Investor purchases in Las Vegas office market on the rise
Las Vegas Review Journal
Las Vegas’ office market was left for dead during the recession as job losses soared and buildings emptied.
But in a sign that things could finally be turning the corner, investor purchases are climbing fast – and they’re not just buying ghost-town buildings at discounts anymore.
There were 94 office-property sales in Southern Nevada last year, more than double 2016’s tally. The sales total and average price of $187 per square foot were the highest in years, according to brokerage Colliers International.
Las Vegas’ office market is smaller than other cities’, and its vacancy rate remains well above pre-recession levels. Southern Nevada also has a track record of getting slap-happy for real estate, so there’s always a chance that investors can pile in too quickly on market trends and inflate property values…