Las Vegas Office Market Report
Second Quarter 2021
Inventory
Total office inventory in the Las Vegas market area amounted to 67,203,304 square feet, up 511,284 square feet from one year ago. There is currently 1,368,066 square feet under construction.
Sale Activity
In the second quarter, 90 office transactions closed with a total volume of $250,753,150. The 90 buildings totaled 1,092,910 square feet and the average price per square foot equated to $254.79 per square foot. The average Cap Rates were 7.0%.
That brings the total for the 2021 calendar year to 164 transactions totaling $368,201,255 sales volume. The total square footage sold was 1,751,213 square feet for an average price per square foot of $235.49. The average Cap Rate was 7.2%
Tallying all office building sales.
Mark of a Market.
One of the largest transactions that has occurred within the Las Vegas market is the recapitalization of Montecito Tower at 6605 Grand Montecito Parkway. This six-story 177,341 square foot office building sold for $48,600,000 or $274.05 per square foot. The properties sold on 5/7/2021 as part of a 2 property portfolio sale including vacant land lot. The Buyer was Apex Financial Advisors Inc. The Seller was Montecito Tower LLC.
The information in this post has been sourced by and is credited to ©2021 CoStar Group, Inc.
