Las Vegas Office Rent Price & Sales Report

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.

See how this market compares to the national average: U.S. office space rent & sales.

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%
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 15.69% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Las Vegas was 3.69% in the North Las Vegas submarket, while the highest office vacancy in the market was 32.09%, recorded in Paradise - South Las Vegas.

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
Las Vegas office space cost in 2023 marked a -18.73% change compared to the previous year. The sale price for office space in Las Vegas averaged $200.35 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Nevada average office sale price during the same time period was $202.77 per square foot.

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
A total of 19 deals closed on the Las Vegas office market in 2023, adding up to a yearly sales volume of $205.9M. Notably, the largest transaction on the market saw Corporate Pointe North 3 change hands for $21,100,000 on 9/26/2023.

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
Data provided by Commercial Edge

Coworking Spaces in Nevada

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.

Largest Office Properties Recently Completed in Las Vegas
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
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
Canyon Ridge Business Park 5812 South Durango Drive, 89113 7,500 2020
Downtown Summerlin - One Summerlin 1980 Festival Plaza Drive, 89135 200,000 2014
Windmill Office Plaza 1597 East Windmill Lane, 89123 51,156 2012
Red Rock Business Center 6140-6180 Brent Thurman Way, 89148 74,010 2009
Tivoli Village At Queensridge - Bldg. 4 330 S Rampart Boulevard, 89145 60,561 2009

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.

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 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.