Las Vegas has most empty office space in nation

Las Vegas office buildings filled up a bit more last year but still had the largest percentage of empty space in the country.

The Las Vegas Valley had a 25.8 percent office vacancy rate in the quarter ending Dec. 31, down from 26.4 percent a year earlier, according to a report out Thursday from brokerage firm CBRE Group. Las Vegas had the highest vacancy rate in both periods among the 63 markets tracked in the report.

Detroit had the second-highest office vacancy rate last quarter at 24.9 percent, while Honolulu had the lowest at 6.6 percent. The rate nationally was 15.4 percent.

Other real estate submarkets in the valley also continued to struggle.

Las Vegas had a 16.4 percent retail vacancy rate last quarter, tied for fifth-highest with Cleveland. The valley's rate was down from 16.9 percent a year earlier but still above the fourth-quarter national average of 12.8 percent, CBRE said.

Valley apartment complexes had the third-highest vacancy rate in the country last quarter at 9 percent. That's up from 8.6 percent a year ago and above the fourth-quarter national rate of 5 percent. Also, industrial properties had a 14.6 percent vacancy rate, up from 13.7 percent a year earlier and above the national average of 12.8 percent.


Doug Twyman of the Las Vegas Sun contributed to this report.


Previous Discussion:

Discussion 3 comments

Only trusted comments are displayed on this page. Untrusted comments have expired from this story.

  1. While our mediocre media is obsessed with downtown and a few buildings catering to soon-to-be-extinct start-ups, this should paint a bigger picture for what is going in this city.

    We're not growing. We're not attracting big corporations for expansion. Families aren't wanting to move here. What Fortune 500 company is going to target Las Vegas, even with all of our perks like (usually) great weather and tax benefits?

    While it may be the trendy thing to focus on a few blocks downtown, this city needs a team focused on big business growth outside of the gaming sector.

    The biggest news we've seen lately are two new water parks....

  2. Couldn't agree more with TeamSG1. The local media seems to have a personal monetary stake in boasting about that Zappos-led downtown movement. I can't say much is going to come of it as it's based around only 1 company, led by 1 man with 1 singular idea: make downtown Vegas into a mini Silicone Valley-San Fran filled hub with hipsters who frequent bespoke bars after work and walk home to their lofts for a poetry night with friends.

    Tony is trying to do something, but he may be too entrenched in the process and fails to see the bigger picture.

  3. I can see why people aren't moving here. My son and I moved here back in July because we use to visit here on vacation and thought it would be a great place to live...boy were we wrong. I have never met such rude and disrespectful people in all my life. It is totally different when you live here. As for the casinos what a joke. Trying to find a job here is unreal. The casinos lead you on for months telling you that you are waiting on an interview and after a few months you get an e-mail stating that you were not selected, but you haven't even had an interview yet. I know jobs are tough to come by, but they should not tell you that you are waiting on an interview and then not give you one. And then when you contact them about it they just out right lie to you. Now for the apartments around here, we have had nothing but trouble with our complex since signing the lease. They have all these rules and regulations, but then do not enforce them and when you complain then they start retaliating against you. We are now having to get an attorney to just feel safe and comfortable in our apartment. Las Vegas is a joke. I have lived all over the world and have never been treated this bad and as soon as we can afford to we will be leaving this horrible place.