Las Vegas apartment rents up but more slowly

Apartment lessors requested average rents of $872 during the first quarter, a 4.3 percent increase over the $836 sought in the first quarter of 2006.

Las Vegas occupancy was 94.1 percent in the first quarter. It stood at 95.4 percent during the fourth quarter.

And there’s this.

This note from CB Richard Ellis about a record amount of office space that will be built in Las Vegas in 2007 and 2008. There is more than 4.2 million square feet under construction and 25.2 million square feet.

“The question is will there be enough activity to fill the large volume of space coming on line,” said Brad Peterson, a senior vice president for CB Richard Ellis. “Higher demand will have to continue for the market to stay healthy.”