Frequencies above 6 GHz are being considered by mobile communication industry for the deployment of future 5G networks. However in the higher carrier frequencies, especially the millimeter-wave frequencies (above 30 GHz), there can be severe degradations in the transmitted and received signals due to Phase Noise (PN) introduced by the local oscillators. In this paper, the effect of PN has been investigated for Orthogonal Frequency Division Multiplexing (OFDM), Offset QAM Filter-Bank Multi-Carrier (OQAM-FBMC) and QAM Filter-Bank Multi-Carrier (QAM-FBMC). The sources of degradation in these waveforms are quantified and closed-form expressions are derived for Signal-to-Interference Ratio (SIR). Evaluations are performed in terms of SIR and Symbol Error Rate (SER) for mm-wave frequencies using mmMAGIC PN model. The results reveal that OFDM outperforms OQAM-FBMC and QAM-FBMC and is a promising candidate for mm-wave communication.