The Las Vegas Commercial Real Estate Market

Shanti Ryle

October 16, 2025

Las Vegas' suburbs from the view of an above drone

Key Takeaways

As of October 2025, the Las Vegas–Henderson–Paradise metro is home to more than 2.3 million residents, with Las Vegas city limits surpassing 660,000 after nearly 6 percent growth since 2020. The region remains one of the fastest-growing and most affordable major metros in the western United States, with a cost of living roughly 2 percent below the national average and up to 40 percent lower than other Western hubs.
The regional economy continues to scale, with GDP exceeding $178 billion after rising nearly 44 percent since 2020. Tourism supports close to 300,000 jobs, while emerging sectors like advanced manufacturing, clean tech, healthcare, and fintech are expanding. Unemployment stands at 5.6 percent as of August 2025, with major infrastructure projects contributing to long-term growth.
Industrial real estate remains one of Las Vegas’s most active sectors, supported by 174.5 million square feet of inventory, a vacancy rate of 11.2 percent, and nearly 1.5 million square feet of positive absorption year to date as of Q2 2025. Median industrial asking rents reached approximately $15 per square foot annually as of October 2025.
Office and retail conditions continue to rebalance: the office market reports a 13.5 percent vacancy rate with more than 1.15 million square feet of leasing activity year to date, while retail vacancy is 5.8 percent with nearly 1 million square feet under construction. Sales volumes and new development indicate steady demand across both sectors despite moderated absorption.
Multifamily fundamentals remain stable, with vacancy at 5.3 percent, average asking rents at $1,477 per month, and over 4,600 units under construction as of Q2 2025. Strong in-migration and renter demand continue to support long-term performance across Southern Nevada’s largest submarkets.

Las Vegas has long been a city built on reinvention, and its commercial real estate market reflects that same energy. What was once known almost entirely for tourism and hospitality has evolved into a dynamic, diversified hub where investors, tenants, and developers are finding fresh opportunities across every asset class. From large-scale logistics centers to booming mixed-use districts, the Las Vegas-Henderson-Paradise MSA continues to attract national attention for its growth and business-friendly environment.

CRE professionals turn to Crexi to keep pace with this momentum. Buyers and tenants can search thousands of properties across the metro, compare data, and connect with brokers in moments. On the other side, brokers use Crexi’s marketing and lead management tools to reach motivated buyers and close deals faster.

To date, Crexi has supported over $615 billion in property transactions and marketed more than $7 trillion in total property value. Crexi proudly serves Las Vegas, Summerlin, Henderson, Paradise, Enterprise, and Clark County as the region’s fastest-growing digital commercial real estate marketplace.

A view of the Las Vegas strip at night with lit-up hotels and casinos

Las Vegas Commercial Real Estate Market Overview

Located in the heart of the Mojave Desert, Las Vegas is one of the most iconic cities in the world. Once defined by gaming and entertainment, it has steadily evolved into a thriving metropolitan area with strong business diversity and steady population gains. The surrounding region, including Henderson, North Las Vegas, and Paradise, adds to its appeal with expanding residential communities, modern infrastructure, and a lower cost of doing business compared to other western hubs.

Today, Las Vegas’s commercial real estate market reflects that balance of entertainment and enterprise. Tourism still drives demand for retail, hospitality, and mixed-use spaces, while industrial and logistics development continues to grow along major transportation corridors. The office market is adjusting to new workplace trends, and multifamily construction remains active as more residents move to Southern Nevada for opportunity and quality of life.

The result is a market defined by momentum - grounded in growth and positioned for long-term strength.

Regional Context

Las Vegas keeps gaining momentum as one of the fastest-growing metros in the country. New residents are drawn by the city’s strong job market, lower living costs, and year-round sunshine. Surrounding communities like Henderson and North Las Vegas continue to expand, fueling development across the valley. With a population topping 2.3 million, Las Vegas balances affordability with opportunity, making it an appealing place to live, work, and invest.

The population of Clark County, where Las Vegas is located, is home to more than 2.3 million.
There are more than 660,000 residents within Las Vegas city limits, a number that has grown nearly 6% since 2020 alone.
The largest cities in the metropolitan area include Las Vegas, Henderson, and North Las Vegas.
The Las Vegas metropolitan area is the country’s 29th largest metro area, standing just behind Pittsburgh and Sacramento.
The median age is 39.2, about the same as in the US overall.
Per capita income in Las Vegas is $40,055, and median household income is $73,784, as reported by CensusReporter.org. More than 35% of residents have a household income of over $100,000.
The cost of living in Las Vegas is about 2% less than the national average, and anywhere from 15 to 40% lower than the cost of living in other major metro areas in the Western U.S., like Los Angeles, Portland, or San Francisco.

Las Vegas' strip and a view of the STRAT tower

Las Vegas Job Market

Las Vegas’s economy continues to expand, fueled by a mix of traditional and emerging industries. Tourism remains the backbone, supporting nearly 300,000 jobs, but the region’s focus has broadened to include advanced manufacturing, clean technology, and healthcare.

Major investments in infrastructure and development, like new manufacturing facilities and the high-speed rail project, are strengthening long-term growth. With a rapidly growing GDP and an increasing number of tech and education employers, Las Vegas is building a more balanced, opportunity-rich economy that extends well beyond the Strip.

GDP for the Las Vegas-Henderson-Paradise MSA is over $178 billion, soaring by almost 44% since 2020.
The unemployment rate is 5.6% (BLS August 2025), with the professional and business services, leisure and hospitality, and education and health services sectors showing the most growth.
The target industries for the Greater Las Vegas area are advanced manufacturing and battery, clean tech, healthcare and biotech, fintech, and sports and entertainment.
Major employers in Clark County include Sofidel America, Saratoga Foods, NOS Communications, and WestCare. Nearly 300,000 jobs in Clark County are supported by the tourism industry alone.
Tech companies in Las Vegas include PwC, Tapestry, Cox Enterprises, and DraftKings, according to a report from BuiltIn.
Clark County is well-connected by major transportation infrastructure, including Interstates 15 and 515 and Harry Reid International Airport (formerly McCarran International). It is situated approximately 270 miles from Los Angeles and 430 miles from Phoenix.
The Las Vegas area has eight major higher education institutions, including the University of Nevada, Las Vegas (UNLV), the College of Southern Nevada (CSN), and Nevada State College. There are also several dozen trade and technical schools in the area, as well as three regional medical schools.
Over 28% of residents hold bachelor’s or postgraduate degrees.
There is an estimated $30.9 billion in current development in Southern Nevada, including a $3 billion high-speed rail initiative, a $500 million manufacturing plant for Haas, and more than $2 billion in tourism-related projects.

New York, New York hotel's facade of new york city's skyline

Las Vegas Industrial Market

The Las Vegas industrial scene is still one of the city’s most active corners of real estate, even as it cools from the breakneck pace of the past few years. Warehouses keep rising along major corridors, meeting strong demand from logistics, e-commerce, and manufacturing users who value the region’s access to the West Coast.

Vacancies have climbed a bit as new space hits the market, but leasing remains steady, especially in North Las Vegas and the Southwest. The market isn’t slowing down so much as settling in, finding a sustainable balance between growth and stability.

Market overview (Cushman & Wakefield Q2 2025 Las Vegas Industrial Report)

Inventory: 174,528,192 SF
Vacancy rate: 11.2%
Net absorption: 1,498,919 SF (YTD)
Deliveries: 3,443,621 SF
Under construction: 7,026,351 SF
Key leases by tenant: Project WorldWide (258,837 SF), ALO, LLC (198,720 SF), UFP (188,950 SF)
Largest submarkets: North Las Vegas, Southwest, East Henderson

Crexi Insights

These are the most recent industrial lease and sales trends in Las Vegas from Crexi Insights (as of October 2025):

For Lease (active)

Asking rate/SqFt (median): $15 per year
Median SqFt/listing: 5,354
Days on market: 244
Total listings on Crexi: 554 spaces

For Sale (active)

Median asking price: $3.5 million
Median SqFt/listing: 15,200
Price/SqFt: $275
Asking cap rate: 6.3%
Days on market: 169
Total listings on Crexi: 79 spaces

Sales Comps (past 12 months)

Median sold price: $1.8 million
Sold price/SqFt: $236
Total sales volume: $439.5 million
Sold cap rate: 6.7%
Median SqFt sold/transacti653,200
Days on market (median): 267

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A daytime view of the Las Vegas Strip, focusing on the Mirage hotel

Las Vegas Office Market

Las Vegas’s office market is finding its footing in a period of adjustment. After years of shifting work habits and space downsizing, demand is starting to stabilize, especially for modern, well-located suburban offices with strong amenities.

The Southwest and West submarkets are leading the way as tenants look for high-quality spaces that balance cost, comfort, and access. While developers are cautious about breaking ground on new projects, existing properties are steadily filling, and the market is showing signs of quiet confidence as it adapts to a new normal.

Market overview (Cushman & Wakefield Q2 2025 Las Vegas Office Report)

Inventory: 42,622,214 SF
Vacancy rate: 13.5%
Net absorption: 257,557 SF (YTD)
Leasing activity: 1,155,910 SF (YTD)
Under construction: 173,396 SF
Key lease transactions by tenant: iOffice (26,298 SF), Regus (25,829 SF), Premier Trust (16,058 SF)
Largest submarkets: South, Central West, West

Crexi Insights

If you're in search of the freshest data on the Las Vegas office market, turn to Crexi Insights as your first choice. Here are the latest office stats and trends for Las Vegas as of October 2025:

For Lease (active)

Asking rate/SqFt (median): $19 per year
Median SqFt/listing: 1,831 SF
Days on market: 204
Total listings on Crexi: 1,222 spaces

For Sale (active)

Median asking price: $2.5 million
Price/SqFt: $293
Asking cap rate: 6.2%
Days on market: 220
Total listings on Crexi: 177

Sales Comps (past 12 months)

Median sold price: $815,000
Sold price/SqFt: $225
Total sales volume: $181.3 million
Sold cap rate: 6.9%
Median SqFt sold/transaction: 2,718 SF
Days on market (median): 289

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A sign that says "Welcome to Fabulous Las Vegas, Nevada"

Las Vegas Retail Market

The Las Vegas retail market continues to evolve as consumer habits and development patterns shift. Leasing activity has slowed slightly, but overall demand for quality, well-located retail remains balanced, particularly in mixed-use and lifestyle centers that blend shopping, dining, and entertainment.

Developers are still betting on the city’s growth, with nearly a million square feet of new retail space underway across the valley. Even as vacancies edge up in some submarkets, strong sales activity and new projects suggest the market is adjusting rather than pulling back, setting the stage for a more balanced retail landscape.

Market overview (Cushman & Wakefield Q2 2025 Las Vegas Retail Report)

Inventory: 68,718,256 SF
Vacancy rate: 5.8%
Net absorption: -445,790 SF (YTD)
Under construction: 985,182 SF
Key lease transactions by tenant: Mariana’s Marketplace (40,560 SF), Total Wine & More (35,074 SF), Savers (24,150 SF)
Largest submarkets: Southeast, Central West, Central East, West

Crexi Insights

Lease and sales trends for Las Vegas retail from Crexi Insights (as of October 2025):

For Lease (active)

Asking rate/SqFt (median): $24 per year
Median SqFt/listing: 2,259 SF
Days on market: 289
Total listings on Crexi: 906 spaces

For Sale (active)

Median asking price: $4 million
Price/SqFt: $435
Asking cap rate: 6.1%
Days on market: 166
Total listings on Crexi: 142

Sales Comps (past 12 months)

Median sold price: $675,000
Sold price/SqFt: $366
Total sales volume: $404.5 million
Sold cap rate: 5.9%
Median SqFt sold/transaction: 4,000 SF
Days on market (median): 197

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Las Vegas Multifamily Market

Las Vegas’s multifamily market is stabilizing after years of rapid expansion. Rents have leveled off, but demand remains healthy as people continue moving to the region in search of affordability and opportunity.

Developers are still adding new communities, especially in Henderson and the Southwest, but at a slower, more intentional pace. The result is a market that feels more grounded, supported by steady renter interest, a growing population, and a focus on long-term stability rather than short-term spikes.