Las Vegas Office Market Report
Third Quarter 2023
Inventory
Total office inventory in the Las Vegas market area amounted to 68,449,646 square feet, up 608,278 square feet from one year ago. There is currently 900,844 square feet under construction.
Sale Activity
In the third quarter, 44 office transactions closed with a total volume of $193,950,447. The 44 buildings totaled 852,609 square feet and the average price per square foot equated to $266.89 per square foot. The average Cap Rates were 6.4%.
That brings the total for the 2023 calendar year to 114 transactions totaling $331,098,034 in sales volume. The total square footage sold was 1,588,513 square feet for an average price per square foot of $245.41. The average Cap Rate was 6.1%
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 Corporate Pointe at 10750 West Charleston Boulevard. This 68,346 square foot office building sold for $21,000,000 or $307.26 per square foot. The property was sold on 9/26/2023. The Buyer was Wallace S. J. Ching. The Seller was Daniel Hochman.
The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.
