Las Vegas Office Figures Q1 2026

The Las Vegas office market strengthened in Q1 2026 as vacancy declined and absorption accelerated, supported by limited supply and increased tenant decision-making. Vacancy fell to 12.0%, down from 12.4% in Q4 2025 and 12.6% a year earlier, marking the lowest level recorded since Q4 2023. The improvement reflected sustained leasing activity in well-located markets rather than a broad expansion in tenant demand, as occupiers continued to face fewer functional alternatives across the market.

Net absorption totaled approximately 123,000 sq. ft. in Q1 2026, representing the strongest first-quarter performance since 2023 and a notable increase quarter-over-quarter and year-over-year. Activity was uneven by submarket and asset quality, with gains concentrated in Class A properties and select corridors such as the West. Several large transactions reduced availability in competitive assets, reinforcing the market’s ongoing flight-to-quality trend. Average direct asking rents ended the quarter at $2.57 per sq. ft. per month FSG, down slightly from 2025. Despite the year-over-year decline, rents continued to trade within a narrow band that has persisted since late 2023, signaling price stability rather than deterioration.