Office vacancies soar to seven-year high

Illia, Tony
June 2008
Las Vegas Business Press (10712186);6/9/2008, Vol. 25 Issue 23, p12
The article focuses on the increasing office vacancies in Southern Nevada in the first quarter of 2008. Colliers International Las Vegas reports that Southern Nevada had a 13.4 percent, first-quarter vacancy rate, 2.5 percent more than in 2007, and higher than the 2001 recession peak vacancies. It is reported that the office market grew to 38.2 million square feet in 1,899 buildings in the first quarter. It is predicted that vacancy rates will increase, with 1.4 million square feet of new projects under construction in the first quarter.


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