Las Vegas Real Estate Market Reports

Las Vegas Office Market

Despite muted leasing activity, the market posted a modest net absorption gain of 206,410 SF in 2025. Total vacancy declined to 12.8%, down 50 basis points from year-end 2024. Asking rents were marginally down year-over-year. Desirable Class A space continues to lease quickly, while older, long-vacant spaces are dragging down average rates. Sublet availability remains low at 0.7%. Based on the absence of new construction this year, Class A supply will progressively narrow and rents will rise. Southwest Las Vegas was identified as a top-performing submarket in a Newmark paper, titled “Winning Office: Where U.S. Office Space is Thriving and Why.”

Las Vegas Industrial Market

This year, 3.9 MSF in net absorption gains were met with 7.0 MSF in construction deliveries, causing vacancy to rise to 12.9%. Total vacancy has been in the double-digits since the fourth quarter of 2024. Available sublease space (2.2 MSF) shot up this quarter after a few large-block offerings came to market. Sublease space as a percentage of inventory is low, at 1.2%. New construction is taking longer to lease, and most speculative developers have hit the pause button on groundbreakings. Large-block (250,000+ SF) leasing is slower due to the economy and declining rents in Southern California. Large-block vacancy is currently 17.9%.