Last fall we looked at renderings. This summer we counted deeds.
Roughly one hundred owner-users across the Las Vegas Valley stopped renting and bought the buildings they work in. Here is who they are, what they paid, and what it could mean for you.
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Nine months. Twice the activity.
Between November 2025 and July 2026, roughly one hundred owner-user sales closed across the Las Vegas Valley. That is about $163 million of office and industrial property moving out of landlord portfolios and onto the balance sheets of the businesses inside.
Last fall's edition tracked 30 office trades over a full year. This cycle more than doubled that in three quarters of the time.
Nobody in this report bought because a spreadsheet told them to. They bought because owning the walls around their practice is the one part of their business a landlord can never renegotiate.
Last year we said something bigger was happening beneath the surface of the Las Vegas office condo market. This year it broke the surface. Local owner-users, led by medical and professional operators, stopped renewing leases and started signing deeds.
The market has moved from sparse offerings to real choices, and choice rewards quality: the asset, its location, and how well it is designed to work. Every closing in this report is one more business whose future no longer depends on someone else's renewal notice.
Three things converged to produce that number.
The pipeline started closing.
The condo wave we profiled last fall stopped being a rendering and became a recorded deed. Technique delivered 100% sold out, and LoftWorks began closing live/work lofts at prices small-bay product in this valley had never seen.
closings in November
The data set got older, on purpose.
This edition widened the lens to include like-kind buildings built before 2004 and select buildings above 10,000 square feet, because that is where buyers went. When new construction is scarce, the established stock becomes the market.
pre-2004 buildings
Supply finally showed up.
A year ago we wrote that any sale-ready inventory would find a ready buyer. It came to market, and it found them.
for sale
per square foot
valley-wide
Two markets. Two different stories.
Office
- Trades
- 64
- Volume
- $95M
- Average per sale
- $357/SF
- Listings for sale
- 71
Volume doubled while the top of the market stayed where it was. Last edition's $718/SF record survived the year, and the best comparable price this cycle was about $656/SF.
That points to a market widening at the base rather than climbing at the top. There is now an ownership entry point at nearly every price level in the valley.
Industrial & Flex
- Trades
- 34
- Volume
- $68M
- Blended price
- ~$315/SF
- Listings valley-wide
- 13
Roughly 34 sales closed in nine months, nearly double last edition's 18. Small-bay buyers stopped waiting for conditions to improve. They bought the conditions they had.
A LoftWorks live/work loft on South Tenaya closed at $563/SF, past last year's $476 benchmark. With only 13 listings for sale, expect strong competition for anything with clear height, real loading, and a clean office build-out.
Where owners bought.
Nine submarkets recorded office trades. The Southwest led on volume and price, while South and Central East turned renters into owners at the valley's most attainable numbers.
The bid-ask gap
blended per SF
median ask per SF
Sellers are pricing to the new-construction wave, and buyers keep meeting them on the better assets. Quality, location, and move-in readiness still decide who earns the premium.
Office price per square foot. South and Central East recorded 19 trades combined. Full comparables are in the report.
Last year was the bet. This year is the scorecard.
The first generation of Las Vegas office condos has delivered, closed, and in one case repriced upward. Drag through the projects to see where each one stands.
Technique Office Condos
Sold out before construction. Its unit closings now sit in our comparables.
Two Fifteen Southwest
Four November closings at $355 to $375/SF. The pre-sale pricing held all the way to the deed.
Tark Office Condos
December 2026 delivery.
Sunset Canyon Corporate Center
Delivering Q4 2026 or Q1 2027.
LoftWorks Phase 2
The wave crossed property lines: live/work lofts, October delivery, early units already sold.
Centennial Hills Office Condos
Only about 8,000 SF left ahead of a December 2026 delivery.
10777 W Twain Ave
Renovation substantially complete. First floors already partially in escrow.
Queensridge Medical
Phase 1 delivering. Nine units, grey shell.
Strada and the Downtown Medical District
Strada pricing is still to be determined. The Downtown Medical District is proposed and worth watching, given Downtown's seven-trade breakout this cycle.
One project. One cycle. A $120 lesson.
Centennial Hills launched at $295 per square foot, pre-sold at $395, and is now asking $415. That is what pre-sale conviction can be worth.
Listings. That is the entire market.
Thirteen for-sale listings make up the whole owner-user light industrial market in the Las Vegas Valley as this report goes to print. When inventory runs this thin, knowing what is actually available decides most of the outcome.
Local @ Raiders Way
For a decade the small-bay owner-user's problem in West Henderson has been simple: there was nothing to buy. This three-building park is being repositioned from leased space into for-sale condos, with a full exterior refresh.
- Unit sizes
- ±1,808 to 3,610 SF
- Asking
- $450/SF
- Clear height
- ±20'
- Loading
- Grade level
- Built
- 2020, concrete tilt-up
- At print
- 1 in escrow, 4 offers
Offered by Grant Traub, SIOR, and Chris Connell, SIOR, of Colliers.
LoftWorks Phase 2
Flex space downstairs, loft-style living above, and the freedom to own both under one roof. It won't fit every business, and that is exactly why it works so well for the ones it does.
- Asking
- $450/SF
- Clear height
- Approx. 24'
- Delivery
- October, targeted
- Status
- Early units sold
Offered by Tonya Gottesman and Ryan Martin, SIOR, CCIM, of CBRE.
Post Habitat & SD Habitat
Two newly built projects reached real closings at ~$375 and ~$372/SF. Recorded deeds outweigh any pro forma.
North Las Vegas
Nine closed trades averaging ~$282/SF, still the valley's most attainable entry for owners who need clear height and loading.
The watch list
Well-located small-bay in established parks, including the Craig and Lake Mead corridors and select Southwest units.
The A's are coming. So is everybody else.
Renderings are cheap. Steel is not. Here is what is actually under construction in the valley, and why it matters to the people who own the buildings that serve it.
The Ballpark
The $2 billion, 33,000-seat ballpark has become a skyline object. As of mid-August, the second steel roof-truss arch is complete and the structure is headed toward roughly 290 feet.
The Guitar
The guitar-shaped tower has topped out its structural frame. County filings sketch a roughly 2,000-seat theater, a karaoke venue, reworked rooms, and a guitar-shaped pool.
The Train
The station's parking structure is under construction and site work is underway at the Sloan maintenance facility. Public records show the budget has grown to roughly $20 billion. We'll believe it when we see it.
Every crane is a demand signal.
- Life Time128,000 SF club at Durango and Sunset, late 2026
- Hylo Park90,000 SF retail plaza, North Las Vegas, opening in phases
- LVXPNorth Strip resort-and-arena, still in approvals
Stadiums, resorts, and rail lines seed the medical practices, law firms, suppliers, and contractors that need 3,000 to 10,000 square feet within twenty minutes of the action. The last time this valley built at this scale, the businesses that owned their real estate rode the appreciation.
When your building becomes part of your brand.
Owning the address changes more than your balance sheet. There is a return here that never shows up in the lease-versus-own spreadsheet.
At some point, the real estate conversation changes. "Where should we lease?" turns into "What are we building here?" For some businesses, the answer is the building itself.
The financial case for ownership gets plenty of attention, and the rest of the report makes it well. But brands live in physical space too. For a medical practice, law firm, contractor, nonprofit or professional services company, the building is often the first impression.
Before a client meets your team, they have seen your address, pulled into your parking lot, walked past your signage and sat in your lobby. Every one of those moments said something about you, whether you meant it to or not.
Ownership lets you decide what it says.
The building is already talking. The question is whether you're deciding what you want it to say.
Occupying a space, or owning an experience.
A tenant can build a beautiful suite. An owner gets to think bigger: exterior, signage, interiors, wayfinding, landscaping, how people move through the property. None of it requires an extravagant building. It requires an intentional one.
Your address can become an asset.
Think of the businesses whose buildings you recognize before you spot the sign. That kind of recognition takes time, and ownership gives a business the chance to build it with more permanence and control.
Don't waste the moment.
Buying the building is a milestone. So is renovating it, hanging the sign, walking the team through for the first time and opening the doors. Those are not logistics. They are chapters, and each one is a chance to bring clients, employees and the community along.
The building is already talking.
An owner-user experiences a building differently than an investor does. It is where your employees show up every morning and where clients learn to trust you. Once your name is on the building, the real estate becomes part of the story people tell about you.
Before you move in, think beyond the floor plan.
Buying the building is the real estate decision. Making it yours is the brand decision.
- What will a client experience from the moment they arrive?
- Does the exterior reflect who we are today, or who we're becoming?
- Where does our signage go, and who will see it?
- Does the interior make clients and employees feel the way we want them to?
- Is there room for culture: team gatherings, recruiting, celebrations?
- Could we host clients, industry events or community partners here?
- Where will we shoot photos and video?
- How will we announce the purchase, the renovation and the move?
- Will our website, listings, social channels and marketing materials be ready for the new address?
- Five years from now, what do we want people to associate with this place?
Courtney brings more than two decades of commercial real estate marketing and brokerage operations experience to BRAND Real Estate. She works at the intersection of commercial real estate, brand strategy and visibility, helping businesses and industry professionals turn their expertise into stronger, more recognizable brands.
Hello, World!
Everything we tracked, in one place.
Read the full report →- 01Market SummaryOne hundred closings and the three things that produced them.
- 02Office MarketPricing, submarkets, 60+ comparables, and available properties.
03Industrial & Flex MarketRecord pricing, the value corridor, and a 13-listing market.- 04New & NotableLocal @ Raiders Way and LoftWorks Phase 2.
- 05Office Condo ManiaA status check on every project we profiled last fall.
- 06The A's Are ComingThe ballpark, the Guitar, Brightline West, and what they mean for owners.
07Lender SpotlightTen medical practice lending myths, answered by Lindsay Rhodes of Bank of America Practice Solutions.- 08Your Building, Your BrandCourtney Goffstein on what ownership changes beyond the balance sheet.
09Owner-User ManifestoWhy owning your space can be one of the smartest moves a business makes.
Why owners own.
Owning the space you operate in is about control, stability, and long-term wealth. It won't fit every business, and we'll tell you honestly if it doesn't fit yours.
A payment that holds still.
A fixed-rate mortgage locks your payment to today's dollars. As rents for similar properties rise around you, your payment stays predictable for as long as 25 years.
Supply that can't keep up.
Land costs, changing regulations, and the years it takes to build from the ground up keep new supply scarce. Limited supply supports the long-term value of owner-occupied buildings.
Demand that keeps growing.
An aging population needs more medical space, and high-quality office product is hard to come by. Most existing office buildings are more than 15 years old.
Equity you keep.
Instead of paying off someone else's mortgage through years of lease payments, you pay off your own building while running your business. Over time, that equity can become part of your long-term plan.
A space that says who you are.
Owners invest more in spaces they own, and it shows. Your building is the first thing a client or patient sees when they pull into the parking lot.
Potential tax advantages.
Ownership can bring depreciation, mortgage interest deductions, and the ability to defer gains. The report covers the restored 100% bonus depreciation and how a cost segregation study can accelerate it.
Every situation is different. Talk with your CPA or tax advisor before making decisions.
Medical providers who should consider owning
What counts, and what doesn't.
This report tracks sales where a business bought a building to occupy it, not sales where someone bought a rent stream.
Office, industrial, and flex sales in the Las Vegas Valley where the buyer occupies the building. That covers medical practices, professional firms, contractors and trades, and institutions. This cycle's buyers included a church, a community center, and a city government.
Leased investments, sale-leasebacks, portfolio sales, and any purchase where the building stays multi-tenant under a landlord.
Earlier reports left out buildings built before 2004 and those larger than about 10,000 square feet. We retired that rule because that is where buyers went: more than half of this cycle's office trades were pre-2004 buildings. A few larger buildings are included where they are clearly comparable.
November 1, 2025 through July 31, 2026. Office, industrial, and flex buildings in the Las Vegas Valley, commercial only.
Thinking about owning your space?
Read the full report, or reach out with a question. There is no pressure here, just an honest conversation about your options and whether ownership makes sense for your business.
"My mission has always been to keep real estate in the hands of private individuals."
Bridget Richards · BRAND Real Estate