New Southwest Las Vegas office building adds tenants
The new Narrative office building in the southwest Las Vegas Valley is nearly full after signing on two more tenants.
Intermountain Health, a health care provider, and Select Health, a health insurer, will fill over 21,000 square feet of space on the first floor of the Narrative building, according to a news release from developers LaPour Partners and G2 Capital Development. The 100,000-square-foot building is now roughly 75 percent leased.
Hospitality-focused tech company Agilysys occupies more than 36,000 square feet of space in the Narrative building, and only the top floor of the building remains available for lease, according to the release. Colliers, a real estate brokerage, also moved into this office building this year and occupies about 15,000 square feet of space.
Narrative was completed in December 2022 and has many modern amenities including bike lockers and racks, showers, a fitness room, quiet work rooms, a private terrace and a quarter-mile walking path on the property. The building is located within walking distance of the UnCommons development, just off the 215-Beltway and Durango Drive.
LaPour Partners CEO Jeff LaPour said Narrative’s amenities have allowed it to lease quickly in a post-pandemic environment.
“Despite the pandemic, the need for office space remains crucial, especially for businesses prioritizing employee well-being and work-life balance,” he said in a statement. “As businesses rethink their office spaces and eye a future full of growth, we’re seeing firsthand with Narrative and other locations across Southern Nevada how prosperous the office market continues to be as it shifts to modernize.”
Overall, the Las Vegas office market has shown signs of life despite the pandemic depressing the demand for space across the nation. The vacancy rate for the office market in Las Vegas during the second quarter of 2023 was 11.1 percent, and the average lease rate was $2.51 per square foot, according to the latest office report from CBRE Group Inc. Roughly 350,000 square feet of office space is under construction in the valley.
Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com or @seanhemmers34 on Twitter.
