• The effects of the COVID-19 pandemic and resulting economic shutdown was felt in the Las Vegas office market in Q2 2020 with a decrease in market activity prompting negative net absorption and higher vacancy.
  • The direct vacancy rate increased by 40 basis points from Q1 2020 to 12.3%.
  • Available sublet space in Q2 2020 increased by 48% from Q1 2020 pushing the total available rate 100 basis points higher to 14.1%.
  • The Airport and Southeast submarkets were the only submarkets to see positive absorption, with the Central East and Northwest submarkets experiencing the most negative absorption during the second quarter.