Las Vegas Office Market Report
Las Vegas’ Office Fundamentals Outperform National Averages;
Investors Target Mid-Tier Assets
Employment growth spurs standout absorption. The April through June stretch of 2021 could mark a turning point in Las Vegas’ office recovery. The three-month span represented the strongest quarter for office demand in seven years as tenants absorbed roughly 670,000 square feet of space. This activity lowered availability 100 basis points on a quarterly basis, placing vacancy below the prior five-year average at the onset of the second half. Job creation has spurred recent demand for space with traditional office-using companies increasing headcounts by 6,000 during the first half. These firms have since added 4,200 positions in July and August combined, laying the groundwork for near-term positive leasing activity.