Las Vegas 2018 Q1 Medical Office Report

Diagnosis: Recovery

Southern Nevada's medical office market followed up a strong 2017 with a solid first quarter in 2018. Net absorption was 108,228 square feet, an improvement over net absorption in the first quarter of 2017, though not the highest net absorption recorded during the current recovery period. The vacancy rate decreased to 13.5 percent, the lowest medical office vacancy rate since the first quarter of 2011. The average asking rental rate was $2.20 per square foot (psf) on a full service gross (FSG) basis.

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