Las Vegas has an Up-to-Date Workforce

When you move your company to Las Vegas, you gain access to a workforce that is younger, more idealistic, and more up-to-date than average. Millennials, believed to be more idealistic than average, make up about 22.6 percent of the city's total population, while Gen Z (people born from the mid-90s to early 2000s) makes up 13 percent of the population of southern Nevada. Gen Z is believed to be more concerned about security and money thanks to its exposure to the Great Recession during its formative years.

Because of this, the typical layout of the Las Vegas office has changed to incorporate more modern ideas. Shared co-working spaces and other collaborative environments are common. These designs are used to reduce basic costs even as more amenities are offered to employees. Short-term leases are being used even by large companies in order to increase flexibility even more. Landlords are responding by setting up their spaces so that they can offer "plug and play" office areas to businesses that need to quickly react to changes in labor - and space - requirements.

A Snapshot of the Las Vegas Office Space and Employment Environment

Las Vegas - City Overview

Las Vegas came into existence in 1905, when 110 acres were purchased to get it started. This land was close to the Union Pacific Railroad, which gave it easy access to affordable transportation that was fast for its time. In the 20s and 30s, construction took off, and this allowed it to avoid much of the deprivation of the Great Depression. One notable event happened in 1951 - the testing of the first atomic bomb, which happened just 65 miles outside of the city. The mid-20th Century saw the rise of Vegas' famous opulence, and this roared along until the early 21st Century. Las Vegas, however, was not about to sit back and let itself go into decline. It soon started a massive revitalization project, and in 2012, it built a large variety of new cultural centers and a new City Hall complex. Notably, the CEO of Zappos - the online shoe giant - made a large donation to the city to fund the revitalization of its commercial district.

Notably, the "downtown" or commercial district is not the Las Vegas Strip, which is where the casinos are. Instead, the commercial district is much like that of other cities, with office buildings and the types of businesses that support them - banks, restaurants, and similar downtown staples. Despite this, the area works to attract the attention of Las Vegas' many tourists, so it's fairly easy to get traffic to businesses that rely on trading directly with the public.

Population growth is one of the biggest economic drivers for southern Nevada, and in 2016-2017, this continued to be the case. Over 57,000 people moved into Clark County, making it the second fastest-growing county in the United States. Las Vegas proper also got the biggest population growth in the West. It is believed that this incoming migration will help to alleviate the current labor shortage.

Leasing Office Space in Las Vegas - Select Submarkets

If you are looking for office space for rent or lease, you will want to know that vacancy rates are decreasing, but there are exceptions in certain submarkets due to new buildings and complexes opening up as well as from some large tenants vacating their properties.

Airport - Credit One recently moved from its ~58,000 sq. ft. location in this area, freeing up that space for new tenants. The company's new location is in the Southwest area.

Southwest - Tribeca Parc, which used to offer medical office space, has been converted to standard office. This opens up its three buildings - almost 131,000 square feet of space - for new types of tenants. Supplementary retail space has also been converted to office leasing, which brings even more square footage online here. There is some positive absorption, too, such as the aforementioned move here by Credit One.

Downtown and North Las Vegas - Space is getting tighter in these areas, and vacancy rates are dropping accordingly. It may be harder to get deals here because of this, but for businesses that rely on the public, it can be worth moving here despite that fact.

West Central - This area has the lowest asking rates for leasing. There has also been slight negative absorption. This makes it a great location for those prioritizing low leasing costs over a flashier address.

Las Vegas is popular for its being business-friendy environment and now Southern Nevada is also rising as an investment center. Majority of the Las Vegas office landscape is Class A supplements and truer mixed-use market developments, ready to accommodate investment opportunities. Along the growth of Class A, the areas for most attractive office product will continue to scatter from Summerlin throughout the Vegas Valley

To get help with all of the ins and outs of the Las Vegas leasing market, learn about the nuances of the population, and more, just contact us. We're experts in office leasing in Las Vegas, and we'll be glad to assist you in your move to/in Las  Vegas or the surrounding areas.