The Office Market's A+ Year
Pop the corks, because it has been a very happy year for Southern Nevada’s office market. By year’s end, vacancy was heading down and asking rates were heading up. Southern Nevada’s office market appeared to be a “baby bear” market – not too hot, not too cold, just right for a decade-old recovery. Net absorption was slightly lower than one quarter ago at 386,622 square feet, but still quite strong. This drove vacancy down to 13.6 percent, its lowest level in ten years. The weighted average asking rate for office space in the fourth quarter was $2.13 per square foot (psf) on a full service gross (FSG) basis, a $0.07 increase from one year ago.
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