MR LAS 19Q1 MED 175x227

Medical Office Market Slows

Demand for medical office space in Southern Nevada remained in growth mode in the first quarter of 2019, with net absorption of 44,125 square feet. Medical office vacancy decreased to 11.9 percent, the lowest level of vacancy since the fourth quarter of 2010, nearly one decade ago. The average asking rental rate was $2.30 per square foot (psf) on a full service gross (FSG) basis, $0.10 psf higher than one year ago.

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