Las Vegas Real Estate Market Reports

Las Vegas Office Market

Despite muted leasing activity, the market posted a modest net absorption gain of 146,780 SF in the first nine months of 2025. Overall vacancy declined to 12.8%, down 30 basis points from year-end 2024. Asking rents were flat 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%. With no new construction starts or deliveries to date, limited supply could pressure vacancy lower and support rent growth. Notably, in the Class A segment. 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

1.4 MSF in quarterly net absorption gains were met with 2.0 MSF in construction deliveries, causing vacancy to rise to 12.6%. Total vacancy has been in the double-digits since the fourth quarter of 2024. Available sublease space (1.3 MSF) was flat compared to last quarter. Modern space offerings are finding sub-tenants quicker than second-gen space. 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 generally slow due to the economy and declining rents in Southern California. Large-block vacancy is currently 19.4%.