Q4 Office Deliveries End Strong

Real Estate Investment

The fourth quarter of 2014 ended strong for office deliveries, construction, and deliveries in Las Vegas.

Two office buildings were completed during this period totaling 105,443 square feet. Meanwhile, 614,476 square feet of office space were under construction

Some of the notable 2014 deliveries include: 9205 W Russell Rd – Gramercy – Bldg 3, a 95,443-square-foot facility that delivered in fourth quarter 2014 and is now 0% occupied, and 9275 W Russell Rd – Gramercy – Bldg 2, a 95,443-square-foot building that delivered in third quarter 2014 and is now 66% occupied.

The largest projects underway at the end of fourth quarter 2014 were 1980 Festival Plaza Dr – One Summerlin, a 200,000-square-foot building with 29% of its space pre-leased, and 501 Las Vegas Blvd S – Federal Justice Tower, a 140,000-square-foot facility that is 99% pre-leased.

Total office inventory in the Las Vegas market area amounted to 61,340,904 square feet in 3,867 buildings as of the end of the fourth quarter 2014. The Class-A office sector consisted of 9,745,820 square feet in 85 projects. Within the Office market there were 165 owner-occupied buildings accounting for 4,503,413 square feet of office space.

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