Southern Nevada’s hard hit office market showed small but noteworthy signs of stabilization in the fourth quarter, said RCG Economics LLC principal John Restrepo. There were 214,700 office-related jobs in December or 1,800 more than a year prior, reports the Nevada Dept. of Employment, Training and Rehabilitation (DETR), with the largest gains coming from healthcare, professional services and financial activities. No new office space was completed in the fourth quarter, yet vacancies still rose by 0.5 percentage points to 23.7%. “2011 looked better than 2010 and it looks likes 2012 will be better still,” Restrepo said. “But, it looks like it will take a little over 5 years to reach a stabilized vacancy rate of 10%.”Restrepo: Local Office Market Slowly Stabilizes
Southern Nevada’s hard hit office market showed small but noteworthy signs of stabilization in the fourth quarter, said RCG Economics LLC principal John Restrepo. There were 214,700 office-related jobs in December or 1,800 more than a year prior, reports the Nevada Dept. of Employment, Training and Rehabilitation (DETR), with the largest gains coming from healthcare, professional services and financial activities. No new office space was completed in the fourth quarter, yet vacancies still rose by 0.5 percentage points to 23.7%. “2011 looked better than 2010 and it looks likes 2012 will be better still,” Restrepo said. “But, it looks like it will take a little over 5 years to reach a stabilized vacancy rate of 10%.”
