Las Vegas Office Figures Q2 2026

The Las Vegas office market remained relatively stable in Q2 2026 as vacancy declined for the fourth consecutive quarter, reaching 11.9%, down 20 basis points (bps) from 12.1% in Q1 2026 and 80 bps below the 12.7% recorded one year ago. This marked the first sub-12.0% vacancy rate since Q4 2023 and continued a gradual tightening trend that has emerged since early 2024. Despite modest occupancy gains during the quarter, limited new supply and ongoing tenant movement into higher-quality space continued to support lower vacancy levels.

Net absorption totaled approximately 8,000 sq. ft. in Q2 2026, a slowdown from the strong 170,000 sq. ft. recorded in Q1 2026. Despite the modest quarterly figure, year-to-date absorption reached approximately 177,000 sq. ft., representing one of the strongest first-half performances in recent years and a meaningful improvement from the approximately 57,000 sq. ft. of negative absorption recorded in Q2 2025. Average direct asking rents ended the quarter at $2.56 per sq. ft. per month FSG, essentially unchanged from recent quarters. While occupancy growth has remained moderate over the past several years, rents have continued to trend upward, reflecting persistent supply constraints and limited availability of high-quality office space across preferred submarkets.