Las Vegas Sublease

Las Vegas

Office Space Market Report

Number of Listings (last 90 days)
83
Median Rate ($/sqft/yr)
$21
Median Size (sqft)
2,920
As of: December 10, 2016

Las Vegas Office & Commercial Space

The most populous city in the state of Nevada, the city of Las Vegas has gained international renown for its diverse collection of entertainment attractions, including one of the largest casino gaming operations in the world. Featuring a residential population of nearly 600,000 inhabitants, Las Vegas offers more than just thrills for tourists, however. The city features a vibrant assortment of businesses and cultural institutions, all of which help make this city an important economic hub in this region of the United States. Those seeking rental properties for lease here, including office space for rent and commercial space for rent, will undoubtedly be able to locate a rental property that meets their needs and expectations. The numerous neighborhood zones of Las Vegas are currently home to retail shops, office complexes, cultural institutions and many other unique business enterprises.

Las Vegas Economic Overview

Median household income levels in Las Vegas are slightly below state averages. This is most likely due to the fact that the majority of high-wealth individuals working within the city have opted to find a place of residence within the Las Vegas metropolitan area, which currently hosts nearly 2 million residents. Although Las Vegas has gained a reputation for world-class hospitality and entertainment, the city is also home to many other industries. Some of the more common occupations for residents of Las Vegas include positions in construction, accommodation, business administration, art, and healthcare. As with many cities in the United States, Las Vegas was severely affected by the 2008 financial crisis, exacerbated by the fact that many of the city’s employees were forced out of their positions in the hotels and casinos dispersed throughout the city due to lack of business. Today, Las Vegas has regained much of what it had previously lost economically. The city continues to expand and develop, and the numerous industries found here remain solvent.

The city of Las Vegas is also home to the University of Nevada, Las Vegas, which is one of the larger employers in the area. The university is also responsible for collecting large sums of money in tuition each year, as well as ensuring that new students and potential consumers are injected into the local economy on a regular basis.

Unemployment levels in Las Vegas remain slightly higher than both state and national averages. According to recent studies, nearly 6.6% of families in Las Vegas are currently living below the poverty line.

Las Vegas At A Glance

For those who have yet to experience Las Vegas, the first sight of the massive entertainment infrastructure that has been developed here is breathtaking! Although the city attracts considerable attention due to the availability of gambling, there are countless other attractions here that will equally impress. Some of the more notable cultural institutions in Las Vegas include the Neon Museum, the Mob Museum and the Nevada State Museum, among others. The more prominent casinos here regularly bring in world-class musical and performing talent to entertain their guests. These shows often feature current celebrities in the world of electronic dance music, burlesque, variety shows and musical theatre.

The Smith Center for the Performing Arts, located in downtown Las Vegas, hosts ballet, symphony, opera and theatrical performances throughout the year. RTC transit is the primary public transportation outlet currently available to residents of the city.

Las Vegas History

Las Vegas was first established as a city in 1905 following the acquisition of 110 acres of land located in close proximity to the Union Pacific Railroad. Due to the substantial number of building projects occurring in Las Vegas during the ’20s and ’30s, the city was largely able to avoid the devastating effects of the Great Depression. One of the more notable events to occur in Las Vegas was the testing of the first atomic bomb in 1951, which took place 65 miles to the northwest of the city. Although the mid-20th century was full of opulence and lavish development, Las Vegas suffered a period of decline in the opening years of the 21st century. In 2012, Las Vegas announced a massive revitalization campaign, dubbed “The Year of Downtown,” which included the construction of a variety of new cultural centers as well as the introduction of an entirely new City Hall complex.

Las Vegas Population

According to recent demographic surveys, the population of Las Vegas is largely homogenous, with over 62% of residents classified as Caucasian. That being said, there are a variety of additional ethnic groups represented here, many of which have formed various cultural sub-niches within the larger social fabric of Las Vegas. Interestingly, Las Vegas has gained a reputation for featuring the largest number of divorces per year out of any city in the United States. That being said, of the nearly 180,000 households found in Las Vegas, roughly 48% consist of married couples.

Trends of Las Vegas

Las Vegas continues to expand its size and infrastructure, approving a variety of new development projects that will ultimately serve to further heighten this city’s appeal on an international stage. The CEO of Zappos, Tony Hsieh, donated a large sum of money to the city in order to further accelerate the revitalization of Las Vegas’ more commercial zones. This project, dubbed the “Downtown Project,” will ultimately result in the construction of new real estate, as well as significant investment in small business, education and technology startups.

Where to Lease in Las Vegas

By and large, the vast majority of commercial business in Las Vegas are located in the downtown region of the city, which should not be confused with the famous Las Vegas Strip. Downtown Las Vegas features a wide array of retail establishments, professional offices and other business enterprises. For those interesting in gaining the attention of the countless tourists who arrive in Las Vegas each year, this particular area of the city is highly recommended.

Learn More About Las Vegas

Market Report

Trends and status of the commercial real estate market in Las Vegas.
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Market Data

Real time and historical data on commercial real estate listings in Las Vegas.
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