Las Vegas Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $31.65 2024 Avg. Asking Rent
  • 4.72% Y-o-Y Avg. Asking Rent Change
  • 18.54% 2024 Office Vacancy Rate
  • $157.8M2024 Total Office Sales
  • $214.97Avg. Sale Price/SF

Las Vegas office price per square foot in 2024 was $31.65 on average. This marked a +4.72% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 18.54% across all asset classes combined. The 13 transactions that closed here throughout 2024 amounted to a total sale volume of $157.8M. Las Vegas office space commanded an average sale price per square foot of $214.97.

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

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Las Vegas Class A & A+ Office Space$35.93
  • Las Vegas Class B Office Space$23.97
  • Las Vegas Class C Office Space$18.95
  • Nevada Class A & A+ Office Space$35.48
  • Nevada Class B Office Space$24.43
  • Nevada Class C Office Space$19.01

Las Vegas, NV Office Asking Rents by Class

Average office rent in Las Vegas rested at $31.65 per square foot in 2024. 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 $35.93 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.97 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.95 per square foot, on average. Comparably, statewide Nevada average office rents by class in 2024 were: $35.48 per square foot for class A office space; $24.43 per square foot for class B office space; $19.01 per square foot for class C office space.

2024 Office Vacancy Rates in Las Vegas

Submarket Asking Rents Vacancy Rates
Enterprise $37.51 6.93%
Northwest Las Vegas $34.77 27.55%
Summerlin $34.40 11.19%
Paradise - South Las Vegas $34.06 44.29%
Downtown Las Vegas $32.60 27.97%
North Las Vegas $30.83 3.90%
West Las Vegas $28.77 9.55%
Henderson $25.90 10.20%
Spring Valley $25.12 12.77%
Airport $20.68 13.31%
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 18.54% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Las Vegas was 3.90% in the North Las Vegas submarket, while the highest office vacancy in the market was 44.29%, recorded in Paradise - South Las Vegas.

Las Vegas Office Sale Price per SF

  • $214.972024 Avg. Price per SF
  • 18.80%Y-o-Y Avg. PpSF Change
  • $157.8M2024 Office Sales Volume
  • 132024 Number of Transactions

Las Vegas, NV Sale Price per SF Trend

  • Las Vegas Avg. Sale Price per SF in 2024$214.97
  • Nevada Avg. Sale Price per SF in 2024$200.82
Las Vegas office space cost in 2024 marked a +18.80% change compared to the previous year. The sale price for office space in Las Vegas averaged $214.97 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Nevada average office sale price during the same time period was $200.82 per square foot.

2024 Office Sales Volume

  • Las Vegas, NV Total Office Sales Volume in 2024 $157.8M
  • Las Vegas, NV Total Number of Office Sales Closed in 2024 13
A total of 13 deals closed on the Las Vegas office market in 2024, adding up to a yearly sales volume of $157.8M. Notably, the largest transaction on the market saw Corporate Center The Curve - 8850 & 8860 West Sunset Road change hands for $22,101,000 on 3/8/2024.

Largest Las Vegas Office Sales in 2024

Property name Address Date Price
Corporate Center The Curve - 8850 & 8860 West Sunset Road 8850 West Sunset Road 3/8/2024 $22,101,000
Meadowview Corporate Center 330 South Valley View Blvd 1/2/2024 $21,250,000
Sir Williams Court 851 South Rampart Blvd 7/25/2024 $21,000,000
105, 115 & 125 East Reno Avenue 105 East Reno Avenue 10/17/2024 $19,625,000
Specialty Surgery Center 7250 Cathedral Rock Drive 5/29/2024 $18,475,000
Data provided by Commercial Edge

Coworking Spaces in Nevada

2024 Office Construction in Las Vegas, NV

  • Las Vegas, NV Total SF completed in 2024 416,810

During 2024, 416,810 square feet of new office space were delivered across the market. At the close of 2024, the Las Vegas office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 416,810 square feet of office space.

Largest Office Properties Recently Completed in Las Vegas
Office building Address SF Completed
BLVD Las Vegas 3755 South Las Vegas Blvd, 89109 400,000 2024
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
Axiom Phase I 7160 Rafael Rivera Way, 89113 80,000 2021
DaVita Sahara Dialysis 2350 Stockton Ave, 89104 9,112 2019
7375 S Pecos Rd 7375 S Pecos Rd, 89120 2,152 2016
Downtown Summerlin - One Summerlin 1980 Festival Plaza Drive, 89135 200,000 2014
521 S. 3rd St. 521 S. 3rd St., 89101 9,225 2012

Worth noting among recent office completions on the Las Vegas market is BLVD Las Vegas, which is currently the largest new office development in the city, at 400,000 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.