According to CoStar, Office vacancy is at 9.5% and rents have grown by 4.3% year over year. Unsurprisingly, Las Vegas Office sales and leasing have been on the upswing. 4.3% growth is greater than the national average of 1.1% growth. The Vegas Office market is hot. 1.5 million square feet of office space has been leased over the last 12 months almost reaching its all time high. The region posted $1.2 billion in office sales year over year. This is up 65% from the prior year.

In one of the region’s largest office transitions of the year by price, Las Vegas-based investment firm, Kingsbarn Realty Capital, purchased six buildings, 2275, 2285,2370 Corporate Circle at Green Valley Corporate Center North and 2475,2485, and 2495 Village View Drive at Green Valley Corporate Center South, totaling 347,000 square feet in Green Valley, Henderson for $114.5 million.. 

Kingsbarn Vice PResident, Daniel Abramowitz said, “ Given the lack of vacant land in the region available for new construction, this portfolio is a rare find in Green Valley’s well-established market.” 

In Summerlin, Howard Hughes Corp., plans to build two three story building totaling  +/-73,000 square feet of office at Flamingo and Hualapai Way next to Aristocrat Gamming’s corporate headquarters. The project is slated to be completed Q32023. The developers are quoted as saying” the buildings will be designed to meet the continued growing demand for premium office space.”