Valley Office Market Sees Sluggish Recovery in 2014

OfficeSouthern Nevada’s office market has improved since the days of the Great Recession, but the recovery has not been particularly stable or powerful despite employment growth, said John Stater, Colliers International Las Vegas’s research director. The office market is experiencing increased competition from flexible non-office properties and a general trend towards occupying less office space per employee. In 2014, net absorption decreased to 544,261 square feet from 823,744 square feet in 2013. New completions were lower in 2014 versus 2013, at 376,620 square feet. Meanwhile, vacancy rates decreased slightly by 0.5% to 20% last year from the prior year, while average asking rent grew to $1.90 per square foot full service gross. For more information, CLICK HERE.

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