Las Vegas Commercial Office Space for Rent

Q3 2026

Q3 2026 Las Vegas Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

Las Vegas industrial vacancy fell to 8.7% in Q3 2026 on about 1.5 million SF of absorption, down from a 10.4% cycle high a year earlier. Office vacancy is 11.6%, with no new office construction underway, and retail vacancy sits near 4%. Tenant demand on TenantBase shifted toward office in Q3: office space accounted for 51.2% of all Las Vegas tenant searches, up from 27.2% in Q2, overtaking retail for the top spot.

Sector Snapshot

  • Office: Stable. Vacancy was 11.6% in Q3, below its level a year earlier.
  • Industrial: Recovering. Vacancy fell to 8.7% as absorption outpaced new deliveries.
  • Retail: Tight. Vacancy was 4.3% in Q1, with asking rents up year over year.
  • Multifamily: Softening rents. Asking rents dipped 0.9% year over year, while job growth led the top 30 U.S. markets.

Las Vegas Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across the Las Vegas Valley, including Henderson and North Las Vegas, are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Office: 51.2%
  • Retail/Storefront: 48.1%
  • Warehouse/Industrial: 0.8%

Three-Quarter Trend

  • Office: 21.1% in Q1, 27.2% in Q2, 51.2% in Q3
  • Retail/Storefront: 46.6% in Q1, 44.8% in Q2, 48.1% in Q3
  • Warehouse/Industrial: 33.2% in Q1, 29.7% in Q2, 0.8% in Q3

Key Takeaways

  • Office demand rose for the third straight quarter, from 21.1% in Q1 to 51.2% in Q3.
  • Office tenants are committing to mid-length terms. 2 to 3 year terms rose from 11.7% of office searches in Q2 to 19.7% in Q3.
  • Retail tenants shifted toward short terms. 37.1% of Q3 retail searches sought terms under one year, up from 17.5% in Q2.
  • The southwest valley leads location interest. Spring Valley/Southwest and Summerlin were the most requested areas, followed by Henderson, North Las Vegas, the Northwest, Airport/Paradise, and Downtown Las Vegas.

Office Market

Key Metrics (Q3 2026)

  • Vacancy: 11.6%, below the year-earlier level (CBRE)
  • Net absorption: negative 84,000 SF in Q3, with about 281,000 SF of leasing (CBRE)
  • Under construction: none (CBRE)
  • Average asking rent (Q2): $2.56/SF per month full service, with Class A at $3.07 (CBRE)
  • Submarkets (Q2): Southwest at 4.0%, West at 6.4%, North Las Vegas at 8.4%, Southeast at 10.5%, Downtown at 14.7%, and Northwest at 15.9% (CBRE)
  • Notable leases (Q2): Mike Ferry Organization, 12,503 SF at 7150 S Tenaya, and Messner Reeves, 11,777 SF at 6385 S Rainbow (CBRE)

TenantBase Office Activity

Demand share: 51.2% of Las Vegas tenant searches, up from 27.2% in Q2 and 21.1% in Q1.

Lease term preferences:

  • Less than one year: 47.0%
  • 2 to 3 years: 19.7%
  • 3 to 5 years: 15.2%
  • 5+ years: 15.2%
  • 1 to 2 years: 3.0%

Space requirements by term:

  • Less than one year: 958 to 2,042 SF
  • 2 to 3 years: 833 to 2,000 SF
  • 3 to 5 years: 1,500 to 3,333 SF
  • 5+ years: 4,450 to 5,500 SF

TenantBase data vs. the market: Spring Valley and the Southwest, the most searched area on TenantBase, is also the valley's tightest office submarket at 4.0% vacancy and the highest rents, so tenants there should start early. Tenants open to the Northwest or Downtown, where vacancy runs near 15% to 16%, will find more options and leverage.

Industrial & Warehouse Market

Key Metrics (Q3 2026)

  • Vacancy: 8.7%, down 20 basis points from Q2 and 170 basis points below the 10.4% cycle high a year earlier (CBRE)
  • Net absorption: about 1.5 million SF in Q3, with about 1.1 million SF delivered (CBRE)
  • Average asking rent (Q2): $1.02/SF per month NNN (CBRE)
  • Under construction (Q2): 5.9 million SF, with 3.1 million SF in Henderson (CBRE)
  • Submarkets (Q2): Airport at 4.6%, Southwest at 6.3%, North Las Vegas at 9.4%, and Henderson at 11.3% (CBRE)

TenantBase Industrial Activity

Demand share: 0.8% of Las Vegas tenant searches, down from 29.7% in Q2 and 33.2% in Q1.

Space requirements: Q3 industrial searches sought terms under one year at 1,000 to 2,500 SF.

TenantBase data vs. the market: Small industrial users will find the most new options in Henderson and North Las Vegas, where most construction is underway. The Airport and Southwest submarkets remain the tightest.

Retail Market

Key Metrics (Q1 2026)

  • Vacancy: 4.3%, down 20 basis points year over year (Colliers)
  • Net absorption: 234,700 SF (Colliers)
  • Average asking rent: $1.96/SF per month NNN, up $0.18 year over year (Colliers)
  • Under construction: 568,800 SF (Colliers)
  • Projects: the $385 million Durango Casino expansion and 215 Losee Village in North Las Vegas are underway (Avison Young, via REBusinessOnline)

TenantBase Retail Activity

Demand share: 48.1% of Las Vegas tenant searches, up from 44.8% in Q2.

Lease term preferences:

  • Less than one year: 37.1%
  • 5+ years: 22.6%
  • 3 to 5 years: 21.0%
  • 2 to 3 years: 19.4%

Space requirements by term:

  • Less than one year and 2 to 3 years: 500 to 1,000 SF
  • 3 to 5 years: 10,833 to 12,500 SF
  • 5+ years: 3,188 to 6,563 SF

TenantBase data vs. the market: Las Vegas retail demand on TenantBase splits between small short-term users and larger tenants seeking 10,000 SF or more on 3 to 5 year terms. With vacancy near 4%, larger tenants should begin their search early.

Multifamily Market

Las Vegas average asking rent was $1,478 as of June 2026, down 0.9% year over year, according to Yardi Matrix. Stabilized occupancy was 92.6%, and 7,387 units were under construction. Job growth of 1.7% ranked first among the top 30 U.S. markets.

Q4 2026 Outlook

  • Office: Expect the Southwest and West to stay tight with no new supply.
  • Industrial: Expect vacancy to keep improving as absorption outpaces deliveries.
  • Retail: Expect vacancy to stay near 4% as new projects open.
  • Multifamily: Expect flat rents as new supply leases up.

Frequently Asked Questions

What type of commercial space are Las Vegas tenants searching for in 2026?

In Q3 2026, office space made up 51.2% of Las Vegas tenant searches on TenantBase and retail/storefront made up 48.1%. Office share rose from 27.2% in Q2.

Which Las Vegas areas are tenants searching most?

Spring Valley/Southwest and Summerlin were the most requested areas on TenantBase in Q3 2026, followed by Henderson and North Las Vegas.

What lease terms do Las Vegas office tenants want?

47.0% of Las Vegas office tenants on TenantBase sought terms under one year in Q3 2026, and 19.7% sought 2 to 3 year terms.

What is the office vacancy rate in Las Vegas?

Las Vegas office vacancy was 11.6% in Q3 2026, according to CBRE.

What is the industrial vacancy rate in Las Vegas?

Las Vegas industrial vacancy was 8.7% in Q3 2026, down from a 10.4% cycle high a year earlier, according to CBRE.

How can I find commercial space in Las Vegas at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across the Las Vegas Valley at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, Las Vegas, July 1 to September 30, 2026
  2. TenantBase, Las Vegas Commercial Real Estate Market Report, Q2 2026
  3. TenantBase, Las Vegas Commercial Real Estate Market Report, Q1 2026
  4. CBRE, Las Vegas Office Figures, Q3 2026
  5. CBRE, Las Vegas Office Figures, Q2 2026
  6. CBRE, Las Vegas Industrial Figures, Q3 2026
  7. CBRE, Las Vegas Industrial Figures, Q2 2026
  8. NVBEX, Colliers Las Vegas Retail Market, Q1 2026
  9. REBusinessOnline, Las Vegas Retail Market (Avison Young), June 2026
  10. Multi-Housing News, Las Vegas Multifamily Report (Yardi Matrix), August 2026

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.