Office rents decline in Las Vegas

Office rents in Las Vegas dropped during the second quarter.

Office property management companies in Las Vegas witnessed vacancy rates drop to a seven-year low in the second quarter, according to the Las Vegas Sun.

Total industrial and warehouse vacancies totaled 15 percent during the second quarter. In addition, retail vacancies totaled 11 percent, while office properties had a rate of nearly 24 percent, after the paper combined figures from multiple reports.

"The industrial vacancy is anticipated to gradually come down as the national and local economy start to show signs of improvement," Commerce Real Estate Solutions explained, according to the news source.

Commerce explained that due to an increase in unemployment, the area has dealt with a decline in medical occupancy, according to the newspaper. This is because of many people are not able to afford doctor's visits in the area.

In addition, Colliers found that asking rents dropped to $1.90 per square foot this year, which is much lower than the previous year's figure of $2.01, the news source said. Commerce added that total rents dropped for the seventh quarter in a row.

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