Third Quarter 2022 Las Vegas Office Market Report

November 15, 2022
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Las Vegas Office Market Report

Third Quarter 2022

Total office inventory in the Las Vegas market area amounted to 67,898,653 square feet, up 127,830 square feet from one year ago. There is currently 905,013 square feet under construction.

Sale Activity
In the third quarter, 90 office transactions closed with a total volume of $294,116,171. The 90 buildings totaled 1,288,850 square feet and the average price per square foot equated to $298.52 per square foot. The average Cap Rates were 6.1%.

That brings the total for the 2022 calendar year to 296 transactions totaling $803,781,418 in sales volume. The total square footage sold was 3,527,654 square feet for an average price per square foot of $263.80. The average Cap Rate was 6.2%

Tallying all office building sales.

Mark of a Market.

One of the largest transactions that have occurred within the Las Vegas market is the sale of West City Commons at 9075 W Diablo Dr. This 67,415 square foot office building sold for $26,000,000 or $385.67 per square foot. The property was sold on 7/14/2022. The Buyer was Kingsbarn Realty Capital. The Seller was WG Group, LLC.

The information in this post has been sourced by and is credited to ©2022 CoStar Group, Inc.

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