The Owner-User Report
Las Vegas Valley | Since 2023A running count of the businesses that stopped renting and bought the building they work in. Every sale is checked against county records, and every edition explains what the numbers mean for owners.
Who is actually buying in this valley.
The Owner-User Report tracks sales where a business bought a building to occupy it, not sales where an investor bought a rent stream. Those two markets behave differently, and most market reports blend them together.
Each edition pairs the closed sales with what is currently for sale, so an owner can see both what buildings traded for and what it would cost to buy one today.
01. What counts
Office, industrial, and flex buildings in the Las Vegas Valley, commercial only, where the buyer occupies the space. Medical practices, professional firms, contractors and trades, and institutions all appear in the data.
02. What doesn't
Leased investments, sale-leasebacks, portfolio sales, and any purchase where the building stays multi-tenant under a landlord.
03. What's in every edition
A market summary, comparable sales with price per square foot, current listings for sale, submarket pricing, and a look at the projects that will shape the next cycle.
04. Who it's for
Business owners weighing leasing against owning, and the brokers, lenders and advisors who guide them. Reading it costs nothing and commits you to nothing.
How each edition gets built.
It is slow work, and that is the point. The numbers in this report come from recorded deeds, not from a listing feed.
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We track every owner-user sale.
Working through the valley submarket by submarket, we pull the commercial sales that closed during the reporting window and separate the businesses that bought a building to occupy it from the investors who bought income.
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Every sale is checked against county records.
Price, square footage, year built and sale date are verified against county records rather than taken from the listing service, then turned into a price per square foot you can compare across buildings.
Verified, not aggregated -
We read the market around the data.
Submarket pricing, what buyers paid a premium for, what is listed for sale right now, and the projects delivering next. This is where the report says what it thinks is happening, and where it disagrees with the easy reading.
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We publish it, then talk it through.
The edition goes out to owners, brokers, lenders and advisors across the valley. If you want to know what it means for your own situation, that conversation is part of the work.
Every edition, in one place.
Five editions · 2023 to 2026Fall 2026
About one hundred owner-user closings across the valley, the first generation of Las Vegas office condos delivering, and a record price in small-bay industrial.
Fall 2025
Read the report
Summer / Fall 2024
Read the report
Spring 2024
Read the report
Fall 2023
Read the reportThe current edition opens on this site. Past editions open in DocSend and are kept as published, so their numbers reflect the market at the time.
"My mission has always been to keep real estate in the hands of private individuals."
Bridget Richards, SIOR, CCIM · BRAND Real Estate
Start with the latest edition.
Read it, keep it, or bring it to a conversation about your own building. If you tell us what you occupy today, we can point you to the comparable sales that actually apply to you.