Las Vegas Office Market Report
Fourth Quarter 2024
Inventory
Total office inventory in the Las Vegas market area amounted to 68,817,682 square feet, up 226,358 square feet from one year ago. There is currently 836,396 square feet under construction.
Sale Activity
In the fourth quarter, 51 office transactions closed with a total volume of $143,761,208. The 51 buildings totaled 969,128 square feet and the average price per square foot equated to $191.74 per square foot. The average Cap Rates were 6.6%.
Tallying all office building sales.
Mark of a Market.
One of the largest transactions that occurred within the Las Vegas market was the sale of 415 S. 6th Street. This 27,579 square foot office building sold for $4,650,000 or $168.81 per square foot. The property was sold on 12/20/2024. The Buyer was Bridge Counseling Associates Incorporated. The Seller was James Mark LLC.
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