Las Vegas Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $29.65 2022 Avg. Asking Rent
  • 2.23% Y-o-Y Avg. Asking Rent Change
  • 16.77% 2022 Office Vacancy Rate
  • $311.3M2022 Total Office Sales
  • $249.31Avg. Sale Price/SF

Las Vegas office price per square foot in 2022 was $29.65 on average. This marked a +2.23% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.77% across all asset classes combined. The 22 transactions that closed here throughout 2022 amounted to a total sale volume of $311.3M. Las Vegas office space commanded an average sale price per square foot of $249.31.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Las Vegas Class A & A+ Office Space$34.10
  • Las Vegas Class B Office Space$24.63
  • Las Vegas Class C Office Space$18.79
  • Nevada Class A & A+ Office Space$33.37
  • Nevada Class B Office Space$25.36
  • Nevada Class C Office Space$18.79

Las Vegas, NV Office Asking Rents by Class

Average office rent in Las Vegas rested at $29.65 per square foot in 2022. 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 $34.10 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.63 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.79 per square foot, on average. Comparably, statewide Nevada average office rents by class in 2022 were: $33.37 per square foot for class A office space; $25.36 per square foot for class B office space; $18.79 per square foot for class C office space.

2022 Office Vacancy Rates in Las Vegas

Submarket Asking Rents Vacancy Rates
Enterprise $35.50 7.64%
Summerlin $33.25 13.02%
Northwest Las Vegas $32.49 29.03%
West Las Vegas $29.92 9.48%
Spring Valley $29.66 23.32%
Henderson $29.58 11.82%
Paradise - South Las Vegas $29.35 26.21%
North Las Vegas $27.66 3.50%
Downtown Las Vegas $26.29 17.51%
Airport $21.71 6.72%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Las Vegas market was 16.77% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Las Vegas was 3.50% in the North Las Vegas submarket, while the highest office vacancy in the market was 29.03%, recorded in Northwest Las Vegas.

Office Spaces for Rent in Nevada

Las Vegas Office Sale Price per SF

  • $249.312022 Avg. Price per SF
  • -0.74%Y-o-Y Avg. PpSF Change
  • $311.3M2022 Office Sales Volume
  • 222022 Number of Transactions

Las Vegas, NV Sale Price per SF Trend

  • Las Vegas Avg. Sale Price per SF in 2022$249.31
  • Nevada Avg. Sale Price per SF in 2022$254.12
Las Vegas office space cost in 2022 marked a -0.74% change compared to the previous year. The sale price for office space in Las Vegas averaged $249.31 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Nevada average office sale price during the same time period was $254.12 per square foot.

2022 Office Sales Volume

  • Las Vegas, NV Total Office Sales Volume in 2022 $311.3M
  • Las Vegas, NV Total Number of Office Sales Closed in 2022 22
A total of 22 deals closed on the Las Vegas office market in 2022, adding up to a yearly sales volume of $311.3M. Notably, the largest transaction on the market saw 8350 Briova Drive change hands for $35,000,000 on 8/2/2022.

Largest Las Vegas Office Sales in 2022

Property name Address Date Price
8350 Briova Drive 8350 Briova Drive 8/2/2022 $35,000,000
Marnell Corporate Center 5 6720 Via Austi Pkwy 11/17/2022 $31,875,000
1351 North Town Center Drive 1351 North Town Center Drive 5/18/2022 $30,100,000
LaPour Corporate Center 9075 West Diablo Drive 7/14/2022 $26,000,000
Marnell Corporate Center 3 6725 Via Austi Pkwy 7/18/2022 $23,200,000
Data provided by Commercial Edge

Coworking Spaces in Nevada

2022 Office Construction in Las Vegas, NV

  • Las Vegas, NV Total SF completed in 2022 259,538
  • Las Vegas, NV Total SF under construction in 2023 805,577

During 2022, 259,538 square feet of new office space were delivered across the market. At the close of 2022, the Las Vegas office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 259,538 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 805,577 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Las Vegas
Office building Address SF Completed
1700 Pavilion 1700 South Pavilion Center Drive, 89135 265,899 2023
Evora - 6111 South Buffalo Drive 6111 South Buffalo Drive, 89113 85,432 2022
UnCommons - Office Building 2 8548 Rozita Lee Avenue, 89113 75,448 2022
PROFESSIONAL BUILDING FOR LEASE AND SALE 6175 W Sunset Rd, 89118 23,721 2020
UNLV Harry Reid Research & Technology Park - Building 1 8400 West Sunset Road, 89113 111,000 2019
8988 W Cheyenne Ave 8988 W Cheyenne Ave, 89129 1,760 2016
The Gramercy 9275 W. Russell Rd., 89148 96,312 2014
2400 West Charleston Boulevard 2400 West Charleston Boulevard, 89102 4,999 2014
521 S. 3rd St. 521 S. 3rd St., 89101 8,562 2012
Rainbow Sunset Pavilion - Building B 6385 South Rainbow Blvd, 89118 215,940 2009

Worth noting among recent office completions on the Las Vegas market is 1700 Pavilion, which is currently the largest new office development in the city, at 265,899 square feet.

Data provided by Commercial Edge

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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.