Office Vacancy Hits New Low
Southern Nevada’s office market continued to improve in the first quarter of 2019, with net absorption of 345,715 square feet and vacancy decreasing to 12.9 percent. New completions were only 15,867 square feet in the first quarter, and expansion of the office inventory should remain light in 2019. The weighted average asking rate for office space in the first quarter was $2.16 per square foot (psf) on a full service gross (FSG) basis, a $0.11 increase from one year ago.
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