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Market Report

Las Vegas Office Market Report

4Q 2021

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.
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