Las Vegas has most empty office space in nation
10 January 2013
Las Vegas office buildings filled up a bit more last year but still had the largest percentage of empty space in the country.
The Las Vegas Valley had a 25.8 percent office vacancy rate in the quarter ending Dec. 31, down from 26.4 percent a year earlier, according to a report out Thursday from brokerage firm CBRE Group. Las Vegas had the highest vacancy rate in both periods among the 63 markets tracked in the report.
Detroit had the second-highest office vacancy rate last quarter at 24.9 percent, while Honolulu had the lowest at 6.6 percent. The rate nationally was 15.4 percent.
Other real estate submarkets in the valley also continued to struggle.
Las Vegas had a 16.4 percent retail vacancy rate last quarter, tied for fifth-highest with Cleveland. The valley's rate was down from 16.9 percent a year earlier but still above the fourth-quarter national average of 12.8 percent, CBRE said.
Valley apartment complexes had the third-highest vacancy rate in the country last quarter at 9 percent. That's up from 8.6 percent a year ago and above the fourth-quarter national rate of 5 percent. Also, industrial properties had a 14.6 percent vacancy rate, up from 13.7 percent a year earlier and above the national average of 12.8 percent.
Doug Twyman of the Las Vegas Sun contributed to this report.
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