• The Las Vegas office market started the year with 131,442 sq. ft. of net absorption.
  • The direct vacancy rate decreased to 11.9% which is the lowest vacancy rate since Q3 2007.
  • The overall average asking lease rate increased to $2.21 per sq. ft., which is 2.3% higher from Q1 2019.
  • Construction activity picked up during Q1 2020 with 260,184 sq. ft. of space under construction and another 800,000 sq. ft. of planned space.