Las Vegas Office Market Report Q1 2026

Las Vegas's office market recorded a 12.4% total vacancy rate in first quarter 2026 (down 30 basis points from year-end 2025), with modest net absorption of 206,410 square feet, while office-using employment totaled 238,000 jobs in December 2025, up 7.8% from pre-pandemic levels but down 2.2% year-over-year. The market faces headwinds from a sluggish housing sector, declining tourism, geopolitical tensions, and an empty construction pipeline with no new professional office projects delivered since 2024, though limited supply and steady renewal activity are expected to eventually drive moderate rent increases as Class A space continues to lease quickly while older inventory struggles.