Colliers reported that Las Vegas is expecting the completion of close to 460,000 square feet of new office spaces over the next four quarters. The Las Vegas commercial market experienced a breakthrough due to an increase in the number of new constructions since 2018.
“While southern Nevada’s medical office market rebounded from its dip into negative net absorption in the second quarter, it remains less robust than it was in 2018. Net absorption is generally lower this year than last, but no significant medical office development is expected in 2020,” according to Nevada Business.
However, even though pre-leasing is strong in new construction, Southern Nevada deals with demand issues. The lack of desirable office spaces leads to slowed progress. Real estate experts, however, remain positive with the medical office developments, as it has the potential to fill the void in the demand.