A guide to executive suites and office space to rent in Las Vegas as well as general information that may be useful if you are thinking of renting offices in Las Vegas.
History & Geography
Las Vegas is not only a city but a world-renowned icon. To most around the world ‘Vegas’ represents sun, gambling and hedonism. But the city has a rich history and many different facets. Las Vegas is located in central Nevada in a basin of the Mojave desert, flanked to the west by the Spring Mountains. The first European to visit the area was Raphael Rivera, a scout who traveled through the Las Vegas Valley in 1829. At that time most of the region was inhabited by the Paiute Indians. The US government eventually built a fort in the area and for some time Mormon missionaries were active, though these left when the Utah War broke out. In 1905 the town of Las Vegas was established as a town to service the San Pedro, Los Angeles and Salt Lake Railroad. By 1911 it was a fully incorporated town. Las Vegas became an important staging post for mines in the region. When the Hoover Dam was built in 1935 tourism increased to the area and Las Vegas prospered. In 1931 gambling was legalized and the hotels and casinos that the city is famous for today started being built. Benjamin ‘Bugsy’ Seigel, a gangster from New York was instrumental in developing Las Vegas along with Meyer Lansky, another gangster from the East Coast. Between them the two owned or had a part in most of the casinos and hotels in the city. Later in the 1970s and 80s most of the gangsters were bought out and today most Las Vegas casinos are fun by corporations. In 1989 developer Steve Wynn built the Mirage, and the era of the megaresort began. Many new hotel casinos were built with money from Wall Street and Las Vegas became one of the most visited cities in the world.
The main bulwark of the Las Vegas economy is tourism and the assorted hospitality industries that come hand in hand. The vast majority of tourists come to Las Vegas for its gambling, though the city does now provide a host of other attractions. Most of the city’s famous hotel casinos are located downtown, specifically on the Las Vegas Strip. In the last two decades the city has been the site of major redevelopment, the largest project being the Fremont Street Experience (FSE), a sizable outdoor mall. The FSE is the site of the city’s New Year’s Eve celebrations and also houses the Neon Museum. City bosses have also been trying to diversify the economy by building up other industries such as banking, financial services and light industry. Recently the city opened the World Market Center, which is intended to be the country’s largest furniture wholesale showroom. Also under construction is the World Jewelry Center in Symphony Park, a massive development located downtown. Las Vegas is also a major destination for conventions and exhibitions. This, along with the tourism brought by gambling, feed the city’s large restaurant industry. Currently Las Vegas is the 28th most populous state in the country and is growing every year.
Tourism & Culture
Las Vegas is known as The Entertainment Capital of the World and has a thriving tourism industry. The city’s hotel casinos feature not only gambling but shows, outdoor recreation, wildlife exhibits and more. Moreover the city features some of the best restaurants in the world as well as a range of clubs and bars offering the height of service and luxury. Much of the city’s tourism is centered on the Las Vegas strip, a 4.2 mile stretch of Las Vegas Boulevard. Of the world’s 25 largest hotels 15 are on the strip and have a total of approximately 62,000 rooms. Many of the hotels used to have their own golf courses, however now only Wynn Las Vegas has a course open to guests. Some of the more famous attractions are the water fountains at the Bellagio, the Volcano at the Mirage and the Sirens of TI show at Treasure Island. Las Vegas also has a massive retail industry directed at the tourists, featuring a host of outdoor malls and shopping centers. Grand Canal Shoppes is perhaps the most famous, connected to the Venetian and featuring canals and gondolas, complete with singing gondoliers.
Las Vegas is served by McCarran International Airport on the outskirts of the city. There are regular bus and taxi services to the airport. The city itself has a fairly comprehensive public transportation system. RTC Transit provides an extensive bus network throughout the city and the outlying suburban areas. Recently a bus rapid transit service between downtown Las Vegas, the Strip and the Las Vegas Convention Center has been instituted. Most residents of the city drive, and the like most American cities Las Vegas is laid out in a fairly simple grid pattern.
Currently the average rent for office space in Las Vegas is USD 2.05 per square foot. The Las Vegas office market is regarded as fairly stagnant at the moment with absorption 45,754 square feet over the last year. At the moment overall office vacancy stands at 24.8 percent, though with banks due to release more distressed properties onto the market it is thought that this rate will spike, at least temporarily. However as there are few new office developments in the pipeline it is unlikely that the vacancy rate will remain high for long, analysts have predicted. In particular Class A space will soon be harder to come by.