Las Vegas Office Market
| Average Asking Rent (Price/SF) | $1.96 |
| Vacancy Rate (%) | 11.8% |
| Net Absorption (SF) | 330,104 |
The Las Vegas Metro has made enormous strides in overcoming the impact COVID-19 left on its economy and has become one of the quickest to rebound in terms of heightened leasing and sale volume, increasing lease rates and reduced vacancy. With job creation remaining strong into 2022 and tourism to the Metro increasing each month, Las Vegas is set to emerge stronger in a post-pandemic landscape due to increased industry diversification and measured office base growth.
Las Vegas Industrial Market
| Average Asking Rent (Price/SF) | $0.92 |
| Vacancy Rate (%) | 2.4% |
| Net Absorption (SF) | 1,634,183 |
The robust performance of the Las Vegas industrial market continued into the first quarter of 2022 amid continued strong job growth, especially in the hard-hit leisure and hospitality industry. Vacancy reached a historic market low of 2.4%. For the second straight quarter, rents experienced more than 10.0% growth quarter over quarter. Las Vegas’s location allows it to connect to both Southern and Northern California metros and ports in a one-day truck drive, as well as some of the fastest-growing metro areas in the West, including Phoenix, Salt Lake City, Reno and Boise. Economic headwinds are clouding the outlook for the second half of 2022 and into 2023, as tenants are experiencing rising logistics, labor, and real estate costs at the same time consumers are seeing rising wages outstripped by high inflation.