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Las Vegas Office MarketY e a r - E n d 2 0 1 8

CoStar Office Statistics

Las Vegas Office Market

©2018 CoStar Group, Inc. CoStar Office Statistics A

Year-End 2018 – Las Vegas

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©2018 CoStar Group, Inc. CoStar Office Statistics A


Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CoStar Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

Figures at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Figures at a Glance by Class & MarketFigures at a Glance Grouped by CBD vs SuburbanHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Select Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Sales Activity AnalysisSelect Top Sales Transactions

Analysis of Individual CoStar Submarket Clusters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Central East Las Vegas MarketCentral North Las Vegas MarketDowntown Las Vegas MarketNorth Las Vegas MarketNorthwest Las Vegas MarketOutlying NE Clark County MarketOutlying S Clark County MarketSE Las Vegas/Henderson MarketSouth Las Vegas MarketSouthwest Las Vegas MarketWest Las Vegas Market


B CoStar Office Statistics ©2018 CoStar Group, Inc.

Las Vegas – Year-End 2018


©2018 CoStar Group, Inc. CoStar Office Statistics C


MethodologyThe CoStar Office Report, unless specifically stated otherwise, calculates office statistics using CoStar Group’s entire database of existing and under construction office buildings in each metropolitan area. Included are office, office condominium, office loft, office medical, all classes and all sizes, and both multi-tenant and single-tenant buildings, including owner-occupied buildings. CoStar Group's global database includes approximately 119 billion square feet of coverage in 5.4 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate.

© Copyright 2018 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

CoStar Group, Inc.

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For information on subscribing to CoStar’s other products and services, please contact us at 1-877-7COSTAR, or visit our web site at www.costar.com


B CoStar Office Statistics ©2018 CoStar Group, Inc.



©2018 CoStar Group, Inc. CoStar Office Statistics C


Terms & DefinitionsAvailability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space.Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset.Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).CBD: Abbreviation for Central Business District. (See also: Central Business District)Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA.Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and com-mand the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality.Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors.Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These build-ings lack prestige and must depend chiefly on a lower price to attract tenants and investors.Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space.Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certifi-

cate of occupancy must have been issued for the property.Delivery Date: The date a building completes construction and receives a certificate of occupancy.Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off.Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insur-ance.Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space.Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehous-ing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product.Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep.Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different


D CoStar Office Statistics ©2018 CoStar Group, Inc.

Las Vegas – Year-End 2018 Year-End 2018 – Las Vegas


©2018 CoStar Group, Inc. CoStar Office Statistics 1

tenant needs. (See also: Tenancy).Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs.New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, finan-cial, or restaurant, usually on the ground floor.Owner: The company, entity, or individual that holds title on a given building or property.Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date.Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly.Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets.Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.Sales Price: The total dollar amount paid for a particular property at a particular point in time.Sales Volume: The sum of sales prices for a given group of buildings in a given time period.Seller: The individual, group, company, or entity that sells a particular commercial real estate asset.SF: Abbreviation for Square Feet.Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).Suburban: The Suburban and Central Business District (CBD) des-ignations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inven-tory not located in the CBD. (See also: CBD)Tenancy: A term used to indicate whether or not a building is occu-pied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied.Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC.Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are cal-culated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.Year Built: The year in which a building completed construction and was issued a certificate of occupancy.YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied.


D CoStar Office Statistics ©2018 CoStar Group, Inc.

Las Vegas – Year-End 2018 Year-End 2018 – Las Vegas



Overview

Las Vegas’s Vacancy Decreases to 12.1% Net Absorption Positive 202,795 SF in the Quarter

The Las Vegas Office market ended the fourth quarter 2018 with a vacancy rate of 12.1%. The vacancy rate was down over the previous quarter, with net absorp-

tion totaling positive 202,795 square feet in the fourth quarter. Vacant sublease space increased in the quarter, ending the quarter at 423,636 square feet. Rental rates ended the fourth quarter at $20.09, an increase over the previous quarter. A total of five buildings delivered to the market in the quarter totaling 62,164 square feet, with 466,361 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall Las Vegas office market was

positive 202,795 square feet in the fourth quarter 2018. That compares to negative 293,093 square feet in the third quarter 2018, positive 253,860 square feet in the second quarter 2018, and positive 525,209 square feet in the first quarter 2018.

Tenants moving out of large blocks of space in 2018 include: Nevada Construction Services moving out of 43,505 square feet at 2500 N. Buffalo Drive; Sunworld Landscape & Construction Co. moving out of 40,000 square feet at 451 E Sunset Rd; and State Fire Marshal moving out of 37,493 square feet at 215 E Bonanza Rd.

Tenants moving into large blocks of space in 2018 include: Barclays moving into 117,502 square feet at 2280-2290 Corporate Cir; CVS moving into 58,950 square feet at 1451 Center Crossing Rd; and Bank of America moving into 42,854 square feet at 1351 N Town Center Dr.

The Class-A office market recorded net absorption of pos-itive 65,696 square feet in the fourth quarter 2018, compared

to negative 5,239 square feet in the third quarter 2018, nega-tive 26,926 in the second quarter 2018, and positive 344,202 in the first quarter 2018.

The Class-B office market recorded net absorption of pos-itive 148,404 square feet in the fourth quarter 2018, compared to negative 280,402 square feet in the third quarter 2018, posi-tive 239,353 in the second quarter 2018, and positive 108,727 in the first quarter 2018.

The Class-C office market recorded net absorption of negative 11,305 square feet in the fourth quarter 2018 com-pared to negative 7,452 square feet in the third quarter 2018, positive 41,433 in the second quarter 2018, and positive 72,280 in the first quarter 2018.

Net absorption for Las Vegas’s central business district was negative 33,602 square feet in the fourth quarter 2018. That compares to positive 11,968 square feet in the third quar-ter 2018, positive 14,683 in the second quarter 2018, and posi-tive 56,708 in the first quarter 2018.

Net absorption for the suburban markets was positive 236,397 square feet in the fourth quarter 2018. That compares to negative 305,061 square feet in third quarter 2018, positive 239,177 in the second quarter 2018, and positive 468,501 in the first quarter 2018.

VacancyThe office vacancy rate in the Las Vegas market area

decreased to 12.1% at the end of the fourth quarter 2018. The vacancy rate was 12.3% at the end of the third quarter 2018, 11.6% at the end of the second quarter 2018, and 11.9% at the end of the first quarter 2018.

Vacancy Rates by Class 2005-2018

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 10 Quarters Past 10 Quarters

Source: CoStar Property® Source: CoStar Property®

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Las Vegas United States

2 CoStar Office Statistics ©2018 CoStar Group, Inc.

Las Vegas � Year-End 2018

Las Vegas Office MarketYear-End 2018 – Las Vegas



Overview

Class-A projects reported a vacancy rate of 13.1% at the end of the fourth quarter 2018, 13.6% at the end of the third quarter 2018, 12.5% at the end of the second quarter 2018, and 12.3% at the end of the first quarter 2018.

Class-B projects reported a vacancy rate of 12.8% at the end of the fourth quarter 2018, 13.0% at the end of the third quarter 2018, 12.2% at the end of the second quarter 2018, and 12.6% at the end of the first quarter 2018.

Class-C projects reported a vacancy rate of 7.1% at the end of the fourth quarter 2018, 7.0% at the end of third quarter 2018, 6.9% at the end of the second quarter 2018, and 7.4% at the end of the first quarter 2018.

The overall vacancy rate in Las Vegas’s central business district at the end of the fourth quarter 2018 increased to 8.2%. The vacancy rate was 7.3% at the end of the third quarter 2018, 7.5% at the end of the second quarter 2018, and 7.8% at the end of the first quarter 2018.

The vacancy rate in the suburban markets decreased to 12.4% in the fourth quarter 2018. The vacancy rate was 12.7% at the end of the third quarter 2018, 11.9% at the end of the second quarter 2018, and 12.2% at the end of the first quarter 2018.

Largest Lease SigningsThe largest lease signings occurring in 2018 included:

the 58,950-square-foot lease signed by CVS at 1451 Center Crossing Rd in the Northwest Las Vegas market; the 24,296-square-foot deal signed by Murchison & Cumming LLP at 350 S Rampart Blvd in the Northwest Las Vegas market; and the 24,078-square-foot lease signed by Lennar Homes at 9275 W Russell Rd in the Southwest Las Vegas market.

Sublease VacancyThe amount of vacant sublease space in the Las Vegas

market increased to 423,636 square feet by the end of the fourth quarter 2018, from 377,496 square feet at the end of

the third quarter 2018. There was 346,370 square feet vacant at the end of the second quarter 2018 and 309,188 square feet at the end of the first quarter 2018.

Las Vegas’s Class-A projects reported vacant sublease space of 76,687 square feet at the end of fourth quarter 2018, up from the 73,605 square feet reported at the end of the third quarter 2018. There were 81,111 square feet of sublease space vacant at the end of the second quarter 2018, and 64,089 square feet at the end of the first quarter 2018.

Class-B projects reported vacant sublease space of 338,949 square feet at the end of the fourth quarter 2018, up from the 297,891 square feet reported at the end of the third quarter 2018. At the end of the second quarter 2018 there were 265,259 square feet, and at the end of the first quarter 2018 there were 244,099 square feet vacant.

Class-C projects reported increased vacant sublease space from the third quarter 2018 to the fourth quarter 2018. Sublease vacancy went from 6,000 square feet to 8,000 square feet during that time. There was 0 square feet at the end of the second quarter 2018, and 1,000 square feet at the end of the first quarter 2018.

Sublease vacancy in Las Vegas’s central business district stood at 20,518 square feet at the end of the fourth quarter 2018. It was 20,518 square feet at the end of the third quarter 2018, 14,518 square feet at the end of the second quarter 2018, and 4,678 square feet at the end of the first quarter 2018.

Sublease vacancy in the suburban markets ended the fourth quarter 2018 at 403,118 square feet. At the end of the third quarter 2018 sublease vacancy was 356,978 square feet, was 331,852 square feet at the end of the second quarter 2018, and was 304,510 square feet at the end of the first quarter 2018.

Rental RatesThe average quoted asking rental rate for available office

space, all classes, was $20.09 per square foot per year at the end of the fourth quarter 2018 in the Las Vegas market area. This represented a 2.3% increase in quoted rental rates from the end of the third quarter 2018, when rents were reported at $19.64 per square foot.

The average quoted rate within the Class-A sector was $28.45 at the end of the fourth quarter 2018, while Class-B rates stood at $18.63, and Class-C rates at $13.39. At the end of the third quarter 2018, Class-A rates were $28.00 per square foot, Class-B rates were $18.15, and Class-C rates were $12.74.

The average quoted asking rental rate in Las Vegas’s CBD was $27.77 at the end of the fourth quarter 2018, and $19.56 in the suburban markets. In the third quarter 2018, quoted rates were $27.58 in the CBD and $19.22 in the suburbs.

Deliveries and ConstructionDuring the fourth quarter 2018, five buildings totaling





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Overview

62,164 square feet were completed in the Las Vegas market area. This compares to five buildings totaling 203,682 square feet that were completed in the third quarter 2018, two build-ings totaling 75,051 square feet completed in the second quar-ter 2018, and 261,506 square feet in five buildings completed in the first quarter 2018.

There were 466,361 square feet of office space under con-struction at the end of the fourth quarter 2018.

Some of the notable 2018 deliveries include: 6801 S Cimarron Rd, a 152,000-square-foot facility that delivered in first quarter 2018 and is now 100% occupied, and 10845 Griffith Peak Rd, a 144,574-square-foot building that delivered in third quarter 2018 and is now 55% occupied.

The largest projects underway at the end of fourth quar-ter 2018 were 8700 W Sunset Rd, a 150,000-square-foot build-ing with 29% of its space pre-leased, and 8400 W Sunset Rd, a 112,000-square-foot facility.

InventoryTotal office inventory in the Las Vegas market area

amounted to 65,524,855 square feet in 4,049 buildings as of the end of the fourth quarter 2018. The Class-A office sector consisted of 12,080,042 square feet in 106 projects. There were 2,378 Class-B buildings totaling 44,722,665 square feet, and the Class-C sector consisted of 8,722,148 square feet in 1,565 buildings. Within the Office market there were 168 owner-occupied buildings accounting for 5,087,185 square feet of office space.

Sales ActivityTallying office building sales of 15,000 square feet or larger,

Las Vegas office sales figures fell during the third quarter 2018 in terms of dollar volume compared to the second quarter of 2018.

In the third quarter, 16 office transactions closed with a total volume of $104,983,276. The 16 buildings totaled 634,410 square feet and the average price per square foot equated to $165.48 per square foot. That compares to 16 transactions totaling $145,605,750 in the second quarter 2018. The total square footage in the second quarter was 780,517 square feet for an average price per square foot of $186.55.

Total office building sales activity in 2018 was down compared to 2017. In the first nine months of 2018, the mar-ket saw 46 office sales transactions with a total volume of $404,566,911. The price per square foot averaged $188.70. In the same first nine months of 2017, the market posted 52 transactions with a total volume of $438,418,450. The price per square foot averaged $181.52.

Cap rates have been higher in 2018, averaging 7.93% compared to the same period in 2017 when they averaged 7.45%.

One of the largest transactions that has occurred within the last four quarters in the Las Vegas market is the sale of 2370 Corporate Circle in Henderson. This 271,114-square-foot office building sold for $51,750,000, or $190.88 per square foot. The property sold on 6/21/2018, at a 9.44% cap rate. This build-ing was bought by JMA Ventures and sold by America Nevada Company. The major tenant in this building is P3 Health Partners.

Reports compiled by: James Broaddus, CoStar Research Manager





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CoStar SubmarketsIn analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

Markets

Submarket Clusters

Central East Las Vegas

Central North Las Vegas

Downtown Las Vegas*

North Las Vegas

Northwest Las Vegas

Outlying NE Clark County

Outlying S Clark County

SE Las Vegas/Henderson

South Las Vegas

Southwest Las Vegas

West Las Vegas

* Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page.






Historical Deliveries 1982 - 2018

Source: CoStar Property® * Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction Square Footage

# Bldgs Preleased SF Preleased % All Existing U/C

Southwest Las Vegas 9 118,500 31.2% 20,179 42,167

Central East Las Vegas 1 48,305 79.0% 14,228 61,146

Downtown Las Vegas 1 0 0.0% 16,494 16,232

South Las Vegas 1 4,983 100.0% 16,658 4,983

Northwest Las Vegas 1 2,790 62.0% 18,699 4,500

West Las Vegas 0 0 0.0% 14,394 0

Outlying NE Clark County 0 0 0.0% 6,741 0

Outlying S Clark County 0 0 0.0% 6,344 0

SE Las Vegas/Henderson 0 0 0.0% 12,634 0

North Las Vegas 0 0 0.0% 12,000 0

All Other 0 0 0.0% 17,563 0

Totals 13 174,578 37.4% 16,183 35,874


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2014 Preleased & Un-Leased SF in Properties Scheduled to Deliver


0

466,361

Market

Under Construction Inventory Average Bldg Size

Total RBA

379,500

61,146

16,232

4,983

4,500

0

0

0

0

0

1.2

0.6

1.0 1.10.9

1.1

0.5 0.50.4

1.0

0.6 0.5 0.6

1.61.4

2.5

3.0 3.0

1.9 1.92.0

1.8

2.9 3.0

3.3

4.2

3.2

1.3

0.1

1.0

0.6

0.3 0.20.4 0.3

0.6 0.6

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

1982 1986 1990 1994 1998 2002 2006 2010 2014 2018

Millions

of

SF

Deliveries Average Delivered SF

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2014 2016 2018

Millions

of

SF

Leased Un-Leased

0

50

100

150

200

250

300

350

2019 1q

T

Tho

usa

nds

of

SF

Preleased Un-Leased

Inventory & development






Historical Construction Starts & DeliveriesSquare Footage Per Quarter Starting and Completing Construction


Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project

Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 15 267,829 230,156 85.9% $24.56 8,983 258,846

50,000 SF - 99,999 SF 1 60,000 60,000 100.0% $0.00 0 60,000

100,000 SF - 249,999 SF 2 296,574 231,516 78.1% $38.40 0 296,574

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 0 0 0 0.0% $0.00 0 0


Recent Development by Tenancy Existing Inventory ComparisonBased on RBA Developed for Single & Multi Tenant Use Based on Total RBA

2018 Deliveries


Currently Under Construction By Class By Space Type

0.12

0.02 0.01

0.22

0.13

0.16 0.16

(0.05)

0.13

(0.02)

0.02

0.32

0.060.04

0.30

(0.02)

0.07

0.27

0.010.04

0.02

0.16

0.020.00

0.24

0.16

0.03

0.13

0.26

0.08

0.20

0.06

(0.1)

(0.1)

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

2015 1q 2016 1q 2017 1q 2018 1q

Millions

of

SF

Construction Starts Deliveries

97%

3%

Multi Single

99%

1%

Multi Single

13%

18%

69%

Class A Class B Class C

20%

80%

Multi Single







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Class A Market Statistics Year-End 2018

YTD Net YTD Under Quoted

Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Central East Las Vegas 7 1,327,741 360,649 360,649 27.2% (102,737) 0 0 $30.49

Central North Las Vegas 2 273,958 12,620 12,620 4.6% 300 0 0 $0.00

Downtown Las Vegas 10 1,834,162 207,530 219,695 12.0% 24,280 0 0 $33.47

North Las Vegas 1 43,210 10,059 10,059 23.3% (3,661) 0 0 $0.00

Northwest Las Vegas 21 2,177,931 366,108 366,108 16.8% 83,613 0 0 $26.46

Outlying NE Clark County 0 0 0 0 0.0% 0 0 0 $0.00

Outlying S Clark County 0 0 0 0 0.0% 0 0 0 $0.00

SE Las Vegas/Henderson 3 296,443 158,578 158,578 53.5% (12,438) 0 0 $24.84

South Las Vegas 23 1,734,002 100,771 110,753 6.4% 18,696 0 0 $27.10

Southwest Las Vegas 31 3,564,202 89,812 144,352 4.1% 317,562 152,000 75,000 $23.05

West Las Vegas 8 828,393 195,566 195,566 23.6% 52,118 144,574 0 $27.91

Totals 106 12,080,042 1,501,693 1,578,380 13.1% 377,733 296,574 75,000 $28.45


Class B Market Statistics Year-End 2018



Central East Las Vegas 181 5,271,773 987,626 1,017,135 19.3% 27,293 0 61,146 $18.93

Central North Las Vegas 52 1,612,960 60,852 60,852 3.8% 29,501 0 0 $18.49

Downtown Las Vegas 66 2,635,784 137,297 139,650 5.3% (162) 15,658 16,232 $24.95

North Las Vegas 150 2,019,705 185,093 188,036 9.3% 71,168 0 0 $14.71

Northwest Las Vegas 361 7,319,000 895,213 950,080 13.0% (124,415) 0 4,500 $18.05

Outlying NE Clark County 32 264,677 57,009 57,009 21.5% 4,200 0 0 $9.56

Outlying S Clark County 4 44,287 0 0 0.0% 0 0 0 $0.00

SE Las Vegas/Henderson 84 1,232,853 124,984 125,618 10.2% 106,659 44,000 0 $12.89

South Las Vegas 540 10,022,495 1,234,211 1,275,420 12.7% 20,753 94,452 4,983 $18.14

Southwest Las Vegas 506 7,946,424 1,051,862 1,076,657 13.5% (65,365) 113,314 304,500 $21.86

West Las Vegas 402 6,352,707 649,643 832,282 13.1% 146,450 38,405 0 $15.48

Totals 2,378 44,722,665 5,383,790 5,722,739 12.8% 216,082 305,829 391,361 $18.63


Existing Inventory Vacancy


Figures at a Glance






Class C Market Statistics Year-End 2018



Central East Las Vegas 469 2,748,112 239,548 239,548 8.7% 60,188 0 0 $10.56

Central North Las Vegas 90 642,156 34,980 34,980 5.4% 3,712 0 0 $15.43

Downtown Las Vegas 251 923,663 76,510 82,510 8.9% 25,639 0 0 $17.70

North Las Vegas 57 433,101 15,244 15,244 3.5% 464 0 0 $12.90

Northwest Las Vegas 175 918,484 33,712 33,712 3.7% (17,231) 0 0 $16.91

Outlying NE Clark County 19 79,135 5,891 5,891 7.4% 962 0 0 $14.86

Outlying S Clark County 20 107,979 1,590 1,590 1.5% (1,590) 0 0 $0.00

SE Las Vegas/Henderson 71 466,932 31,956 31,956 6.8% 18,059 0 0 $12.00

South Las Vegas 211 1,136,551 101,299 101,299 8.9% (25,540) 0 0 $15.95

Southwest Las Vegas 54 415,399 17,429 17,429 4.2% 6,235 0 0 $13.69

West Las Vegas 148 850,636 53,820 55,820 6.6% 24,058 0 0 $12.78

Totals 1,565 8,722,148 611,979 619,979 7.1% 94,956 0 0 $13.39


Total Office Market Statistics Year-End 2018



Central East Las Vegas 657 9,347,626 1,587,823 1,617,332 17.3% (15,256) 0 61,146 $20.62

Central North Las Vegas 144 2,529,074 108,452 108,452 4.3% 33,513 0 0 $17.64

Downtown Las Vegas 327 5,393,609 421,337 441,855 8.2% 49,757 15,658 16,232 $27.77

North Las Vegas 208 2,496,016 210,396 213,339 8.5% 67,971 0 0 $14.54

Northwest Las Vegas 557 10,415,415 1,295,033 1,349,900 13.0% (58,033) 0 4,500 $19.87

Outlying NE Clark County 51 343,812 62,900 62,900 18.3% 5,162 0 0 $10.43

Outlying S Clark County 24 152,266 1,590 1,590 1.0% (1,590) 0 0 $0.00

SE Las Vegas/Henderson 158 1,996,228 315,518 316,152 15.8% 112,280 44,000 0 $14.19

South Las Vegas 774 12,893,048 1,436,281 1,487,472 11.5% 13,909 94,452 4,983 $18.85

Southwest Las Vegas 591 11,926,025 1,159,103 1,238,438 10.4% 258,432 265,314 379,500 $21.85

West Las Vegas 558 8,031,736 899,029 1,083,668 13.5% 222,626 182,979 0 $17.92

Totals 4,049 65,524,855 7,497,462 7,921,098 12.1% 688,771 602,403 466,361 $20.09




Figures at a Glance






Figures at a Glance

Class A Market Statistics Year-End 2018



CBD 10 1,834,162 207,530 219,695 12.0% 24,280 0 0 $33.47

Suburban 96 10,245,880 1,294,163 1,358,685 13.3% 353,453 296,574 75,000 $27.43

Totals 106 12,080,042 1,501,693 1,578,380 13.1% 377,733 296,574 75,000 $28.45


Class B Market Statistics Year-End 2018



CBD 66 2,635,784 137,297 139,650 5.3% (162) 15,658 16,232 $24.95

Suburban 2,312 42,086,881 5,246,493 5,583,089 13.3% 216,244 290,171 375,129 $18.47

Totals 2,378 44,722,665 5,383,790 5,722,739 12.8% 216,082 305,829 391,361 $18.63


Class C Market Statistics Year-End 2018



CBD 251 923,663 76,510 82,510 8.9% 25,639 0 0 $17.70

Suburban 1,314 7,798,485 535,469 537,469 6.9% 69,317 0 0 $12.58

Totals 1,565 8,722,148 611,979 619,979 7.1% 94,956 0 0 $13.39


Class A & B Market Statistics Year-End 2018



CBD 76 4,469,946 344,827 359,345 8.0% 24,118 15,658 16,232 $30.50

Suburban 2,408 52,332,761 6,540,656 6,941,774 13.3% 569,697 586,745 450,129 $20.14

Totals 2,484 56,802,707 6,885,483 7,301,119 12.9% 593,815 602,403 466,361 $20.71


Total Office Market Statistics Year-End 2018



CBD 327 5,393,609 421,337 441,855 8.2% 49,757 15,658 16,232 $27.77

Suburban 3,722 60,131,246 7,076,125 7,479,243 12.4% 639,014 586,745 450,129 $19.56

Totals 4,049 65,524,855 7,497,462 7,921,098 12.1% 688,771 602,403 466,361 $20.09












Figures at a Glance

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Historical Rental RatesBased on Full-Service Equivalent Rental Rates


Vacancy by Available Space Type Vacancy by ClassPercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Class


U.S. Rental Rate Comparison Future Space AvailableBased on Full-Service Equivalent Rental Rates Space Scheduled to be Available for Occupancy*

Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®

Las Vegas United States Las Vegas United States

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

2005 3q 2007 3q 2009 3q 2011 3q 2013 3q 2015 3q 2017 3q

A B C Total Market

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2016 3q 2017 3q 2018 3q


95%

5%

Direct Sublet

94%

6%

Direct Sublet

20%

72%

8%


0.17

0.26

0.000.01 0.00 0.00

0.0

0.1

0.1

0.2

0.2

0.3

0.3

2019 1q 2019 3q 2020 1q

11%

46%

43%


Leasing Activity






Leasing Activity


* Renewal

Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 1451 Center Crossing Rd Northwest Las Vegas 58,950 2nd CVS N/A CBRE

2 8700 W Sunset Rd Southwest Las Vegas 28,000 2nd N/A Direct Deal Avison Young

3 980 Kelly Johnson Dr South Las Vegas 25,015 2nd N/A N/A CBRE

4 350 S Rampart Blvd Northwest Las Vegas 24,296 1st Murchison & Cumming LLP N/A CBRE

5 9275 W Russell Rd Southwest Las Vegas 24,078 2nd Lennar Homes N/A CBRE

6 3315 Spring Mountain Rd Southwest Las Vegas 24,000 4th N/A N/A The Ribeiro Companies

7 3883 Howard Hughes Pky* Central East Las Vegas 23,803 1st Boyd Gaming Corporation N/A N/A

8 3883 Howard Hughes Pky* Central East Las Vegas 23,803 2nd Deloitte N/A N/A

9 1180 N Town Center Dr Northwest Las Vegas 22,695 3rd Skywire Media Inc N/A BHHS Nevada Properties

10 2370 Corporate Cir South Las Vegas 22,650 2nd P3 Health Group N/A CBRE

11 10500-10550 W Charleston Blvd Northwest Las Vegas 21,261 2nd N/A N/A CBRE

12 8918 Spanish Ridge Ave Southwest Las Vegas 20,500 4th Paul Powell Direct Deal CBRE

13 10050 Banburry Cross Dr Northwest Las Vegas 20,000 1st MK Fluidic Systems, LLC Direct Deal Kloehn Holdings , LLC

14 8395 W Sunset Rd Southwest Las Vegas 19,783 4th N/A N/A Cushman & Wake�eld

15 8215 S Eastern Ave South Las Vegas 18,663 2nd C4B Funding Direct Deal Real Capital Corporation

16 2360 Corporate Cir South Las Vegas 16,719 4th N/A N/A Colliers International

17 10845 Gri�th Peak Dr West Las Vegas 16,385 1st Greenberg Traurig N/A CBRE

18 3175 Saint Rose Pky South Las Vegas 15,250 3rd N/A N/A Colliers International

19 10845 Gri�th Peak Dr West Las Vegas 15,059 1st The Howard Hughes Corporation N/A CBRE

20 2580 Saint Rose Pky South Las Vegas 15,000 1st McCarty N/A Sansone Companies

21 8645 S Eastern Ave South Las Vegas 15,000 1st Survey Sampling International N/A Diamond Creek Holdings LLC

22 98 E Lake Mead Pky SE Las Vegas/Henderson 14,290 1st N/A N/A Keller Williams Realty Las Vegas

23 311 E Warm Springs Rd South Las Vegas 13,951 2nd Alfa Guardian Direct Deal JLL

24 450 N Stephanie St SE Las Vegas/Henderson 13,000 3rd N/A N/A IREPLV LLC

25 2965 S Jones Blvd West Las Vegas 12,908 1st MVP REIT Direct Deal Great Bridge Properties

26 231-241 W Charleston Blvd Central East Las Vegas 12,890 1st NS8 Inc. Logic Commercial Real Estate LaPour Partners

27 300 S 4th St Downtown Las Vegas 12,391 4th N/A N/A Cushman & Wake�eld

28 500 Amigo Ct South Las Vegas 12,240 2nd Rakuten Logistics Direct Deal Thomas & Mack Development Group

29 10801 W Charleston Blvd West Las Vegas 12,000 2nd RBC Wealth Management N/A N/A

30 3360 W Sahara Ave West Las Vegas 10,919 3rd N/A N/A Newmark Knight Frank

31 4275 S Burnham Ave Central East Las Vegas 10,867 3rd N/A N/A Ensemble Real Estate Solutions

32 4730 S Fort Apache Rd Southwest Las Vegas 10,750 2nd N/A N/A Cushman & Wake�eld

33 10845 Gri�th Peak Dr West Las Vegas 10,631 3rd RSM US N/A CBRE

34 2870 S Maryland Pky Central East Las Vegas 10,518 4th N/A N/A Colliers International

35 3530 E Flamingo Rd Central East Las Vegas 10,500 4th N/A N/A Go Global Realty

36 2470 Paseo Verde Pky South Las Vegas 10,138 2nd N/A N/A CBRE

37 10845 Gri�th Peak Dr West Las Vegas 10,102 3rd N/A N/A CBRE

38 1701 W Charleston Blvd West Las Vegas 10,077 3rd Women’s Resource Medical Center of SN NorthCap Commercial MDL Group

39 375 E Warm Springs Rd South Las Vegas 9,631 4th Assured Partners Cushman & Wake�eld Logic Commercial Real Estate

40 1455 E Tropicana Ave South Las Vegas 9,201 2nd State of Nevada Direct Deal Simply Vegas

Select Top O�ce Leases Based on Leased Square Footage For Deals Signed in 2018






Sales Activity

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From Oct. 2017 - Sept. 2018

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 50,000 SF 121 1,777,000 $298,535,199 168.00$ 7.78%

50K-249K SF

19 1,585,831 $349,077,036 220.12$ 7.33%

250K-499K SF

1 271,114 $51,750,000 190.88$ 9.44%

>500K SF - - - -$ -

Source: CoStar COMPS® Source: CoStar COMPS®

U.S. Price/SF Comparison U.S. Cap Rate ComparisonBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales of 15,000 SF and Larger

Source: CoStar COMPS® Source: CoStar COMPS®

$110

$130

$150

$170

$190

$210

$230

$250

$270

$290

$310

2015 1q 2016 1q 2017 1q 2018 1q

Dol

lars

per

SF

Las Vegas US

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

2015 1q 2016 1q 2017 1q 2018 1q

Millions

of

Sale

s V

olu

me D

ollars

$0

$50

$100

$150

$200

$250

$300

Price

/SF

Sales Volume Price/SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2015 4q 2016 4q 2017 4q

Cap R

ate

Perc

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$210

$310

$410

$510

$610

$710

$810

Dolla

rs/SF

Cap Rate Price/SF

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

2015 1q 2016 1q 2017 1q 2018 1q

Cap R

ate

Perc

enta

ge

Las Vegas US






Las Vegas Office MarketMarket Highlights – Class “A, B & C”

Sales Activity

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C e n t r a l E a s t L a s V e g a s M a r k e t

Deliveries, Absorption & Vacancy Historical Analysis, All Classes


Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates

2018 4q 657 9,347,626 1,617,332 17.3% 76,768 0 0 1 61,146 $20.62

2018 3q 657 9,347,626 1,694,100 18.1% (62,228) 0 0 1 61,146 $19.69

2018 2q 657 9,347,626 1,631,872 17.5% (34,433) 0 0 1 61,146 $19.69

2018 1q 657 9,347,626 1,597,439 17.1% 4,637 0 0 1 61,146 $19.99

2017 4q 657 9,347,626 1,602,076 17.1% 24,665 0 0 1 61,146 $20.25

2017 3q 657 9,347,626 1,626,741 17.4% 15,669 0 0 1 61,146 $18.78

2017 2q 657 9,347,626 1,642,410 17.6% 18,649 0 0 1 61,146 $18.71

2017 1q 657 9,347,626 1,661,059 17.8% (3,309) 0 0 1 61,146 $18.88

2016 4q 657 9,347,626 1,657,750 17.7% 186,618 1 978 1 61,146 $19.18

2016 3q 656 9,346,648 1,843,390 19.7% 77,781 0 0 2 62,124 $18.91

2016 2q 655 9,330,143 1,904,666 20.4% (32,973) 0 0 3 78,629 $19.68

2016 1q 655 9,330,143 1,871,693 20.1% 7,098 0 0 3 78,629 $19.59

2015 4q 655 9,330,143 1,878,791 20.1% 85,795 0 0 1 16,505 $19.63

2015 3q 655 9,330,143 1,964,586 21.1% (74,780) 0 0 1 16,505 $19.51

2015 2q 655 9,330,143 1,889,806 20.3% 66,713 0 0 1 16,505 $18.88

2015 1q 655 9,330,143 1,956,519 21.0% (25,378) 0 0 1 16,505 $19.38


UC InventoryDelivered InventoryExisting Inventory Vacancy

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q 2018 1q 2018 2q 2018 3q 2018 4q

Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt

Delivered SF Absorption SF Vacancy

$17.50

$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

1.52

1.54

1.56

1.58

1.60

1.62

1.64

1.66

1.68

1.70

1.72

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







C e n t r a l N o r t h L a s V e g a s M a r k e t






2018 4q 144 2,529,074 108,452 4.3% (5,388) 0 0 0 0 $17.64

2018 3q 144 2,529,074 103,064 4.1% 8,464 0 0 0 0 $18.00

2018 2q 144 2,529,074 111,528 4.4% 29,140 0 0 0 0 $18.22

2018 1q 144 2,529,074 140,668 5.6% 1,297 0 0 0 0 $20.80

2017 4q 144 2,529,074 141,965 5.6% (298) 0 0 0 0 $16.54

2017 3q 144 2,529,074 141,667 5.6% (18,973) 0 0 0 0 $18.26

2017 2q 144 2,529,074 122,694 4.9% 18,656 0 0 0 0 $18.06

2017 1q 144 2,529,074 141,350 5.6% 671 0 0 0 0 $19.71

2016 4q 144 2,529,074 142,021 5.6% 8,491 0 0 0 0 $18.23

2016 3q 144 2,529,074 150,512 6.0% (8,835) 0 0 0 0 $17.45

2016 2q 144 2,529,074 141,677 5.6% 7,619 0 0 0 0 $17.40

2016 1q 144 2,529,074 149,296 5.9% (19,823) 0 0 0 0 $18.63

2015 4q 144 2,529,074 129,473 5.1% (26,598) 0 0 0 0 $17.84

2015 3q 144 2,529,074 102,875 4.1% 1,818 0 0 0 0 $17.92

2015 2q 144 2,529,074 104,693 4.1% (19,505) 0 0 0 0 $18.07

2015 1q 144 2,529,074 85,188 3.4% 5,455 1 8,504 0 0 $18.64



(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







D o w n t o w n L a s V e g a s M a r k e t






2018 4q 327 5,393,609 441,855 8.2% (33,602) 1 15,658 1 16,232 $27.77

2018 3q 326 5,377,951 392,595 7.3% 11,968 0 0 2 31,890 $27.58

2018 2q 326 5,377,951 404,563 7.5% 14,683 0 0 2 31,890 $27.33

2018 1q 326 5,377,951 419,246 7.8% 56,708 0 0 0 0 $26.24

2017 4q 326 5,377,951 475,954 8.9% (7,176) 0 0 0 0 $26.45

2017 3q 326 5,377,951 468,778 8.7% (31,335) 0 0 0 0 $26.31

2017 2q 326 5,377,951 437,443 8.1% 10,827 0 0 0 0 $26.97

2017 1q 326 5,377,951 448,270 8.3% 31,035 0 0 0 0 $26.57

2016 4q 326 5,377,951 479,305 8.9% 10,903 0 0 0 0 $26.70

2016 3q 326 5,377,951 490,208 9.1% (58,638) 0 0 0 0 $27.27

2016 2q 326 5,377,951 431,570 8.0% 153,779 1 140,000 0 0 $25.65

2016 1q 325 5,237,951 445,349 8.5% (14,194) 0 0 1 140,000 $25.65

2015 4q 325 5,237,951 431,155 8.2% 1,673 0 0 1 140,000 $25.12

2015 3q 325 5,237,951 432,828 8.3% 5,294 0 0 1 140,000 $26.26

2015 2q 325 5,237,951 438,122 8.4% (83,110) 0 0 1 140,000 $26.39

2015 1q 325 5,237,951 355,012 6.8% (47,958) 0 0 1 140,000 $25.82



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Perce

nt V

aca

nt


$25.00

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

0.50

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







N o r t h L a s V e g a s M a r k e t






2018 4q 208 2,496,016 213,339 8.5% 12,347 0 0 0 0 $14.54

2018 3q 208 2,496,016 225,686 9.0% 47,841 0 0 0 0 $12.96

2018 2q 208 2,496,016 273,527 11.0% 595 0 0 0 0 $14.31

2018 1q 208 2,496,016 274,122 11.0% 7,188 0 0 0 0 $14.15

2017 4q 208 2,496,016 281,310 11.3% (12,013) 0 0 0 0 $14.99

2017 3q 208 2,496,016 269,297 10.8% 235 0 0 0 0 $14.80

2017 2q 208 2,496,016 269,532 10.8% 30,194 0 0 0 0 $15.75

2017 1q 208 2,496,016 299,726 12.0% (5,091) 0 0 0 0 $15.18

2016 4q 208 2,496,016 294,635 11.8% 29,181 0 0 0 0 $15.41

2016 3q 208 2,496,016 323,816 13.0% (48,002) 0 0 0 0 $15.05

2016 2q 208 2,496,016 275,814 11.1% 9,746 0 0 0 0 $16.26

2016 1q 208 2,496,016 285,560 11.4% 8,204 0 0 0 0 $15.99

2015 4q 208 2,496,016 293,764 11.8% 47,629 0 0 0 0 $15.88

2015 3q 208 2,496,016 341,393 13.7% 26,582 0 0 0 0 $15.30

2015 2q 208 2,496,016 367,975 14.7% (103) 0 0 0 0 $15.41

2015 1q 208 2,496,016 367,872 14.7% 30,733 0 0 0 0 $15.47



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







N o r t h w e s t L a s V e g a s M a r k e t






2018 4q 557 10,415,415 1,349,900 13.0% 44,318 0 0 1 4,500 $19.87

2018 3q 557 10,415,415 1,394,218 13.4% (102,049) 0 0 1 4,500 $19.20

2018 2q 557 10,415,415 1,292,169 12.4% 105,319 0 0 1 4,500 $19.52

2018 1q 557 10,415,415 1,397,488 13.4% (105,621) 0 0 1 4,500 $19.29

2017 4q 557 10,415,415 1,291,867 12.4% 284,271 2 15,663 0 0 $20.67

2017 3q 555 10,399,752 1,560,475 15.0% 135,632 0 0 2 15,663 $20.19

2017 2q 554 10,394,861 1,691,216 16.3% 37,876 2 9,958 3 20,554 $20.21

2017 1q 552 10,384,903 1,719,134 16.6% 118,379 1 57,966 4 24,512 $19.45

2016 4q 551 10,326,937 1,779,547 17.2% 57,154 0 0 5 82,478 $20.56

2016 3q 551 10,214,321 1,724,085 16.9% 4,774 0 0 5 195,709 $20.84

2016 2q 551 10,214,321 1,728,859 16.9% (7,591) 0 0 5 195,709 $21.05

2016 1q 551 10,214,321 1,721,268 16.9% (166,710) 1 5,000 5 195,709 $20.88

2015 4q 550 10,209,321 1,549,558 15.2% 66,262 2 19,333 6 200,709 $20.82

2015 3q 548 10,189,988 1,596,487 15.7% 93,774 1 10,000 7 215,042 $20.71

2015 2q 547 10,179,988 1,680,261 16.5% (66,169) 1 5,673 8 225,042 $21.12

2015 1q 546 10,174,315 1,608,419 15.8% (96,081) 0 0 8 220,715 $21.40



(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300

0.350


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

aca

nt


$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







O u t l y i n g N E C l a r k C o u n t y M a r k e t






2018 4q 51 343,812 62,900 18.3% 7,900 0 0 0 0 $10.43

2018 3q 51 343,812 70,800 20.6% (3,700) 0 0 0 0 $9.53

2018 2q 51 343,812 67,100 19.5% 3,962 0 0 0 0 $9.58

2018 1q 51 343,812 71,062 20.7% (3,000) 0 0 0 0 $11.46

2017 4q 51 343,812 68,062 19.8% 6,030 0 0 0 0 $10.16

2017 3q 51 343,812 74,092 21.6% 5,702 0 0 0 0 $9.85

2017 2q 51 343,812 79,794 23.2% (1,399) 0 0 0 0 $9.90

2017 1q 51 343,812 78,395 22.8% 3,613 0 0 0 0 $10.66

2016 4q 51 343,812 82,008 23.9% (21,244) 0 0 0 0 $9.60

2016 3q 51 343,812 60,764 17.7% (3,683) 0 0 0 0 $9.68

2016 2q 51 343,812 57,081 16.6% 13,481 0 0 0 0 $9.71

2016 1q 51 343,812 70,562 20.5% 15,325 0 0 0 0 $11.15

2015 4q 51 343,812 85,887 25.0% (4,477) 0 0 0 0 $9.99

2015 3q 51 343,812 81,410 23.7% 2,050 0 0 0 0 $9.63

2015 2q 51 343,812 83,460 24.3% (411) 0 0 0 0 $9.29

2015 1q 51 343,812 83,049 24.2% 0 0 0 0 0 $10.71



(0.025)

(0.020)

(0.015)

(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Perce

nt V

aca

nt


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







O u t l y i n g S C l a r k C o u n t y M a r k e t






2018 4q 24 152,266 1,590 1.0% 0 0 0 0 0 $0.00

2018 3q 24 152,266 1,590 1.0% (450) 0 0 0 0 $13.80

2018 2q 24 152,266 1,140 0.7% (1,140) 0 0 0 0 $13.80

2018 1q 24 152,266 0 0.0% 0 0 0 0 0 $13.80

2017 4q 24 152,266 0 0.0% 1,656 0 0 0 0 $12.90

2017 3q 24 152,266 1,656 1.1% 0 0 0 0 0 $12.90

2017 2q 24 152,266 1,656 1.1% 0 0 0 0 0 $12.41

2017 1q 24 152,266 1,656 1.1% (1,156) 0 0 0 0 $0.00

2016 4q 24 152,266 500 0.3% 1,200 0 0 0 0 $12.00

2016 3q 24 152,266 1,700 1.1% 1,300 0 0 0 0 $12.00

2016 2q 24 152,266 3,000 2.0% 0 0 0 0 0 $12.00

2016 1q 24 152,266 3,000 2.0% 0 0 0 0 0 $12.10

2015 4q 24 152,266 3,000 2.0% 1,100 0 0 0 0 $12.29

2015 3q 24 152,266 4,100 2.7% 2,148 0 0 0 0 $12.29

2015 2q 24 152,266 6,248 4.1% 0 0 0 0 0 $13.50

2015 1q 24 152,266 6,248 4.1% 24,233 0 0 0 0 $12.10



(0.005)

0.000

0.005

0.010

0.015

0.020

0.025

0.030


Millions

SF

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

Perce

nt V

aca

nt


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







S E L a s V e g a s / H e n d e r s o n M a r k e t






2018 4q 158 1,996,228 316,152 15.8% 20,775 0 0 0 0 $14.19

2018 3q 158 1,996,228 336,927 16.9% 20,041 1 44,000 0 0 $17.00

2018 2q 157 1,952,228 312,968 16.0% 30,967 0 0 1 44,000 $16.80

2018 1q 157 1,952,228 343,935 17.6% 40,497 0 0 1 44,000 $18.18

2017 4q 157 1,952,228 384,432 19.7% 12,905 0 0 1 44,000 $15.43

2017 3q 157 1,952,228 397,337 20.4% 13,688 0 0 0 0 $18.30

2017 2q 157 1,952,228 411,025 21.1% 6,059 2 89,300 0 0 $18.41

2017 1q 155 1,862,928 327,784 17.6% (10,610) 1 6,500 2 89,300 $19.44

2016 4q 154 1,856,428 310,674 16.7% 34,889 0 0 2 85,300 $15.44

2016 3q 154 1,856,428 345,563 18.6% 1,283 0 0 2 85,300 $18.71

2016 2q 154 1,856,428 346,846 18.7% (1,196) 0 0 2 85,300 $18.16

2016 1q 154 1,856,428 345,650 18.6% 16,878 0 0 1 6,500 $19.14

2015 4q 154 1,856,428 362,528 19.5% 17,726 0 0 1 6,500 $14.14

2015 3q 154 1,856,428 380,254 20.5% 36,370 0 0 0 0 $18.28

2015 2q 154 1,856,428 416,624 22.4% 10,505 0 0 0 0 $18.07

2015 1q 154 1,856,428 427,129 23.0% 9,438 0 0 0 0 $19.33



(0.020)

0.000

0.020

0.040

0.060

0.080

0.100


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







S o u t h L a s V e g a s M a r k e t






2018 4q 774 12,893,048 1,487,472 11.5% 23,602 3 24,506 1 4,983 $18.85

2018 3q 771 12,868,542 1,486,568 11.6% (93,947) 2 9,946 4 29,489 $18.83

2018 2q 769 12,858,596 1,382,675 10.8% 71,452 0 0 6 39,435 $18.67

2018 1q 769 12,858,596 1,454,127 11.3% 12,802 1 60,000 4 29,858 $18.63

2017 4q 768 12,798,596 1,406,929 11.0% 251,326 1 22,000 2 64,983 $18.33

2017 3q 767 12,776,596 1,636,255 12.8% 34,535 1 6,705 3 86,983 $17.98

2017 2q 766 12,769,891 1,664,085 13.0% 112,374 1 50,000 4 93,688 $18.28

2017 1q 765 12,719,891 1,726,459 13.6% 50,111 0 0 5 143,688 $18.89

2016 4q 765 12,719,891 1,776,570 14.0% 37,396 0 0 3 116,705 $19.45

2016 3q 765 12,719,891 1,813,966 14.3% (64,094) 2 15,920 1 50,000 $19.06

2016 2q 763 12,703,971 1,733,952 13.6% (57,855) 0 0 3 65,920 $18.28

2016 1q 763 12,703,971 1,676,097 13.2% (70,194) 0 0 2 15,920 $19.13

2015 4q 763 12,703,971 1,605,903 12.6% 118,104 2 16,052 2 15,920 $18.78

2015 3q 761 12,687,919 1,707,955 13.5% 31,483 0 0 2 16,052 $19.12

2015 2q 761 12,687,919 1,739,438 13.7% 206,142 0 0 1 8,026 $18.93

2015 1q 761 12,687,919 1,945,580 15.3% 30,105 2 15,921 0 0 $19.67



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

aca

nt


$17.40

$17.60

$17.80

$18.00

$18.20

$18.40

$18.60

$18.80

$19.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







S o u t h w e s t L a s V e g a s M a r k e t






2018 4q 591 11,926,025 1,238,438 10.4% (7,419) 1 22,000 9 379,500 $21.85

2018 3q 589 11,882,025 1,187,019 10.0% (93,636) 1 5,162 11 423,500 $22.01

2018 2q 588 11,876,863 1,088,221 9.2% (60,751) 1 40,646 4 124,162 $19.39

2018 1q 587 11,836,217 986,824 8.3% 420,238 3 197,506 5 164,808 $20.17

2017 4q 584 11,638,711 1,209,556 10.4% 278,997 3 92,622 6 335,152 $19.76

2017 3q 581 11,546,089 1,395,931 12.1% 144,740 1 22,000 7 328,774 $20.44

2017 2q 580 11,524,089 1,518,671 13.2% 43,269 1 6,000 7 328,774 $20.19

2017 1q 578 11,490,334 1,528,185 13.3% 288,137 1 180,000 9 362,529 $20.16

2016 4q 578 11,341,414 1,667,402 14.7% 113,749 0 0 6 450,983 $19.60

2016 3q 578 11,341,414 1,781,151 15.7% 58,902 0 0 6 450,983 $20.82

2016 2q 578 11,341,414 1,840,053 16.2% (47,555) 1 17,535 4 277,477 $20.77

2016 1q 577 11,323,879 1,774,963 15.7% (12,685) 1 11,035 4 262,012 $20.88

2015 4q 576 11,312,844 1,751,243 15.5% 114,577 0 0 3 208,570 $20.16

2015 3q 576 11,312,844 1,865,820 16.5% 121,268 0 0 0 0 $20.52

2015 2q 576 11,312,844 1,987,088 17.6% (63,380) 2 59,610 0 0 $20.51

2015 1q 574 11,253,234 1,864,098 16.6% (59,153) 1 36,000 2 59,610 $20.55



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

aca

nt


$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF







W e s t L a s V e g a s M a r k e t






2018 4q 558 8,031,736 1,083,668 13.5% 63,494 0 0 0 0 $17.92

2018 3q 558 8,031,736 1,147,162 14.3% (25,397) 1 144,574 0 0 $18.22

2018 2q 557 7,887,162 977,191 12.4% 94,066 1 34,405 1 144,574 $18.07

2018 1q 556 7,852,757 1,036,852 13.2% 90,463 1 4,000 2 178,979 $18.79

2017 4q 555 7,848,757 1,123,315 14.3% (64,268) 0 0 3 182,979 $16.28

2017 3q 555 7,848,757 1,059,047 13.5% 14,087 0 0 1 4,000 $16.74

2017 2q 555 7,848,757 1,073,134 13.7% 101,488 0 0 0 0 $16.74

2017 1q 555 7,848,757 1,174,622 15.0% 29,528 0 0 0 0 $16.87

2016 4q 555 7,848,757 1,204,150 15.3% (12,427) 0 0 0 0 $16.67

2016 3q 555 7,848,757 1,191,723 15.2% 100,955 0 0 0 0 $16.84

2016 2q 555 7,848,757 1,292,678 16.5% (9,673) 0 0 0 0 $17.26

2016 1q 555 7,848,757 1,283,005 16.3% 117,251 0 0 0 0 $18.34

2015 4q 555 7,848,757 1,400,256 17.8% 130,227 0 0 0 0 $16.86

2015 3q 554 7,835,341 1,517,067 19.4% 75,270 0 0 1 13,416 $16.73

2015 2q 554 7,835,341 1,592,337 20.3% 163,625 1 206,279 1 13,416 $17.54

2015 1q 553 7,629,062 1,549,683 20.3% 11,585 1 5,024 2 219,695 $18.98



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt


$15.00

$15.50

$16.00

$16.50

$17.00

$17.50

$18.00

$18.50

$19.00

2017 1q 2017 3q 2018 1q 2018 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2017 1q 2017 3q 2018 1q 2018 3q

Millions

SF

Direct SF Sublet SF

costar office report - suncommercial€¦ · market in a given period of time. it includes direct...

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