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Las Vegas, Nevada is famous for its “Strip” where casinos and entertainment centers are open 24 hours a day, but there is much more to Vegas. Nearby Henderson, Spring Valley, Paradise and Summerlin form the Las Vegas metro area, home to around 2 million residents. Combined with the continual flow of visitors to the city and nearby Nellis Air Force Base, Las Vegas offers a strong economic base for business. Low humidity makes the hot summers feel pleasant and the winters are very mild; snow is a rare, exciting event. Nearby are open desert, Las Vegas Bay on the Colorado River and Red Rock Canyon National Park, offering recreation for residents and visitors.

Las Vegas office space totals over 35 million square feet, plus about 63 million square feet of retail space and over 101 square feet of industrial space, making Vegas a major center for business and industry of every type and size. Las Vegas is continually constructing additional homes, office space, retail shops, restaurants, medical facilities, wholesale centers and light industrial facilities as its attraction to businesses steadily grows.

Your existing Las Vegas office space may have become too small, technology may offer agile work styles requiring less space or you want to secure office space in Las Vegas offers to grow your business. No matter why you want to find Las Vegas office space, you know how important the right property at the best price is to your bottom line. After employees, office space is typically the second largest expense a business has.

OfficeFinder’s Las Vegas office space professionals will not only speed up the process of finding the right space for your business, but also save you money through their knowledge of the Las Vegas office space market. And this our service is FREE to use. Just share a few basic details using the form on this page and we will assign the right LOCAL OfficeFinder representative to contact you for complete details about your needs and wants. Because we access proprietary databases that aren’t available to you, your OfficeFinder representative can quickly and efficiently match your needs to available properties, no matter if you’d prefer office space for rent, lease or purchase. We also gladly locate virtual office space or an executive suite if you wish. We work with you through negotiations and closing the deal, helping you avoid mistakes that can be very costly. Give us a try; you won’t regret it.

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Henderson Office Space

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Beautiful, High-Quality Northwest Las Vegas Office Space
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Arroyo CrossingLas Vegas office space available now - zip 89113
Cheyenne Fairways

Cheyenne Fairways Las Vegas office space available now - zip 89129
City Cental Place

City Cental Place Las Vegas office space available now - zip 89101
Downtown Summerlin

Downtown Summerlin Las Vegas office space available - zip 89135

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Las Vegas has an Up-to-Date Workforce

When you move your company to Las Vegas, you gain access to a workforce that is younger, more idealistic, and more up-to-date than average. Millennials, believed to be more idealistic than average, make up about 22.6 percent of the city's total population, while Gen Z (people born from the mid-90s to early 2000s) makes up 13 percent of the population of southern Nevada. Gen Z is believed to be more concerned about security and money thanks to its exposure to the Great Recession during its formative years.

Because of this, the typical layout of the Las Vegas office has changed to incorporate more modern ideas. Shared co-working spaces and other collaborative environments are common. These designs are used to reduce basic costs even as more amenities are offered to employees. Short-term leases are being used even by large companies in order to increase flexibility even more. Landlords are responding by setting up their spaces so that they can offer "plug and play" office areas to businesses that need to quickly react to changes in labor - and space - requirements.

A Snapshot of the Las Vegas Office Space and Employment Environment

Even though Las Vegas is known in other states as a city of casinos and conventions, it is actually a thriving business center with many corporate residents that aren't in the hospitality or gaming verticals. This has led to a shortage of both office space and skilled workers. Construction of new office complexes is being held back by high land prices. Booming job growth is causing skilled labor to be snapped up as soon as workers can be properly educated. Job growth in the city area is at 2.5 percent, while the average for the nation is just 1.6 percent, according to a CBRE report.

Las Vegas - City Overview

Las Vegas came into existence in 1905, when 110 acres were purchased to get it started. This land was close to the Union Pacific Railroad, which gave it easy access to affordable transportation that was fast for its time. In the 20s and 30s, construction took off, and this allowed it to avoid much of the deprivation of the Great Depression. One notable event happened in 1951 - the testing of the first atomic bomb, which happened just 65 miles outside of the city. The mid-20th Century saw the rise of Vegas' famous opulence, and this roared along until the early 21st Century. Las Vegas, however, was not about to sit back and let itself go into decline. It soon started a massive revitalization project, and in 2012, it built a large variety of new cultural centers and a new City Hall complex. Notably, the CEO of Zappos - the online shoe giant - made a large donation to the city to fund the revitalization of its commercial district.

Notably, the "downtown" or commercial district is not the Las Vegas Strip, which is where the casinos are. Instead, the commercial district is much like that of other cities, with office buildings and the types of businesses that support them - banks, restaurants, and similar downtown staples. Despite this, the area works to attract the attention of Las Vegas' many tourists, so it's fairly easy to get traffic to businesses that rely on trading directly with the public.

Population growth is one of the biggest economic drivers for southern Nevada, and in 2016-2017, this continued to be the case. Over 57,000 people moved into Clark County, making it the second fastest-growing county in the United States. Las Vegas proper also got the biggest population growth in the West. It is believed that this incoming migration will help to alleviate the current labor shortage.

Leasing Office Space in Las Vegas - Select Submarkets

If you are looking for office space for rent or lease, you will want to know that vacancy rates are decreasing, but there are exceptions in certain submarkets due to new buildings and complexes opening up as well as from some large tenants vacating their properties.

Airport - Credit One recently moved from its ~58,000 sq. ft. location in this area, freeing up that space for new tenants. The company's new location is in the Southwest area.

Southwest - Tribeca Parc, which used to offer medical office space, has been converted to standard office. This opens up its three buildings - almost 131,000 square feet of space - for new types of tenants. Supplementary retail space has also been converted to office leasing, which brings even more square footage online here. There is some positive absorption, too, such as the aforementioned move here by Credit One.

Downtown and North Las Vegas - Space is getting tighter in these areas, and vacancy rates are dropping accordingly. It may be harder to get deals here because of this, but for businesses that rely on the public, it can be worth moving here despite that fact.

West Central - This area has the lowest asking rates for leasing. There has also been slight negative absorption. This makes it a great location for those prioritizing low leasing costs over a flashier address.

Las Vegas is popular for its being business-friendy environment and now Southern Nevada is also rising as an investment center. Majority of the Las Vegas office landscape is Class A supplements and truer mixed-use market developments, ready to accommodate investment opportunities. Along the growth of Class A, the areas for most attractive office product will continue to scatter from Summerlin throughout the Vegas Valley

The Las Vegas office space market started 2019 with a positive demand and a decrease in overall vacancy rate. The professional office vacancy went down to 14.58% in the first quarter of the year. Reportedly, there were only 26,232 sf of deliveries during the first months of this year.

Prominent addition to the Vegas market include The Village, the 300,000 sf mixed-used development. The Bend, 200,000 sf retail and office project and the UnCommons, also a mixed use property that caters 800 luxury apartments and 500,000 sf of office spaces.

There are more office construction going on, even though land costs still a significant growth factor. Larger projects were proposed this year in Southeast/Henderson submarkets, including a Class B, 18,000 sf property at the Gilespie Street and Gilliflower Avenue, a Class A 15,000 sf building at 300 East Windmill Lane; also the 18, 868 sf property in Fort Apache Commons that will be completed by 2020.

According to CBRE Marketview, in Q1 2019, four of the nine submarkets recorded particularly strong net absorption, reaching ±153,278 sq. ft. for the overall market compared to ±276,951 sq. ft. in the previous quarter (Q4 2018). This quarter, demand was primarily concentrated among Class B properties and more specifically, in the Southeast submarket along the 215 beltway.

Vacancy rate have been declining steadily since 2011, and by the end of the 2018 the vacancy rate decreased to 14.6% for the entire Las Vegas. As 2019 started, it had a decrease of 37 basis points from the previous quarter and 50 basis points decrease by yearly comparison. On the other hand, four other submarkets had raise in vacancy, 5 out of 9 submarkets bragged a low vacancy rates for the quarter. Those submarkets are Airport, Central East, Central West, Southeast and Southwest with vacancies sinking to 15.5%, 21.9%, 16.7%, 11.4% and 9.9%, respectively. The continues decrease in vacancy for the quarter 1 of 2019 is due to the overall positive net absoption in the Southeast, where Beazer Homes occupied ± 13,659 sf at the Green Valley Corporate Center.

Average asking rate for the entire Las Vegas office space market has been increasing since 2017 and all through out 2018. In the start of 2019, the full-service asking lease rate was $2.16 per sf monthly, solidifying an increase of 3.8% every year since the Quarter 1 last year, it is also proving that this the highest average asking rate per sq. ft since the the 2nd Quarter of 2011. The lease rate is still projected to rise

The rest of the 2019 is being projected to be positive as the first quarter of this year closed with a decreased vacancy rate and strong net absorption.  According to CBRE outlook, Las Vegas has a full steam ahead into Q2 2019 and through the end of the year, steady demand coupled with low supply (amid minimal construction activity) is likely to persevere while further compressing vacancies and sustaining rental growth.

A Snapshot of the Las Vegas Employment Environment

The West Coast continues to lead the nation in job growth and Nevada is the top among all states. As of January 2019, Nevada’s yearly job growth gain tops the U.S. at 3.9%, gaining over 50,000 jobs. Las Vegas unemployment went up to 4.5%. However, the metro added 3,400 jobs during the same timeframe.

Some of the huge gaming and hospitality industry operators, such MGM Resorts International and Caesars Entertainment Corp., are lowering the number of the corporate positions to cope with the increased costs caused by diversification and competition in $200- billion plus gaming industry. Also, Aristocrat Technologies, a gaming machine manufacturer is planning to reduce its design division to align priorities that affecting 14 positions in Las Vegas.

On tourism, January Figures for McCarran International Airport show a 3.3% year-over-year, increase from 3.8M travelers to 3.9M passengers for 2019. However, 2018 marked as the busiest year for the McCarran with 49.7M visitors.

The Labor Market

Overall, southern Nevada has an unemployment rate of about 5 percent, but it is important to note that much of the workforce included in this figure is not "skilled labor." Instead, many of the unemployed are subject to the booms and busts of the construction industry. The type of skilled labor needed for advanced office work has fewer practitioners, so employers often offer amenities and other perks to get the workers they need. Because of this, Las Vegas is more attractive to companies that need people for call center work and other jobs where training can be provided after hiring. Las Vegas is also home to several warehouse and shipping operations, which make use of the availability of strong, physically-fit people who ordinarily work in construction.

To get help with all of the ins and outs of the Las Vegas leasing market, learn about the nuances of the population, and more, just contact us. We're experts in office leasing in Las Vegas, and we'll be glad to assist you in your move to/in Las  Vegas or the surrounding areas.

Useful Statistics for businesses looking for office space in Las Vegas
  Las Vegas NV State
2016 Estimated Population 613,295 2,839,172
Median Age 37.4 37.5
Housing Units 251,862 1,200,517
Occupied 219,187 1,030,701
Owned 114,186 564,787
Rented 105,001 465,914
Average Household Size 2.76 2.72
Rental Vacancy Rate 8.1% 9.1%
Homeowner Vacancy Rate 1.9% 2.2%
Median Home Value $184,900 $191,600
Median Monthly Rental Cost $985 $984
Estimated Mean Income $79,005 $80,671
Median Household Income $50,882 $53,094
Percent of Individuals below poverty level 16.8% 14.9%
Educational Attainment: Percent high school graduate or higher 83.5% 85.4%
Educational Attainment: Percent high school graduate 28.2% 28.3%
Educational Attainment: Percent with some College 25.2% 26%
Educational Attainment: Percent bachelor degree or higher 22.4% 23.2%
Average Commute time in minutes 25.4 23.9
Commute 269,929 1,285,431
Commute by car, truck or other vehicle - Drive Alone 209,223 1,002,649
Commute by car, truck or other vehicle - Carpool 29,256 137,003
Use Public Transportation 11,532 46,227
Work from Home 8,797 45,962
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