold on 7/10/2020. The Buyer was Power House Sahara LV LLC. The Seller was Lexington Las Vegas Vegpo.
The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.
