Slow but Promising Q1 for Las Vegas Office Market

Real Estate Market Statistics

Office deliveries, constructions, and inventory for the first quarter of 2014 are off to a slow but promising start compared to the fourth quarter of 2013 according to a report from CoStar.

There had been one completed office building spanning total of 24,000 square feet in the Las Vegas market area and it is now completely occupied. In the fourth quarter of 2013, there were no deliveries.

Meanwhile, by the end of the first quarter, there were 567,761 square feet of office space under construction.

The largest projects that are underway by the end of this three-month period include the Federal Justice Tower which spans 140,000 square feet which is 99 percent pre-leased and the 95,443-square-foot Gramercy Building 3 that is not pre-leased.

Total office inventory for the Las Vegas market by the end of the quarter reached 61,065,998 square feet in 3,857 buildings. There were 9,448,303 square feet in 82 projects for the Class-A Office sector. There are also 134 owner-occupied buildings which includes 3,928,168 square feet of office space within the office market.

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