Las Vegas Office Market Report
Third Quarter 2021
Total office inventory in the Las Vegas market area amounted to 67,276,053 square feet, up 206,328 square feet from one year ago. There is currently 927,171 square feet under construction.
In the third quarter, 111 office transactions closed with a total volume of $253,802,687. The 111 buildings totaled 1,294,879 square feet and the average price per square foot equated to $228.84 per square foot. The average Cap Rates were 7.4%.
That brings the total for the 2021 calendar year to 281 transactions totaling $633,062,203 sales volume. The total square footage sold was 3,102,056 square feet for an average price per square foot of $226.68. The average Cap Rate was 7.5%
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 Parkway Medical Plaza at 100 N. Green Valley Parkway. This 88,958 square foot office building sold for $41,300,000 or $464.26 per square foot. The properties sold on 8/30/2021. The Buyer was AEW Capital Management. The Seller was Cypress West Realty Partners.
The information in this post has been sourced by and is credited to ©2021 CoStar Group, Inc.