Page 17 - Las Vegas LVQR Market Research Report Q1 2024

Colliers 6
Office
Las Vegas 24Q1

Average
Net Net Under
Total Direct Sublease Vacancy Rate Direct Asking
Class Availability Rate Vacancy Rate Absorption Absorption Construction Deliveries YTD
Inventory SF Availability Rate Availability Rate Previous Quarter Rate
Current YTD SF
(FSG)
Downtown/Urban Core
A 1,242,974 17.5% 7.7% 25.2% 25.2% 17.6% -94,531 -94,531 0 0 $2.19
B 2,552,851 9.8% 0.0% 9.8% 9.3% 7.1% -55,175 -55,175 0 0 $2.19
C 1,452,391 8.2% 0.6% 8.8% 8.3% 8.9% 9,404 9,404 0 0 $1.65
Total 5,248,216 11.2% 2.0% 13.2% 12.8% 10.1% -140,302 -140,302 0 0 $2.08
Suburban
A 6,341,180 21.2% 4.2% 25.4% 22.8% 25.6% 178,903 178,903 188,300 0 $2.97
B 15,952,772 11.6% 3.7% 15.3% 13.0% 12.2% -134,184 -134,184 42,500 0 $2.59
C 18,782,632 6.2% 0.2% 6.4% 5.8% 5.7% -23,176 -23,176 32,060 0 $2.11
Total 41,076,584 10.6% 2.2% 12.8% 11.2% 11.3% 21,543 21,543 262,860 0 $2.60
Grand Total
A 7,584,154 20.6% 4.8% 25.3% 23.2% 24.3% 84,372 84,372 188,300 0 $2.85
B 18,505,623 11.3% 3.2% 14.5% 12.5% 11.5% -189,359 -189,359 42,500 0 $2.54
C 20,235,023 6.3% 0.3% 6.6% 6.0% 5.9% -13,772 -13,772 32,060 0 $2.06
Total 46,324,800 10.7% 2.2% 12.8% 11.4% 11.2% -118,759 -118,759 262,860 0 $2.53
Submarkets by Class
Airport
A 731,086 14.2% 0.8% 15.1% 15.1% 14.7% -2,564 -2,564 0 0 $3.00
B 1,980,431 3.3% 4.4% 7.7% 7.0% 7.6% 11,669 11,669 0 0 $2.37
C 3,117,099 6.2% 0.1% 6.3% 6.3% 6.7% 12,857 12,857 0 0 $2.31
Total 5,828,616 6.2% 1.6% 7.9% 7.6% 8.0% 21,962 21,962 0 0 $2.54
Downtown
A 1,242,974 17.5% 7.7% 25.2% 25.2% 17.6% -94,531 -94,531 0 0 $2.19
B 2,552,851 9.8% 0.0% 9.8% 9.3% 7.1% -55,175 -55,175 0 0 $2.19
C 1,452,391 8.2% 0.6% 8.8% 8.3% 8.9% 9,404 9,404 0 0 $1.65
Total 5,248,216 11.2% 2.0% 13.2% 12.8% 10.1% -140,302 -140,302 0 0 $2.08
East Las Vegas
A 1,353,083 53.0% 0.2% 53.2% 45.5% 47.3% 23,909 23,909 0 0 $2.94
B 1,340,204 22.4% 3.1% 25.6% 23.8% 23.8% -238 -238 0 0 $1.76
C 2,432,398 11.2% 0.0% 11.2% 9.4% 8.1% -32,705 -32,705 0 0 $1.69
Total 5,125,685 25.2% 0.9% 26.1% 22.7% 22.5% -9,034 -9,034 0 0 $2.40
Henderson
A 583,668 18.0% 11.3% 29.3% 22.4% 24.4% 11,689 11,689 0 0 $3.10
B 2,644,765 14.2% 2.6% 16.7% 16.2% 15.0% -31,457 -31,457 42,500 0 $2.65
C 2,325,428 7.6% 0.3% 7.9% 7.0% 5.1% -44,613 -44,613 32,060 0 $2.31
Total 5,553,861 11.8% 2.5% 14.3% 13.0% 11.9% -64,381 -64,381 74,560 0 $2.65
North Las Vegas
A 0 n/a n/a n/a n/a n/a 0 0 0 0 n/a
B 240,860 4.5% 0.0% 4.5% 4.5% 4.5% 0 0 0 0 $2.34
C 539,121 1.3% 0.0% 1.3% 1.3% 1.0% -1,790 -1,790 0 0 $2.00
Total 779,981 2.3% 0.0% 2.3% 2.3% 2.1% -1,790 -1,790 0 0 $2.29
Northwest
A 2,485,825 13.5% 6.6% 20.0% 19.3% 17.6% -43,092 -43,092 0 0 $2.94
B 3,820,695 12.6% 2.9% 15.5% 14.8% 14.1% -26,359 -26,359 0 0 $2.67
C 3,523,784 3.9% 0.1% 4.0% 3.3% 4.6% 44,819 44,819 0 0 $2.37
Total 9,830,304 9.7% 2.8% 12.5% 11.8% 11.6% -24,632 -24,632 0 0 $2.73
Southwest
A 1,029,894 5.0% 2.6% 7.6% 7.6% 26.0% 188,961 188,961 188,300 0 $3.47
B 3,894,746 9.4% 0.6% 10.0% 9.5% 7.3% -84,992 -84,992 0 0 $3.44
C 3,705,393 3.3% 0.8% 4.1% 3.4% 3.2% -4,842 -4,842 0 0 $2.54
Total 8,630,033 6.3% 0.9% 7.2% 6.7% 7.8% 99,127 99,127 188,300 0 $3.30
West Central
A 157,624 20.2% 0.0% 20.2% 20.2% 20.2% 0 0 0 0 $2.65
B 2,031,071 12.2% 12.8% 25.0% 12.3% 12.1% -2,807 -2,807 0 0 $2.16
C 3,139,409 8.1% 0.0% 8.1% 8.0% 8.1% 3,098 3,098 0 0 $1.98
Total 5,328,104 10.0% 4.9% 14.9% 10.0% 10.0% 291 291 0 0 $2.11
Historical
24q1 46,324,800 10.7% 2.2% 12.8% 11.4% 11.2% -118,759 -118,759 262,860 0 $2.53
23q4 46,324,800 10.8% 1.7% 12.5% 11.2% 10.9% 33,255 190,531 230,800 117,733 $2.57
23q3 46,170,310 10.6% 1.8% 12.4% 10.9% 11.0% -364,059 157,276 537,528 -36,757 $2.52
23q2 46,611,690 10.8% 1.6% 12.4% 11.0% 11.7% 315,603 521,335 230,800 404,623 $2.50
23q1 46,611,690 11.3% 1.7% 13.1% 11.7% 11.3% 205,732 205,732 230,800 404,623 $2.50