Despite weak demand, more new office space entered the Southern Nevada market in the fourth quarter, pushing the total inventory to 51.6 million square feet, reports Las Vegas-based business advisory firm Applied Analysis. Valley vacancy rates hit 25.3% at the end of 2011, as a result, which is the highest amount of empty office space in over 5 years. “The nosedive in demand that has occurred during the past four year and the oversupply conditions that persist will require nearly a decade of improvements before vacancies reach pre-recession levels,” said Applied Analysis principal Brian Gordon.Applied Analysis: Office Inventory Tops 51.6 MSF
Despite weak demand, more new office space entered the Southern Nevada market in the fourth quarter, pushing the total inventory to 51.6 million square feet, reports Las Vegas-based business advisory firm Applied Analysis. Valley vacancy rates hit 25.3% at the end of 2011, as a result, which is the highest amount of empty office space in over 5 years. “The nosedive in demand that has occurred during the past four year and the oversupply conditions that persist will require nearly a decade of improvements before vacancies reach pre-recession levels,” said Applied Analysis principal Brian Gordon.
