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Las Vegas Office Market Report

First Quarter 2020

Inventory
Total office inventory in the Las Vegas market area amounted to 66,338,500 square feet, up 338,924 square feet from one year ago. There is currently 1,268,736 square feet under construction.

Sale Activity
In the first quarter, 86 office transactions closed with a total volume of $376,570,655. The 86 buildings totaled 8,151,470 square feet and the average price per square foot equated to $194.32 per square foot. The average Cap Rates were 6.9%.

Tallying all office building sales.

Mark of a Market.

One of the largest transactions that has occurred within the Las Vegas market is the sale of Raiders’ Headquarter Practice Field at 1475 Executive Airport Dr. This 323,000 square foot office building sold for $191,000,000 or $591 per square foot. The properties sold on 2/21/2020. The Buyer was Mesirow Financial. The Seller was The Las Vegas Raiders.

The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.

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