The Las Vegas Office market ended the second quarter 2012 with a vacancy rate of 19.8%.
The vacancy rate was up over the previous quarter, with net absorption totaling negative 88,477 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 240,354 square feet.
Tenants moving into large blocks of space in 2012 include: City of Las Vegas moving into 310,000 square feet at the new Las Vegas City Hall; Caesars Entertainment Operating Company, Inc. moving into 48,536 square feet at 7160 Bermuda Rd; and Bridge Counseling Associates moving into 16,576 square feet at 1640 Alta Dr.
Rental rates ended the second quarter at $20.23, an increase over the previous quarter.
There was 308,022 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. national office vacancy rate, which decreased to 12.1% from the previous quarter, with net absorption positive 20.72 million square feet in the second quarter.
The information in this news report is based on CoStar’s Second Quarter 2012 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.