• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer

Nevada Business Magazine

The Decision Maker's Magazine

Subscribe Now!

  • Subscriptions
    • Print
    • Mobile App
    • Email
    • Nevada News & PR Wire
  • Features
    • New This Month
    • View Issues
    • Cover Stories
    • Feature Stories
    • Industry Focus
    • Building Nevada
    • Special Reports
    • Meet the Decision Maker
    • Press Release Wire
    • Nevada Industries
  • Departments
    • A Matter of Opinion
    • Around the State
    • Business Indicators
    • Commentary
    • Commercial RE Report
    • Crossfire
    • Expert Advice
    • Face to Face
    • Free Market Watch
    • Inside Politics
    • Power of Attorney
    • Profit & Loss
    • Speaking for Nevada
    • Tech.knowledge.me
    • The Last Word
    • Vital Signs
  • Planning Calendar
  • Advertising
    • Advertising Info
    • Advertising Staff
    • Submission Requirements
    • Online Advertising
  • Events
    • NBM Events
  • About
    • About the Magazine
    • Contact the Staff
  • Connect
    • Business Directory
    • Press Release Wire
    • Business Calendar
    • Submit Listing
    • Post Press Release
    • Add Your Event
    • Sign Up
    • Log In
You are here: Home / Departments / Commercial RE Report / Office Summary: Third Quarter 2013

Office Summary: Third Quarter 2013

December 2, 2013 By Nevada Business Mag Leave a Comment

Nevada Office Summary: Third Quarter 2013Southern Nevada

The Las Vegas office vacancy rate declined for the second consecutive quarter, reaching 25.9 percent by the close of the third quarter of 2013. Although the latest period represents a decline of 40 basis points when compared to the prior quarter, vacancies remain elevated. Compared to a year ago, the vacancy rate is up 10 basis points.

Despite no completions during the third quarter, approximately 193,600 square feet of net move-ins were reported during the quarter, which represented the second consecutive quarter of improvement. For the year, approximately 120,900 square feet of positive net absorption has been reported as recent improvements were partially offset by a negative performance in the first quarter of the year.

The amount of space under construction remained flat at 220,700 square feet by quarter-end. Development activity is primarily sourced to three projects throughout the valley. In Downtown Las Vegas, the 129,000-square-foot Federal Justice Tower continues to move forward. Also actively under development downtown is the EVAPS Law Office. The remaining 45,700 square feet of development activity is sourced to the second phase of Seven Hills Plaza.

Although office vacancies remain elevated, there have been numerous office sales in recent months, suggesting investors are becoming more optimistic about the future of the market. While fundamentals in the office market have yet to report sustained gains, recent activity suggests 2014 will be an improvement from 2013.

Northern Nevada

The third quarter has been incredibly positive for the Northern Nevada office market as over 105,000 square feet of space was absorbed by local economic growth. The two transactions that led the charge were Custom Ink’s expansion into over 50,000 square feet at Reno Tech Center, 9390 Gateway Drive in South Meadows and LP Insurance’s expansion into over 22,000 square feet at Park Center Tower, 300 E. 2nd Street in Downtown. The LP Insurance move to Park Center Tower brings the building to nearly 100 percent occupancy; an incredible success for Basin Street Properties, a local developer and investor.

This activity fortifies the continued advancement in the local office market driven by inbound relocations and organic growth.

Third quarter absorption accelerated beyond expectations, more than quadrupling quarter over quarter measures. The South Meadows submarket led the charge with 46,000 net square feet while Downtown absorbed nearly 30,000 net square feet. The overall effect of the ebb and flow of absorption quarter over quarter brought our overall vacancy down to 13.9 percent. The Meadowood submarket continues to be the stronghold at 11.4 percent vacancy while netting over 12,000 square feet absorbed.

The continuation of constructive influence on the Northern Nevada market from our neighbor to the west will perpetuate vacancy loss and rental rate growth. A gross rent of $2.00 per square foot per month for Class A space is mainstream. It may not be reflective in the average, but quality spaces in the Class A buildings are at a premium and very scarce. Look for new construction off Kietzke Lane in 2014; the First Independent Bank Center and NevDex will soon have Class A competition.

Southern Nevada analysis and statistics compiled by Applied Analysis, Northern Nevada analysis and statistics compiled by NAI Alliance Reno

Download the Nevada Business Magazine mobile app for your iPad or iPhone or go to the View Issues 2013 page and click on December 2013 to view this article with accompanying statistics.

Filed Under: Commercial RE Report Tagged With: Applied Analysis, Las Vegas commercial real estate, Las Vegas real estate, NAI Alliance Reno, Nevada commercial real estate, Nevada real estate, Reno commercial real estate, Reno real estate

Paul Krakovitz: Intermountain Healthcare

Edward Vance: EV&A Architects

Scott Arkills: Silver State Schools Credit Union

Tonya Ruby: Cox Media Las Vegas

Online Advertorials

Online Advertorials

Roseman’s College of MedicineAddressing the Physician Workforce Shortage while Being a Positive Economic Driver

Groundbreaking LawRequires Businesses Replace Decorative Grass

The Southern NevadaEvaporative Cooling Issue

New Law Targets Turf in Southern NevadaWill Save 10 Percent of Water Supply

Advertise With Us

Advertise With Us. more details ►

Primary Sidebar

Get important updates from Nevada Business Magazine, directly to your inbox.
Subscribe

Keep WatchFinancing in Nevada

Industry FocusProperty Management

Transportation in NevadaChallenges and Opportunities

Nevada Business Awards2022

Nevada News & PR Wire

  • CALVPresident Angelina Scarcelli Honored by GlobeSt.com Women of Influence

  • Henderson Professional Fire Fighters, Henderson Hospital and City of Henderson Kick off “Safe Pools Rule!” Campaign

  • Applied Analysis Announces Management Promotions and Returning Team Member

  • May 26 NAIOP Southern Nevada Breakfast Presents “Nevada Elections and Politics: Midterm Update”

  • Henderson Chamber of Commerce Promotes Events Manager

  • Tee Off for a Great Cause at United Way of Southern Nevada’s 65TH Anniversary Golf United Tournament

  • Attorney General Ford Cautions Nevadans to Be on the Lookout for Credit Union, Bank Imposter Scams

  • Cox Donates Laptops to Intermountain Healthcare’s Medical Assistant Training Program

  • Nathan Adelson Hospice Announces Staff Promotions

  • Las Vegas-Based Social Issues Theatre Hosts Fundraiser to Support Mental Wellness and Community Unity

  • State Child and Family Services Issues Discount Cards in Honor of Foster Care Month

  • CSN Celebrates Its 50th Commencement Ceremony

  • More Prizes Added to Golden Ticket Raffle for Junior Achievement of Southern Nevada — Six Fabulous Packages, May 31 Drawing —

  • Local Businesses Partner with Project 150 to Launch After School Program, ‘A Fighting Chance,’ for Homeless, Displaced and Disadvantaged High School Students

  • Helix Electric of Nevada to Host Charity Spring Golf Tournament

  • Camp Rhino Trainers And Members To Transport Heavy Equipment Manually To New Location

  • LP Insurance Names Marsh HR Director

  • Crovetti Orthopaedics Welcomes Board Certified Jennifer D’Andrea, APRN to Medical Team

  • Nevada Donor Network &Latin Chamber of Commerce of Nevada Launch ‘Corazon de Esperanza’ Latino Donor Outreach Campaign

  • Local Diver to Appear on the Problem Solver Show to Discuss the Search for Human Remains in Lake Mead

  • Calv Presents June 2 Class on Land Sales

  • Ira Gostin to Lead Creative Innovation Workshop at PRSA Counselors Academy in Scottsdale, Ariz.

  • Touchstone Living Breaks Ground On Independence Offering Attainable Homes For First-Time Homebuyers

  • aha! On Course to Complete 1,500 Flights

  • FirstMed Health and Wellness Center Partners with Transit Centers to Combat Human Trafficking in Southern Nevada

  • Rudy Ruettiger to Speak at Northern Nevada Italian Association Annual Fundraising Dinner May 19

  • Southwest Medical Adds Two New Health Care Providers

  • Optum Care Cancer Care Adds a New Provider

  • Elko REALTOR® Greg Martin Appointed to Key 2023 Position With National Association Of REALTORS®

  • Local Dentists Provide Free Care to Uninsured Children at Give Kids a Smile Event

  • Laine Blackmon Joins Blackmon Home Loans and NV Capital Corporation as Loan Officer

  • Cross Creek, a 197-Home Community at the Historic Lompa Ranch, Opens in Carson City

  • Dr. Catherine Prato Introduces NuseMuse a New Web-Based Study Platform Is Built for Nursing Students by Nurses!

  • UNLV Engineering Students Showcased Inventions With Commercial Potential at Senior Design Competition on May 5

  • Tom Clark Solutions Chosen as Reno + Sparks Chamber of Commerce Lobbyist of Record

  • Southern Nevada Home Prices Keep Climbing While Sales Start to Slide

  • Lipson Neilson Partner Jessica A. Green Appointed Interim Hearing Master for the Las Vegas Municipal Court

  • The National Council of Juvenile and Family Court Judges To Hold 85th Annual Conference in Northern Nevada

  • United Way of Southern Nevada Welcomes New Director of Fund Development and Donor Relationships

  • Henderson Chamber of Commerce President and CEO Wins U.S. Small Business Administration Award Recognition

  • Taurean Consulting Group Promotes Brianda Barrett to Technical Recruiter

  • Sunset Montessori Community Announces 2022 Summer Camps

  • OurFamilyWizard Joins National Council of Juvenile and Family Court Judges With Corporate Sponsorship

  • Natalie Gulbis Golf Classic to Benefit Boys & Girls Clubs of Southern Nevada — Foursome and Sponsor Opportunities Still Available for May 16 Event —

  • Celebrate Mother’s Day at Emerald Island and Rainbow Club Casinos

  • aha! Announces New Non-stop Service Between Reno and Santa Rosa

  • Henderson Chamber of Commerce Announces Two-Year Rate Lock for Association Health Plans During 2022 Open Enrollment

  • Pro Football Hall of Fame & SilverSummit Healthplan Focus on Student Mental Health & Suicide Prevention at ‘Strong Youth Strong Communities’ Youth Summits

  • Siena Italian Now Taking Reservations For Mother’s Day Brunch and Dinner

  • Mariposa Cocina And Cocktails Launches Cinco De Mayo Celebration!

  • Is Your Business Prepared for Cyber Attacks? iTernal Networks’ Free Upcoming Webinar “Why Your Company Needs a Cyber Security Risk Assessment” – May 12th 1 pm PDT

  • Cox and Manheim Nevada Help Launch Cox “34 by 2034” Social Initiative

  • Southern Nevada Senior Law Program Spreads Awareness of Older Americans Month

  • Asset Tracking Maker, SeeID Wins $200,000 Investment From AngelNV

  • Broadbent & Associates, Inc. Awarded 2022 Nevada Wastewater Circuit Rider Contract

  • CAMCO Promotes Tabitha Gerken to Division Director of Its Southern Nevada Portfolio Division

  • LVGEA President & CEO Tina Quigley Joins the Workforce Connections Board

  • Six Nevada-Based Startups to Vie for $200,000 AngelNV Investment This Saturday Afternoon at Las Vegas City Hall

  • Coral Academy of Science Las Vegas’ Sandy Ridge Campus Ranked in the Top 5 of Best High Schools in Nevada by U.S. News & World Report

  • Nevada State Bank Branches Collecting Feminine Hygiene Products and Gently Used Purses for Local Nonprofit

  • Celebrate Older Americans Month ‘The Reno Way’ Throughout May

  • Pro Football Hall of Famers & SilverSummit Healthplan Visit Metro Police Officers

  • Nevada Donor Network and Clark County Commission: Welcome to Las Vegas Sign Turns Blue and Green to Celebrate National Donate Life Month ‘Blue and Green Day’

  • Tonopah High School Students in J4NG Discover Career Paths at Kinross Nevada

  • Chicanos Por La Causa Celebrates Grand Opening of New Las Vegas Office and Minority Business Development Agency Center with Local Leaders

  • SafeNest Spring Soiree Will Celebrate Kentucky Derby Day, Raise Funds for Critical Survivor Services and Programs

  • Dunkin’® Debuts Vibrant Flavors, Delicious New Ingredients & the Return of Fan Favorites to Make the Most of Sunnier Days Ahead

  • Thrive Wellness Expands Specialized Mental Health Treatment Centers

  • Kara Harris Joins Business Banking Team at First Independent Bank

  • SR Construction Named Design-Build General Contractor For The Hyde Park Commercial Redevelopment Project

  • Angels of Las Vegas Receives $7,000 Grant From Walmart!

  • Great Chef Run Adds Attractions for April 30 Las Vegas Event

  • Rockefeller Group Acquires 6-Acre Parcel In Clark County, Nev. For $4.26 Million; Will Develop 134,100 SF Distribution Center

  • REMSA Health Announces Promotion of Six Leaders Within the Organization

  • BPL Supplies Announces New Customer Service Manager and In-House Art Director

  • LUXUS Design Build Appoints Project Manager

  • Jarrett Seegmiller Joins Ascent Multifamily Accounting

  • KPS3 Announces Michael Lindsey as Art Director

  • Southwest Medical Adds New Health Care Provider

  • Google Announces Plans to Invest Over $30 Million in Nevada This Year

  • KPS3 Announces Julie Ardito as Vice President, Public Relations

  • Nevada Women’s Fund Announces Event Chair, Keynote Speaker for 2022 Salute to Women of Achievement Luncheon

  • Chris Lacey Designs 2022 Reno Rodeo Limited Edition Commemorative Print

  • KPS3 Adds Liz Seang to Search and Digital Media Team

  • Celtic Celebration Ceilidh and Concert To Be Held on May 21st

  • Celebrate the Mother in Your Life With One of Reno’s Most Decadent Brunches!

  • Broadway Tour CATS Will Come to Reno From June 14th to June 19th

  • Design on Edge Recognized as NCET’s Creative Services Organization of The Year.

  • BPL Supplies Welcomes GM and Director of Sales

  • Dunkin’ Celebrates Grand Re-Openings with Ribbon-Cutting Ceremonies, Donations to Andre Agassi Boys & Girls Clubs of Southern Nevada & Kathy’s Angels Foundation

  • Southwest Medical Adds New Health Care Provider

  • Helix Electric Awarded Top Workplaces 2022 Honor

  • Over $5.8 Million Awarded to Support Southern Nevadans as Inflation Rises

  • Dueling Axes at AREA15 to Celebrate Earth Day by Donating to One Tree Planted

  • Denny Burg of Security 1st Title of Nevada Elected President of Nevada Land Title Association

  • Nigro Construction and Development Opens TownePlace Suites by Marriott® Servicing North Las Vegas and Beyond

  • Nonprofit Community Hiring Event Invites Southern Nevadans to “Work With Purpose” at 16 Leading Regional Organizations

  • Nathan Adelson Hospice’s Popular ‘A Flair for Care’ Fashion Show and Fundraiser Returns

  • Jesus Christ Superstar Will Play At Reno’s Pioneer Center for the Performing Arts

  • MDX Labs Announces Major Expansion of Laboratory and New Testing Services



 
Submit Your News & PR | Subscribe
Submit Your News & PR

Business Connection

Business Connection Portal

Log In Sign Up

Business Connection Portal

Log In Sign Up

Nevada Business Calendar

  • Natalie Gulbis Golf Classic
    May 16, 2022 7:30 am

    Location: 3000 Joe W. Brown Drive, Las Vegas, NV 89109

    More details...
  • TEDxReno
    May 21, 2022 8:00 am

    More details...
View Full Calendar ►

Nevada Business Directory

Featured Businesses
Find a Nevada-Based Business Submit Your Business Subscribe to the Nevada News & PR Wire

Nevada Industries

Architects & Engineers
Arts & Culture
Banking
Commercial Real Estate
Construction
Credit Unions
Economic Development
Education
Financial Management
Healthcare
Human Resources
Insurance
Law
Manufacturing
Marketing
Media
Mining
Philanthropy
Residential Real Estate
Rural Nevada
Sports
Tax Planning and Accounting
Technology
Telecom
Tourism
Transportation
Utilities

Footer

Subscriptions

  • Print Subscription
  • Mobile App
  • E-mail Subscription

Editorial

  • Features
  • Departments
  • Events

Advertising

  • Advertise
  • Submission Requirements

Connect

  • Contact
  • LinkedIn
  • Facebook
  • Twitter

Copyright © 2022, Business Link LLC dba Nevada Business Magazine and Nevada Business Journal. Privacy Policy | Terms & Conditions
Nevada Web Design services by Nevada Central Media using Genesis Framework by StudioPress

    *Your Name

    *Your Email

    Phone Number

    Company

    *Subject

    *Your Message

      *Your Name

      *Your Email

      Phone Number

      Company

      *Subject

      *Your Message

        *Your Name

        *Your Email

        Phone Number

        Company

        *Subject

        *Your Message

          *Your Name

          *Your Email

          Phone Number

          Company

          *Subject

          *Your Message

            *Your Name

            *Your Email

            Phone Number

            Company

            *Subject

            *Your Message

              *Your Name

              *Your Email

              Phone Number

              Company

              *Subject

              *Your Message

                *Your Name

                *Your Email

                Phone Number

                Company

                *Subject

                *Your Message

                  *Your Name

                  *Your Email

                  Phone Number

                  Company

                  *Subject

                  *Your Message

                    *Your Name

                    *Your Email

                    Phone Number

                    Company

                    *Subject

                    *Your Message