Figure | Evolving Workforces

Las Vegas Office Figures Q2 2022

July 8, 2022

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‒  The Las Vegas office market posted positive net absorption of 376,873 sq. ft. in Q2 2022, a 319,600 sq. ft. increase from Q1, and an escalation of more than 292% from one year ago

‒  The overall vacancy rate decreased 80 basis points (bps) to 10.9% since Q1, illustrating more than a 200 bps reduction from Q2 2021

‒  This quarter, Phase 1 of Matter Real Estate’s UnCommons mixed-use development (Buildings 1 and 2 totaling 164,909 sq. ft.) along with 24,000 sq. ft. of office space within the Executive Business Park in the Southeast submarket, recently delivered

‒  The overall average asking lease rate increased to $2.30 per sq. ft. FSG, which is 1.3% higher than last quarter, and signifies a year-over-year increase of 2.7%

‒  Office market recorded 478,891 sq. ft. of leasing activity in Q2 2022, bringing the year-to-date total to 1,130,372 sq. ft. leased