Office Market Bounces Back in Second Quarter

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Southern Nevada’s beleaguered office market showed signs of life in the second quarter, with positive net absorption and falling vacancy, reports Colliers International. Valley unemployment stood at 11.8% in May, down 1.8% from a year prior, adding 5,900 jobs during the last 12 months. Office vacancies dipped by 0.4 points to 23.7% in the second quarter after six months of increases. Meanwhile, there was 188,302 square feet of positive net absorption verses last quarter’s 40,278 square feet of negative net absorption. For the full report CLICK HERE.