Las Vegas Medical Office Figures Q3 2023

December 1, 2023 5 Minute Read

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Despite economic uncertainty and a softening market, the Las Vegas medical office market is achieving greater stability with slightly decreased vacancy, rising asking lease rates and declining sublease availability as price-conscious tenants continue to take advantage of the relatively inexpensive sublease rates as well as the flexibility of shorter-term leases.

Overall, pipeline activity has been healthy. Thus far, 2023 has yielded one completion per quarter to total 136,350 sq. ft., with an estimated 285,000 sq. ft. set to deliver in the coming quarters. The majority of the 285,000 sq. ft. will be comprised of the highly anticipated 200,000-sq.-ft. Helios medical campus in North Las Vegas, which may ultimately have as many as 700 hospital beds to meet the growing healthcare demand.

In addition to the 71,400-sq.-ft. Queensridge Medical Center in Summerlin that delivered in Q1, ORG Portfolio Management completed construction in Q2 on a 50,000-sq.-ft. medical office building in the Southwest submarket for the Culinary Health Center's second Las Vegas location. The Park at Horizon Ridge also recently delivered 14,950 sq. ft. of its Class B Owner-User Office and medical complex in Henderson. Currently, under-construction projects include The Village at St. Rose (80,000 sq. ft. of Class A medical office) and another portion (4,750 sq. ft.) of The Park At Horizon Ridge (Class B medical and office complex consisting of six single-story shell buildings that range from 4,750 to 14,950 sq. ft.), both of which are in the Southeast submarket.