Las Vegas Office Market Report

Southern suburbs stand out. Tenant demand in Las Vegas is shifting across both quality tiers and submarkets heading into 2026. Older, low- to mid-tier space was relinquished in parts of Downtown in the second half of 2025, leading to rising vacancy and declining asking rents. In contrast, southern suburban submarkets have continued to outperform. The corridor southwest of the Interstate 15/Highway 592 interchange has seen vacancy decline to a record-low mid-7 percent range as of early 2026, while infill pockets southwest of Harry Reid International Airport are also posting lower vacancy rates. Relative strength across these areas reflects a higher concentration of mid- to high-tier properties — often in low-rise formats and built after 2000 — that align with the metro’s growing preference for quality assets. Coupled with strong freeway access and proximity to the metro’s fastest-growing residential base in Henderson, these factors should continue to support this localized momentum.