Southern Nevada’s office market saw negative absorption in the second quarter after several quarters of positive movement, reports the Colliers International Las Vegas. Office net absorption was a negative 35,527 square feet in the second quarter, representing a year-over-year decrease of more than 230,000 square feet. Office vacancy now stands at 22.7%. Despite these negatives, there was 10,000 square feet of office space completed this quarter, representing a year-over-year increase from one year ago. “With a lack of build-to-suit office completions expected in the third quarter of 2013, and the traditional lag in demand that accompanies the end of summer and beginning of fall, we think net absorption will probably remain weak in the third quarter and vacancy may continue to rise, though not precipitously,” said Colliers International research manager John Stater.
August 11, 2013