The medical office vacancy rate edged up in the first quarter, but remains below the level of empty space a year ago, a brokerage reported.
CB Richard Ellis said the average valleywide vacancy rate was 16.1 percent in the first quarter, up from 15.6 percent at the end of 2010. That’s below the 16.7 percent vacancy rate in the first quarter of 2010.
Colliers International Las Vegas pegged the vacancy rate at 17.6 percent.
It reported that out of the 4.94 million square feet of medical office space in the market, 868,000 square feet was vacant.
CB Richard said the southwest valley has the highest vacancy rate at 25 percent while North Las Vegas had the lowest at 2.39 percent.
The northwest valley has a 12.2 percent vacancy rate while the west valley has a 13.2 percent vacancy rate. The central portion of the valley on both sides of the Strip had vacancy rates of 18.9 percent on the east and 15.3 percent on the west.
The most expensive rates were $1.75 per square foot in the southwest valley and $1.72 in the southeast. The east valley had a $1.23 rate.