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Market Report

Las Vegas Office Market Report

2Q 2023

Encouraging Demand Across Property Classes and
Office Subsectors Warrants Investor Attention

Neighboring submarkets support metro fundamentals. Home to the third-lowest Class A vacancy among major U.S. office markets, as well as a Class B/C rate more than 100 basis points below the national metric, Las Vegas entered the second quarter in a position of relative strength. Leasing velocity in Southwest and West Las Vegas — bordering submarkets that comprise Spring Valley and Summerlin South — is largely to credit. Spanning the past year ending in March, tenants absorbed a net of more than 900,000 square feet across this area, placing vacancy below 10 percent in both submarkets. Flight-to-quality and budget-minded leasing trends were both apparent over the past year, with more than 220,000 square feet of Class A space absorbed in Southwest Las Vegas and 575,000 square feet of Class B/C space absorbed in West Las Vegas. This locally broad demand for office space will enable the metro to remain one of the nation’s tightest office markets this year. 
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