2023 Office Space Rent & Sales
- $30.23 2023 Avg. Asking Rent
- 1.95% Y-o-Y Avg. Asking Rent Change
- 15.69% 2023 Office Vacancy Rate
- $205.9M2023 Total Office Sales
- $200.35Avg. Sale Price/SF
Las Vegas office price per square foot in 2023 was $30.23 on average. This marked a +1.95% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.69% across all asset classes combined. The 19 transactions that closed here throughout 2023 amounted to a total sale volume of $205.9M. Las Vegas office space commanded an average sale price per square foot of $200.35.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Las Vegas Class A & A+ Office Space$34.81
- Las Vegas Class B Office Space$23.39
- Las Vegas Class C Office Space$17.91
- Nevada Class A & A+ Office Space$33.97
- Nevada Class B Office Space$24.97
- Nevada Class C Office Space$29.75
Las Vegas, NV Office Asking Rents by Class
Average office rent in Las Vegas rested at $30.23 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Las Vegas averaged $34.81 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.39 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.91 per square foot, on average. Comparably, statewide Nevada average office rents by class in 2023 were: $33.97 per square foot for class A office space; $24.97 per square foot for class B office space; $29.75 per square foot for class C office space.
2023 Office Vacancy Rates in Las Vegas
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Enterprise | $35.72 | 7.22% |
Summerlin | $35.50 | 7.01% |
Paradise - South Las Vegas | $31.11 | 32.09% |
Henderson | $29.47 | 9.08% |
Northwest Las Vegas | $28.91 | 17.55% |
Spring Valley | $28.48 | 23.72% |
North Las Vegas | $27.08 | 3.69% |
Downtown Las Vegas | $26.60 | 11.29% |
West Las Vegas | $22.27 | 4.05% |
Airport | $21.69 | 8.84% |
Las Vegas Office Sale Price per SF
- $200.352023 Avg. Price per SF
- -18.73%Y-o-Y Avg. PpSF Change
- $205.9M2023 Office Sales Volume
- 192023 Number of Transactions
Las Vegas, NV Sale Price per SF Trend
- Las Vegas Avg. Sale Price per SF in 2023$200.35
- Nevada Avg. Sale Price per SF in 2023$202.77
2023 Office Sales Volume
- Las Vegas, NV Total Office Sales Volume in 2023 $205.9M
- Las Vegas, NV Total Number of Office Sales Closed in 2023 19
Largest Las Vegas Office Sales in 2023
Property name | Address | Date | Price |
---|---|---|---|
Corporate Pointe North 3 | 10750 West Charleston Blvd | 9/26/2023 | $21,100,000 |
McCarran Center 10 | 7230 Amigo Street | 7/14/2023 | $21,059,840 |
1650 Spring Gate Lane | 1650 Spring Gate Lane | 3/31/2023 | $16,000,000 |
City Centre Place | 400 South 4th Street | 3/2/2023 | $15,250,000 |
McCarran Center 12 | 700 East Warm Springs Road | 7/14/2023 | $14,987,780 |
Coworking Spaces in Nevada
- Los Angeles Coworking Space
- Denver Coworking Space
- San Francisco Coworking Space
- Las Vegas Coworking Space
- San Diego Coworking Space
- Seattle Coworking Space
- Phoenix Coworking Space
- Irvine Coworking Space
- Portland Coworking Space
- Sacramento Coworking Space
- Scottsdale Coworking Space
- Long Beach Coworking Space
- Carlsbad Coworking Space
- Colorado Springs Coworking Space
- Oakland Coworking Space
- San Jose Coworking Space
- Boulder Coworking Space
- Pasadena Coworking Space
- Tucson Coworking Space
- Berkeley Coworking Space
- Palo Alto Coworking Space
2023 Office Construction in Las Vegas, NV
- Las Vegas, NV Total SF completed in 2023 403,242
- Las Vegas, NV Total SF under construction in 2024 446,684
During 2023, 403,242 square feet of new office space were delivered across the market. At the close of 2023, the Las Vegas office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 403,242 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 446,684 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Meridian East | One Meridian Vista Drive, 89125 | 73,801 | 2024 |
Meridian West | One Meridian Vista Drive, 89125 | 73,801 | 2024 |
201 South Las Vegas Blvd | 201 South Las Vegas Blvd, 89101 | 43,913 | 2024 |
1700 Pavilion | 1700 S Pavilion Center Drive, 89135 | 267,413 | 2022 |
Evora - 6111 South Buffalo Drive | 6111 South Buffalo Drive, 89113 | 85,432 | 2022 |
Fort Apache Professional Center | 6710 S Fort Apache Rd, 89148 | 14,400 | 2022 |
Two Summerlin | 10845 Griffith Peak Drive, 89138 | 152,263 | 2018 |
7375 S Pecos Rd | 7375 S Pecos Rd, 89120 | 1,285 | 2016 |
Downtown Summerlin - One Summerlin | 1980 Festival Plaza Drive, 89135 | 200,000 | 2014 |
Windmill Office Plaza | 1597 East Windmill Lane, 89123 | 51,156 | 2012 |
Worth noting among recent office completions on the Las Vegas market is Meridian East , which is currently the largest new office development in the city, at 73,801 square feet.
See reports for other markets
- Reno Office Rent Price
- Henderson Office Rent Price
- Manhattan Office Rent Price
- Los Angeles Office Rent Price
- Phoenix Office Rent Price
- San Antonio Office Rent Price
- Houston Office Rent Price
- San Diego Office Rent Price
- Dallas Office Rent Price
- San Francisco Office Rent Price
- Seattle Office Rent Price
- Austin Office Rent Price
- Atlanta Office Rent Price
- Chicago Office Rent Price
- Denver Office Rent Price
- Washington Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Las Vegas commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.