CBRE

FIGURESILASVEGASOFFICEIQ42025

TWO-yearconstructionpause

v12.6%41,130oob$2.59

DirectvacancyRateSFDirectNetAbsorptionSFconstructionDeliveredSFunderconstructionFSG/MODirectAskingLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

FIGURE1:HistoricalDirectAbsorption,Deliveries,andDirectvacancy

sq.Ft.(000s)vacancy%

500

400

300

200

TheLasvegasofficemarketrecorded41,130sq.ft.ofpositivedirectnetabsorptioninQ42025,bringingtheyeartonegative67,887sq.ft.,amarkedimprovementfromnegative429,782sq.ft.in2024.Directvacancyendedat12.6%,downfrom13.0%ayearearlierandmodestlylowerthan12.7%lastquarter.submarketconditionsweremixed:Downtownpostedthehighestdirect

vacancyrateat16.6%,whilesouthwestwaslowestat5.8%.classAdirectvacancywas19.1%,largelyinfluencedbytheHughescenter,versus10.3%forclassB.

Averagedirectaskingrentheldat$2.59persq.ft.permonthFSG,flatquarter-over-quarteranddownfrom$2.62year-over-year.Thewestsubmarketledat$3.10persq.ft.,andDowntownwaslowestat$2.17persqft.classAposted$3.13persq.ft.FSGwhileclassBspacessaw$2.48persq.ft.FSG.Leasingvolumewasmoderate,with119dealstotalingapproximatelyhalfamillionsq.ft.classBsawhigherleasingactivityat310,763sq.ft.comparedtoclassAat138,514sq.ft.

14.0

12.0

(200)

(300)

(400)

2.0

MARKETOVERVIEW

withnonewconstructionfornearlytwoyears,thelackoffreshclassAsupplyfunneled

demandintoexistingpremiumassets,reinforcingflight-to-qualityastenantscompetedfor

NetAbsorptionmmDeliveriesvacancyRate

source:CBREResearch,Q42025

modern,well-locatedspace.Thisdynamicpositionstop-tierbuildingsasthemostcompetitivesegmentheadinginto2026.

FIGURES|LASVEGASOFFICE|Q42025

2CBRERESEARCH?2025CBRE,INC.

Directvacancy

TheLasvegasofficemarketendedQ42025withadirectvacancyrateof12.6%,a40-bps

decreaseyearoveryearandslightlylowerthan12.7%inQ32025,indicatingcontinued

tighteningasdirectnetabsorptionimprovedlateintheyear.submarketresultswere

bifurcated.Downtownregisteredthehighestvacancyat16.6%,upfrom16.2%lastquarter,

reflectingongoingchurninolderassetsandlimitedspacesthatmeetflight-to-quality

preferences.Incontrast,thesouthwestpostedthelowestdirectvacancyrateat5.8%,

decreasingfrom6.0%,supportedbynewerproduct,accessiblecorridors,andsteadytenant

expansion.Byassetclass,classAvacancywas19.1%,primarilyinfluencedbytheHughes

centerwhichcarriesapproximately794,000sq.ft.ofdirectvacantspace,ora57.6%direct

vacancyrate.classBstoodat10.3%.Thevacancypatternsuggeststhatdemandconcentratedinwelllocated,modernbuildingswhilelegacypropertiesfacedslowingbackfilling,keeping

headlinevacancyhigherinselectnodes.Themodestquarter-over-quarterimprovement,

coupledwithayear-over-yeardecline,pointedtoongoingnormalizationratherthanarapidshift.Futurevacancytrajectorieswilllikelybetiedtothepaceofrenewals,relocationsintoupgradedspaces,andtheabsenceofconstructionactivityseeninthemarket.

DirectAskingRent

AveragedirectaskingrentsacrosstheLasvegasofficemarketremainedstableinQ42025at$2.59persq.ft.permonthFSG,unchangedfromthepriorquarterandslightlydownfrom$2.62inQ42024.Thisconsistencyreflectsapricingenvironmentthathasheldwithinanarrowbandforseveralquarters,signalingequilibriumbetweenlandlordexpectationsandtenantleverage

amidmodestdemandrecovery.Thewestcommandedthehighestaveragerentat$3.10persq.ft.FSG,upfrom$3.05lastquarter,supportedbythestronginterestinpremium,well-located

assetsandlimitednewsupply.conversely,Downtownremainedthemostaffordableat$2.17persq.ft.FSG,despiteaslightuptickfrom$2.14,asaginginventoryandelevatedvacancycontinuetoweighonpricing.Byassetclass,classArentsaverage$3.13persq.ft.FSG,comparedwith

$2.48forclassB.Lookingahead,rentgrowthisexpectedtoremainmutedoverall,with

selectiveupwardpressureinclassApropertieslocatedinhigh-demandcorridorssuchastheBeltwayandwestsubmarket,wheresupplyremainstightandoccupiersseekupgradedspacetosupportreturn-to-officestrategies.

FIGURE2:DirectvacancyRatesbyclass

source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(FSG/MO)byclass

source:CBREResearch,Q42025

FIGURES|LASVEGASOFFICE|Q42025

3CBRERESEARCH?2025CBRE,INC.

DirectNetAbsorption

TheLasvegasofficemarketposted41,130sq.ft.ofpositivedirectnetabsorptioninQ42025,

reversingthenegative13,090sq.ft.recordedinQ32025andsignalingimprovedtenantactivitylateintheyear.year-to-datedirectnetabsorptionclosedatnegative67,887sq.ft.,asignificantimprovementfromnegative429,782sq.ft.in2024,thoughstillindicativeofamarketin

transition.submarketperformancewasuneven:centralwestledquarterlygainswith42,525sq.ft.ofpositivedirectnetabsorption,whilecentralEastpostedthelargestlossat37,318sq.ft.ofnegativedirectnetabsorption.Byproducttype,classAspacerecorded17,123sq.ft.ofpositiveabsorptioninQ42025and197,637sq.ft.year-to-date,underscoringthepersistentflight-to-

qualitytrendastenantsprioritizemodern,well-locatedbuildings.Incontrast,classBposted

20,214sq.ft.ofquarterlygainsbutendedtheyearslightlynegativeat14,141sq.ft,whileclasscremainedamajordragwith251,383sq.ft.ofnegativedirectnetabsorptionfortheyear.

overall,thestrengthinclassAabsorptionreflectsoccupiers'willingnesstopayforqualityandtheircontinuedrepositioningtosupportreturn-to-officestrategiesandemployeeexperiencegoals.

constructionActivity

TheLasvegasofficemarketsawnonewconstructionstartsinQ42025,continuingaprolongedperiodofdevelopmentinactivitythatbeganinearly2024.Developercautionremains

pronouncedaselevatedvacancyinolderinventoryandmoderateleasingvelocityhavenot

justifiedspeculativeprojects.Financingchallengesandhighconstructioncostsfurther

constrainthepipeline,whiledemandcontinuestoconcentrateinexistingclassAassetsratherthanexpansionaryfootprints.untilpre-leasingcommitmentsstrengthenandeconomic

conditionsimprove,newofficedevelopmentisexpectedtoremainlimited,reinforcingcompetitivedynamicsforhigh-qualityspaceandsustainingtheflight-to-qualitytrend.

FIGURE4:DirectNetAbsorptionTrend

source:CBREResearch,Q42025

FIGURE5:constructionActivity

source:CBREResearch,Q42025

FIGURES|LASVEGASOFFICE|Q42025

4CBRERESEARCH?2025CBRE,INC.

LeasingActivity

LeasingactivitymoderatedinQ42025,totaling449,277sq.ft.across119deals,withclassB

accountingfor310,763sq.ft.andclassAfor138,514sq.ft.Despite41,130sq.ft.ofpositive

absorption,leasingvelocitycontinueditsdownwardtrendfromQ12025;however,onalongerview,velocityhasbeenrelativelyunchangedsinceQ22021,indicatingastableleveloftenant

engagement.ActivitywasconcentratedintheAirport(105,918sq.ft.)andwest(139,412sq.ft.)submarkets,reflectingdemandforaccessibleofficecorridors.ThestrongclassBvolumemustbeviewedinthecontextofitslargershareofmarketinventory,whereasclassAleasing

remainssignificantrelativetoitslimitedavailability,underscoringtheongoingflight-to-qualitytrend.Thesepatternssuggestthatleasingactivityisbeingdrivenprimarilybyrenewalsand

relocationsratherthannetnewdemand,asoccupierscontinuetooptimizefootprintsandshifttowardhigherqualityspace.Expansionaryleasingremainslimited,reinforcingamarket

dynamicwherepositiveabsorptionreflectsstrategicrepositioningratherthanbroad-based

growth.Lookingahead,thisselectiveapproachislikelytopersistuntileconomicconditionsandbusinessconfidencesupportmorerobustspacecommitments.

FIGURE6:QTDLeasingbysubmarket

source:CBREResearch,Q42025

FIGURE7:LeasingActivityTrend

FIGURE8:QTDkeyLeaseTransactions

Tenantsq.Ft.LeasedTransactionTypeAddresssubmarket

34,650

Renewal

AdtalemGlobalEducation

99019921covingtoncrossDrwest

24,223

Renewal

sunbitNOW

Airport

6750viaAustipkwy

Mountainwestconference

16,686NewLease6543SLasvegasBlvdAirport

sunbitNOW

14,171

NewLease

Airport

6750viaAustipkwy

InTouchMedicalMarketing12,778NewLease3634SMarylandpkwycentralEast

canceledBreaks

11,886NewLease4530SDecaturBlvdcentralwest

pinedacompany11,214Renewal375EwarmspringsRdAirport

Morgan&MorganNevada

10,000

Renewal

6725viaAustipkwy

Airport

source:CBREResearch,Q42025

FIGURES|LASVEGASOFFICE|Q42025

5CBRERESEARCH?2025CBRE,INC.

MarketstatisticsIndex

classA

NetRentableArea

(SF)

TotalAvailability

(%)

DirectAvailability

(SF)

subleaseAvailability

(SF)

QTDDirectNetAbsorption(SF)

YTDDirectNetAbsorption(SF)

Avg.DirectAskingRate(SF/MOFSG)

?YOYAvg.DirectAskingRate

Airport

932,231

7.3

65,909

33,977

60,213

$3.33

$0.07

centralEast

1,377,821

$0.01

centralwest

157,624

Downtown

1,031,286

$0.07

NorthLasvegas

22,000

12.9

2,827

(2,827)

$4.20

Northwest

392,237

234,415

$3.21

$0.29

southeast

613,531

40,314

$2.98

$0.24

southwest

1,523,472

11.5

158,340

(3,545)

$3.41

$0.04

west

1,526,514

15.8

15.8

233,976

6,544

9,435

94,478

$3.79

$0.10

Total

7,576,716

206

23.3

1,655,818

109,762

17,123

197,637

$313

$0.00

classB

NetRentableArea

(SF)

Totalvacancy

(%)

TotalAvailability

(%)

DirectAvailability

(SF)

QTDDirectNetAbsorption(SF)

YTDDirectNetAbsorption(SF)

Avg.DirectAskingRate(SF/MOFSG)

?YOYAvg.DirectAskingRate

Airport

2,095,683

11.4

239,250

(25,207)

(46,754)

$2.51

$0.03

centralEast

2,067,266

20.4

389,665

(13,417)

(54,999)

$1.97

$0.03

centralwest

14.2

499,516

38,483

49,370

$2.28

$0.18

Downtown

183,705

(2,165)

(12,505)

$1.99

$0.17

NorthLasvegas

87,828

(8,215)

(53,549)

$2.25

$0.14

Northwest

2,260,632

383,761

48,507

20,506

2,731

$2.61

$0.01

southeast

6,464,000

12.2

778,830

16,273

(9,129)

(16,040)

$2.67

$0.14

southwest

4,337,017

4.4

245,521

13,463

(4,996)

$2.88

$0.10

west

6,136,727

371,193

66,331

24,354

$2.68

$0.08

Total

1,063

28,817,328

3,179,269

192,870

20,214

$2.48

$0.01

FIGURES|LASVEGASOFFICE|Q42025

6CBRERESEARCH?2025CBRE,INC.

MarketstatisticsIndex

Lasvegas

propertycount

NetRentableArea

(SF)

Totalvacancy

(%)

TotalAvailability

(%)

DirectAvailability

(SF)

subleaseAvailability

(SF)

QTDDirectNetAbsorption(SF)

YTDDirectNetAbsorption(SF)

Avg.DirectAskingRate(SF/MOFSG)

?YOYAvg.DirectAskingRate

Airport

97

3,280,223

10.2

10.5

342,760

2,425

10,508

16,495

$2.59

$0.17

centralEast

105

5,540,176

30.2

30.6

1,661,159

32,479

(37,318)

(250,284)

$2.37

$0.03

centralwest

164

5,104,512

12.6

12.9

654,096

5,789

42,525

(65,778)

$2.25

$0.19

Downtown

41

2,080,814

20.6

19.9

328,955

84,410

(3,019)

30,754

$2.17

$0.18

NorthLasvegas

60

1,349,810

8.4

8.4

103,725

10,028

(11,042)

(56,376)

$2.21

$0.10

Northwest

72

2,679,991

15.6

24.9

618,176

48,507

20,506

12,148

$2.84

$0.19

southeast

277

7,197,218

11.6

11.7

824,624

16,273

(13,887)

5,810

$2.68

▲$0.14

southwest

194

5,902,032

6.3

7.5

413,697

29,846

(8,683)

73,230

$3.03

$0.03

west

264

7,839,497

7.8

8.7

611,409

72,875

41,540

166,114

$3.10

$0.11

Total

1,274

40,974,273

13.3

14.3

5,558,601

302,632

41,130

(67,887)

$2.59

$0.03

LasvegasHistorical

propertycount

NetRentableArea

(SF)

Totalvacancy

(%)

TotalAvailability

(%)

DirectAvailability

(SF)

subleaseAvailability

(SF)

QTDDirectNetAbsorption(SF)

YTDDirectNetAbsorption(SF)

Avg.DirectAskingRate(SF/MOFSG)

?YOYAvg.DirectAskingRate

Q32025

1,275

41,003,147

13.4

14.7

5,731,233

298,012

(13,090)

(1o9,017)

$2.59

$0.04

Q22025

1,278

41,124,289

13.6

15.2

5,841,326

397,597

(63,466)

(95,927)

$2.62

$0.03

Q12025

1,277

41,092,813

13.6

15.0

5,747,831

434,627

(32,461)

(32,461)

$2.64

$0.02

Q42024

1,147

37,114,858

14.1

15.7

5,410,426

433,677

153,956

(429,782)

$2.62

$0.08

Trailing4QAverage

1,244

40,083,777

13。7

15。2

5,682,704

390,978

11,235

(166,797)

$2.62

$0.02

FIGURES|LASVEGASOFFICE|Q42025

MarketAreaoverview

CBREoffice

Lasvegas

8548RozitaLeeAve,ste.200Lasvegas,NV89113

www.cbre.com/lasvegas

surveycriteria

TheLasvegasofficedatasetIncludesallofficebuildingsthataregreaterthanorequalto10,000sq,.ft.acrossgsubmarkets(withintheDowntownandsuburbanareas)excludingowneruser/singletenancyandgovernment-owned.Buildingsthathavebegun

constructionareevidencedbysiteexcavationorfoundationwork.

Methodology

positiveabsorptionisbasedonthedatetheleaseissigned.Achievedleaseratesarecalculatedfrombasemonthlyrentfor

transacteddeals,weightedbysize/SFofdeal.subleaseavailabilityisconsideredoccupied.Leaseactivityisthesumofthesquarefootageofleasessignedduringadesignatedperiod.

Disclaimer

BeginningQ12025,CBREhasreviseditsmarketcoveragefortheLasvegasquarterlyofficeFiguresreport.Themarketarea

coveredinthis,andfuturereportsincludemixeduseandprofessionalproperties.Additionally,statisticalmetricsarebasedondataforgen