As 2025 comes to an end, we’re looking back on what truly shaped the Las Vegas commercial real estate market this year, not just the headlines, but the deeper shifts beneath the surface. Few people have the perspective to see those changes as clearly as Pam Junge. With nearly three decades in the industry, Pam has witnessed multiple market cycles, evolutions, and turning points across Southern Nevada.
In the piece below, Pam shares her firsthand perspective on what defined Las Vegas commercial real estate in 2025. It’s a look at a year that may have felt quieter, but proved to be foundational for what’s ahead.
Las Vegas Commercial Real Estate: The Story of 2025
By Pamela Junge
I’ve been working in Las Vegas commercial real estate long enough to know that not every “hot market” tells the same story. Some years are loud. Some are flashy. And then there are years like 2025 — quieter on the surface, but far more important underneath.
What I saw this year wasn’t speculation. It was conviction. Businesses putting down roots. Developers building for longevity. Owners making thoughtful decisions about where — and how — they want to grow. This market didn’t sprint in 2025. It set its stance.
The Engine Beneath the Headlines: Business Influx & Job Creation
Behind the flashy announcements and skyline changes, the real driver of Las Vegas’ commercial momentum in 2025 was business formation and expansion.
Southern Nevada continued to attract companies across manufacturing, logistics, professional services, tech-adjacent operations, and small-business enterprises. These aren’t speculative users — they’re payroll-backed, brick-and-mortar businesses creating steady demand for industrial, flex, service retail, and eventually owner-user buildings.
What matters here is quality:
Small and mid-sized businesses accounted for the majority of net job growth, reinforcing a healthy foundation for neighborhood commercial corridors, light industrial parks, and mixed-use environments. This is the type of growth that compounds over time.
Infrastructure Follows Conviction
You don’t see infrastructure investment at scale unless leaders believe the next decade is being built now — and 2025 made that belief clear.
The I-15/Tropicana interchange project continued reshaping one of the most critical gateways into the Strip. Brightline West moved beyond concept into visible construction at the Las Vegas station site, with major corridor work ramping up next. While passenger service is now expected closer to 2029, the message is unmistakable: Las Vegas is planning for long-term connectivity, workforce mobility, and sustained visitor volume.
Infrastructure doesn’t chase yesterday’s growth. It prepares for tomorrow’s.
The Heartbeat of the City: The Strip’s Next Evolution
The Strip remains the economic and emotional core of Las Vegas — and in 2025, it leaned fully into its next chapter.
The A’s stadium officially broke ground on the Tropicana site, anchoring a broader mixed-use, entertainment-driven campus scheduled for the 2028 MLB season. This isn’t just about baseball. It’s about density, experience, and year-round activation.
What we’re witnessing is a continued pivot away from single-use gaming toward multi-dimensional destinations — where sports, entertainment, hospitality, dining, and retail overlap. Las Vegas isn’t competing with other casino markets anymore. It’s competing with every global entertainment city.
Capital Behavior: The Quiet Return of the Owner-User
One of the more interesting undercurrents of 2025 was how business owners thought about space.
SBA-backed financing — particularly 504 and 7(a) programs — stayed active, and with it came a familiar question I’ve heard more often this year:
“Do I keep leasing… or do I finally own?”
Rising rents, stabilized interest-rate expectations, and long-term business confidence have brought owner-user conversations back into focus. Even when leasing remains the first step, many operators are planning their next move with ownership in mind. That mindset shift matters — it supports long-term absorption and stabilizes local commercial markets.
Multifamily: Not a Frenzy — A Thaw
Multifamily didn’t roar back in 2025 — and honestly, that’s a good thing.
What we saw instead was measured re-entry. Several notable transactions closed, pricing found firmer footing, and cap rates showed signs of stabilization. This wasn’t about exuberance; it was about clarity.
After a sluggish period, buyers and sellers finally started agreeing on value again. That alone was enough to bring activity back into the conversation.
Office Reality Check: Flight to Quality Is Real
Office headlines can be misleading. The truth in Las Vegas is more nuanced.
Office didn’t disappear — obsolete office did.
2025 made one thing very clear: tenants are choosing quality. Newer Class A projects with parking, walkability, modern systems, and lifestyle components performed far better than older, legacy office campuses. In many cases, new developments didn’t just lease up — they pulled tenants out of older buildings, forcing a long-overdue reckoning.
This reshuffling isn’t a weakness. It’s evolution.
Mixed-Use Isn’t a Trend — It’s the New Language
If there’s one theme that ties everything together, it’s mixed-use.
Projects like UnCommons, Symphony Park, and other integrated developments aren’t just adding square footage — they’re creating places. Places where people live, work, dine, collaborate, and build community.
That matters in a city like Las Vegas, where talent attraction, quality of life, and experiential design are now economic drivers, not afterthoughts.
The Big Picture
2025 wasn’t about explosive headlines.
It was about foundation-building.
Las Vegas strengthened its infrastructure, diversified its business base, redefined the Strip, reset multifamily expectations, clarified office demand, and leaned fully into mixed-use environments.
From where I sit, that’s exactly what a healthy commercial market looks like.
And if 2025 was about setting the table —
2026 and beyond look like the years we eat.
After nearly three decades in this business, I’ve learned to trust markets that evolve — not just expand. 2025 gave Las Vegas space to recalibrate, reposition, and prepare for its next chapter.
From infrastructure to mixed-use, from owner-users to institutional players, the through-line this year was intention. And intention is what creates durable value.
I’m optimistic about what’s ahead — not because the market is loud, but because it’s solid.
Pamela Junge, CCIM
Commercial Advisor
eXp Commercial