Office/Industrial/Retail and Apartment Markets

Office Market

Fourth Quarter 2016
  City Wards
Industrial Structure Las Vegas
Valley
City of
Las Vegas
Downtown
Redevelopment Area
Ward 1 Ward 2 Ward 3 Ward 4 Ward 5 Ward 6
Office Market Inventory 55,406,535 21,472,364 4,546,054 8,934,799 4,061,276 3,808,689 1,819,756 2,328,307 519,537
Office Market Vacant Space 10,135,194 3,563,061 563,976 1,658,585 549,738 646,374 427,628 163,285 117,451
Office Market Occupied Space 45,271,341 17,909,303 3,982,078 7,276,214 3,511,538 3,162,315 1,392,128 2,165,022 402,086
Office Market Vacancy Rate 18.3% 16.6% 12.4% 18.6% 13.5% 17.0% 23.5% 7.0% 22.6%
Office Market Completions 62,364 0 0 0 0 0 0 0 0
Office Market Net Absorption 148,651 78,918 -10,155 58,788 -22,525 -23,345 40,454 20 25,526
Office Market Avg. Asking Rents PSF $1.96 $1.99 $2.14 $1.82 $2.25 $2.07 $2.01 $2.26 $2.17
Office Market Under Construction Space 679,783 30,226 30,226 0 0 30,226 0 0 0
Office Market Planned Space 2,179,227 938,364 930,354 0 0 430,354 0 508,010 0