Despite Lower Overall Demand Nationwide Post-COVID, Demand for Office Space in Las Vegas Remains High
LAS VEGAS, NV – Remote work, which came to prominence during COVID-19, has remained a work model that is quite popular amongst many individuals even now that the pandemic is officially over, leading to a nationwide decline in the demand for office space; indeed, many metro areas are still reporting high degrees of vacancy and experts expect a hybrid work model to remain the norm for the foreseeable future.
However, Las Vegas is one of the few major metropolitan areas in the United States that is bucking this trend, with reports indicating that demand for office space in the city continues to remain strong in direct contrast to most other regions in the country.
Marc Magliarditi, a first vice president at the commercial real estate firm CBRE, notes that while office vacancy is still slightly off from pre-pandemic numbers, the rates of office occupancy in Las Vegas didn’t come close to experiencing the same negative impact that the pandemic had upon other cities, and that demand has been steadily increasing more and more each day.
Magliarditi contributes that continued growth to numerous factors that are unique to Vegas, such as several professional sports teams recently taking up residence in Southern Nevada; an increasing population; a robust and ever-growing economy; and its greater number of suburban residents when compared to other cities
We’ve been fortunate here in Las Vegas,” he said. “That demand has been pretty steady, and I would even say strong, post-pandemic.”
Las Vegas’ business-friendly taxes has also been a draw in terms of filling office space, with numerous companies relocating from California and other parts of the country to do business in the Valley, and the one thing that these companies all have in common – in addition to wanting to save money, that is – is that they all need commercial space to reside in.
In addition, these companies are investing in new and improved office space in an effort to entice and retain new employees in a post-pandemic work market, currently making Las Vegas office space some of the most sought-after real estate in the country.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.