Las Vegas Office Figures Q4 2025

The Las Vegas office market recorded 41,130 sq. ft. of positive direct net absorption in Q4 2025, bringing the year to negative 67,887 sq. ft., a marked improvement from negative 429,782 sq. ft. in 2024. Direct vacancy ended at 12.6%, down from 13.0% a year earlier and modestly lower than 12.7% last quarter. Submarket conditions were mixed: Downtown posted the highest direct vacancy rate at 16.6%, while Southwest was lowest at 5.8%. Class A direct vacancy was 19.1%, largely influenced by the Hughes Center, versus 10.3% for Class B.

Average direct asking rent held at $2.59 per sq. ft. per month FSG, flat quarter-over-quarter and down from $2.62 year-over-year. The West submarket led at $3.10 per sq. ft., and Downtown was lowest at $2.17 per sq ft. Class A posted $3.13 per sq. ft. FSG while Class B spaces saw $2.48 per sq. ft. FSG. Leasing volume was moderate, with 119 deals totaling approximately half a million sq. ft. Class B saw higher leasing activity at 310,763 sq. ft. compared to Class A at 138,514 sq. ft.

With no new construction for nearly two years, the lack of fresh Class A supply funneled demand into existing premium assets, reinforcing flight-to-quality as tenants competed for modern, well-located space. This dynamic positions top-tier buildings as the most competitive segment heading into 2026.