Page 16 - Las Vegas LVQR Market Research Report Q1 2024

Colliers 5
Office
Las Vegas 24Q1

Glossary

Office Classes General Definitions

Class A: Buildings, often multi-story, with steel frame Direct Lease: Space in a building offered for lease directly by the
construction, high-end exterior finishes, distinctive lobbies with owner of the building.
upgraded finishes, amenities including on-site security, state-of-
Sublease: Space in a building that is offered for sublease by the
the-art communications and data infrastructure and covered
primary tenant.
parking.
Net Absorption: The difference in occupied square footage from
Class B: Buildings, often multi-story, with steel frame, reinforced
one period to another.
concrete or concrete tilt-up construction. Class B buildings
contain common bathrooms and hallways and their lobbies may Direct Availability Rate: The percentage of total inventory
have granite and hardwood detailing. available for direct lease, regardless of whether it is vacant.
Class C: Buildings of wood frame construction, often garden-style Sublease Availability Rate: The percentage of total inventory
and are built around courtyards. available for sublease, regardless of whether it is vacant.
Construction Definitions Availability Rate: The percentage of total inventory available for
direct lease or sublease, regardless of whether that space is
Under Construction: Project has gone vertical; i.e. foundation
vacant or occupied.
poured, walls framed or tilted, etc.
Vacancy Rate: The percentage of total inventory that is available
Planned Construction: Project is scheduled to begin construction
for direct lease or sublease that is vacant.
within the next twelve months.

Office Vacancy by Size Range

500

450

400
350

300
250

200
150

100
50

0
0-2500 SF 2501-5000 SF 5001-10000 SF 10001-25000 SF 25001 SF+
23q3 23q4 24q1

Colliers | Las Vegas | 24Q1 | Office Report