• Rising land prices, higher construction costs, and challenging construction financing has caused a decelerated pace of new construction, despite an increase in demand for new office space.
  • Several large move-outs, particularly in the Southeast and Airport submarkets, caused net absorption to be -24,731 sq. ft. and the vacancy to increase to 15.3% in Q2 2018.
  • Companies providing co-working space currently do not have a presence in Las Vegas, however several companies are looking at multiple locations and will make a significant impact on net absorption in the coming quarters.