Las Vegas, NV Office Overview
Las Vegas’ office market includes the Amber Hills, Canyon Gate, and Doc Romero Park office submarkets. With a metropolitan population of over 2.1 million people, the economy in Las Vegas is driven by the convention, tourism, and gambling businesses, which generate a winning demand for Class A office space in the metro area.
As of mid-2017 the Greater Las Vegas office market encompasses over 20 million square feet of existing office space in properties larger than 50,000 square feet. Known alternately as 'The Entertainment Capital of the World' and 'Sin City', Las Vegas also serves as the financial, commercial, and cultural center for the State of Nevada.
Las Vegas, NV Office Inventory Description
Las Vegas ranks among the top three cities in the U.S. for business conventions and has more AAA Five Diamond hotels than any other city in the world. With a gross metropolitan product of almost $100 billion annually, there is robust demand for Class A office space in the Las Vegas metro area. Nearly 52% of the office space in Las Vegas is Class A or A+, while Class B office space brings an additional 47% of office inventory to the Las Vegas commercial real estate market.
Prime office property in Las Vegas is on the list of many international investors, and the Downtown Las Vegas office submarket in the city continues to see global demand for the Class A office space. Located along Las Vegas Boulevard and the South Grand Central Parkway, trophy office buildings such as City Centre Plaza, Bank of America Plaza, and Bonneville Square at 530 South Las Vegas Boulevard call the area home.
Las Vegas, NV Commercial Inventory Breakdown
Total: 27,774,856 SF
By square footage range:
- 50k to 100k SF: 10,972,582 SF / 39.51% of total office
- 100k to 500k SF: 15,154,774 SF / 54.56% of total office
- 500k to 1M SF: 507,500 SF / 1.83% of total office
- > 1M SF: 1,140,000 SF / 4.1% of total office
- Class A: 12,191,995 SF / 43.9% of total office
- Class B: 12,183,864 SF / 43.87% of total office
- Class C: 972,401 SF / 3.5% of total office
Las Vegas, NV Green Office Space
With only 5% of commercial office space in the top 30 U.S. markets being green or energy efficient in 2005, that percentage has now skyrocketed to over 38%. This according to the most recent National Green Building Adoption Index.
While Las Vegas wasn't in the top 30, with numerous energy-efficient and LEED certified projects in the pipeline, the city is gambling that the day will come when it makes the list.
The Molasky Corporate Center is an excellent example of how Las Vegas is working its way toward the top 30 list. Built in 2007, this 285,000-square- foot office building proudly boasts a LEED Gold certification. Located at 100 North City Parkway, the 17-story property includes first floor retail along with six parking levels.
Las Vegas, NV's Top Office-Using Sectors
Tourism, gaming, and the convention business are the primary drivers of the commercial real estate market in Las Vegas. But less high-profile businesses such as defense, government, hospitality, and healthcare also contribute to the demand for Class A office space in the metro area.
- Defense – Nellis & Creech Air Force Base just outside of Las Vegas is one of the top five employers in the State of Nevada and attracts numerous support businesses that are users of office space in the city.
- Government – The Clark County School District, Clark County Municipal Government, and the Las Vegas Metropolitan Police Department all help to create demand for office employment in the region.
- Hospitality – MGM Resorts International, Caesars Entertainment, Wynn Resorts, and the Las Vegas Sands Corporation are just four of the many hospitality and convention- related businesses that create demand for Class A office employment in Las Vegas.
- Healthcare – Valley Health System, Sunrise Health System, University Medical Center, and United Healthcare are also top office-using organizations in Las Vegas.
Las Vegas Demographics
- Total Population621,662
- Male Population(50.0 %) 310,539
- Female Population(50.0 %) 311,123
- Median Age37.40
- Average Household Income$72,695
- Median Household Income$53,159
- Median Income Under 25$31,618
- Median Income 25-44$54,775
- Median Income 45-64$60,369
- Median Income Over 65$42,524
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Since 2009, the U.S. economy has had more than 110 consecutive months of growth, making this the second longest economic expansion since the Great Depression. After a rather tepid 2017 performance, the U.S. office market gathered some steam in 2018, adding 76 million square feet of new office sp...
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Ultimately, a city’s fate depends on the type of vacant land it has at its disposal, the strength of the local economy, and the policies the city enacts. A comprehensive inventory study helps to advance both research and practice in urban land policy. (G.D. Newman et al., A current inventory of ...