In other words, its entire office market is smaller than Denver's Central Business District, which has about 25 million sf.
The largest submarket in Las Vegas is the Central East area with 4.19 million sf. It's vacancy rate in the third quarter was 8.7%, with 364,254 sf vacant. That's below the overall average vacancy rate of 10.6%, shows the Grubb & Ellis report.
The highest vacancy rate is in the extremely tiny North submarket, which total s 220,900-sf -- the size of one building in many submarkets. One or two large tenants, of course, easily impact such a small submarket, so it is no surprise its vacancy rate is 25.8%.
''As in the second quarter, vacancy levels remain higher in the southeast and southwest due to the new office product being built along the new Interstate 215 beltway and the absorption (rate) remaining weak during the last two quarters,' Grubb & Ellis notes.The Southeast submarket, with only 638,981 sf, has a vacancy rate of 17.8%. The 1.06-million-sf Southeast submarket posts a 19.8% vacancy rate.
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