According to the RJ, a newer office building at the Hughes Center is currently renting for around $3.85 a foot. It is nearing the $4 per foot mark which hasn't been seen yet in Las Vegas.
Commercial Las Vegas real estate is hot right now. Rents are up. Developers are busy. And, investors are making a killing.
The Hughes Center is just an example of premium real estate in the valley. The development, now owned by Morgan Stanley, was purchased for some $6.5 billion.
Average rental spaces are now going for $2.36 per foot. Vacancy is running at 12.4 percent.