Las Vegas office market hits the jackpot

TheRealDeal, feature a post discussing Sin City vacancy is a third of San Francisco’s, while one in five U.S. offices sit empty.

Commercial real estate investors are beating the odds in Las Vegas.

With one in five offices across the U.S. sitting empty and leasing struggling across much of the nation, office vacancy in Sin City ticked down to 10.9 percent last quarter, down 0.2 percentage points from the prior period, prodding real estate players to double down on the local strength of the asset class, according to the Las Vegas Sun and figures from CBRE.

It’s a sign there’s far more workspace demand in Las Vegas than across the rest of the country as a whole, including the biggest office markets New York, Chicago and San Francisco. Vacancy rates range from nearly 17 percent in the Big Apple, a record-high 24 percent in the Windy City, all the way to a whopping 34 percent in the Golden City, according to brokerage data on last quarter.

“We’ve been fortunate here in Las Vegas,” Marc Magliarditi of CBRE told the Sun. “That demand has been pretty steady, and I would even say strong … post-pandemic.”

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