2015 Q1 MarketBeat Las Vegas Office Snapshot: Strong Absorption Throughout 2015 and Limited Product Will Push Vacancy Rates Down

vegas officeThe U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last year, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.

Despite being one of the slowest areas to recover, Nevada continued to heat up with strong growth that has pushed the unemployment rate down by 1.3 percentage points (pps) over he last year to 7.1%. Job growth of 3.1% continued to exceed the U.S. average as 36,900 new jobs were added over the past year. Construction led all job categories in terms of percentage growth, up 5.3% on a year-over-year basis while leisure and hospitality experienced the largest nominal growth, adding 13,400 jobs.

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