Office Market Report
Author: Diana Heeb Bivona
According to Colliers International, the 2006 office real estate market is off to a solid start, posting a strong first quarter demand for office space nationwide. First quarter office vacancies measured 13.3%, versus 13.5% during the fourth quarter of 2005.
Rents also increased substantially during the first quarter of 2006, with national averages showing larger than anticipated gains. Downtown asking rents increased 4.4%, reaching an average of $36.22 PSF (per square foot), while suburban rents increased 1.4 percent to $24.37 PSF.
For Las Vegas, fourth quarter of 2005 showed the vacancy rate at 8.5%. In the first quarter of 2006, it had climbed to a rate of 8.7%.