REBusinessOnline

Best Practices for Structuring Nevada Hotel, Casino Deals

One of the first questions clients ask when considering a hotel casino acquisition or the development of a new hotel casino project in Nevada is whether they have to obtain a gaming license. Since applying for a gaming license requires the disclosure of extensive, private personal information — and obtaining a gaming license can take several months — buyers and developers often want to learn about alternatives to the license. [caption id="attachment_211656" align="alignright" …

Opportunity, Demand Define Las Vegas Industrial Market

The Las Vegas industrial sector set records in 2017, with more new construction and higher net absorption than any other time in the market’s history. New construction was dominated by pre-leased space primarily driven by transportation and logistics companies, namely ecommerce and retail-related businesses. As a result, the overall vacancy rate decreased to the second lowest level in market history. As a percentage of overall market size, Las Vegas led the country in both new construction …

Office Trends Toward Creative, Collaborative in Las Vegas

Some of the larger companies with long-term growth forecasts are focusing on expansion and amenity-rich office environments for recruiting purposes. However, more people in less space continues to be the trend for companies with slower growth opportunities that are focused on efficiencies and overhead costs.   The average standard amount of office space per employee dropped from 225 square feet per person to between 150 square feet and 175 square feet per person in the past couple years.  …

Labor, Population Growth Drives Las Vegas Multifamily Market

Las Vegas continues to benefit from a strong labor market, which is driving demand and strong fundamentals in the multifamily sector. Employment in Southern Nevada increased by 3.4 percent over the past year, reaching one million workers, while the total population in Southern Nevada increased 2.2 percent, surpassing more than 2.2 million people. With a well-documented shortage in housing, developers added more than 3,200 new apartment units during the year and still saw vacancies decrease 30 …

Vegas’ Retail Market Supports Economy Beyond Gaming, Hospitality

There is a lot of buzz in the Las Vegas market a full 10 years after the Great Recession. Much of this buzz surrounds sports with the new Golden Knights hockey team; the Las Vegas Lights professional United Soccer League team; Las Vegas Aces WNBA team; and the NFL Raiders team. The new Raiders stadium is under construction now and is widely considered the most talked-about major development happening in Vegas. In a city that offers unmatched access to world-class gaming, shopping, tradeshows …

Albuquerque’s Office Market Sees Positive Absorption, New Construction

New Mexico’s office market has held steady along with the rest of the country throughout 2017. New development in areas outside of metro Albuquerque, like the Facebook development in Los Lunas, is attracting retail- and service-related businesses.  [caption id="attachment_204775" align="alignright" width="100"] Scott Whitefield, Colliers[/caption] While it remains to be seen what this means to the general commercial real estate industry, it is encouraging to see increases in activity …

Albuquerque’s Industrial Market Sees Strong Absorption From Warehouse, Manufacturing Users

The metro Albuquerque industrial market reported more than 39 million square feet of total industrial space as of year-end 2017. [caption id="attachment_204757" align="alignright" width="100"] Joel White, Walt Arnold Commercial Brokerage/SVN[/caption] The two largest categories of occupied space were warehouse/distribution (12.5 million square feet with 5.5 percent vacancy) and manufacturing (12.55 million square feet with 3.5 percent vacancy). The overall market vacancy rate at the end …

New Mexico’s Retail Market Gives Steady Performance

The New Mexico commercial real estate market continues to be a safe play for owners and developers in the Southwest. Albuquerque, which contains 50 percent of the state’s population, continues to drive the market with more than 80 percent of the commercial real estate transactions. [caption id="attachment_204772" align="alignright" width="100"] Jim Dountas, CBRE[/caption] A moderate supply-demand imbalance currently exists. This imbalance will allow vacant real estate to be matched up …

New Companies Bring Larger Needs for Multifamily Housing to Albuquerque

Albuquerque is a hidden gem. It isn’t a huge market when compared to places like Seattle, Austin or Denver, but that doesn’t mean there isn’t room for growth and development. [caption id="attachment_204768" align="alignright" width="100"] David Miles, Allen Sigmon Real Estate Group[/caption] The Urban Land Institute predicts Albuquerque’s development will trail other metros with stronger economies in 2018. But there are positive trends and developments for Albuquerque and the …

Investors Continue to Pay a Premium for STNL Retail Properties in Colorado

Single-tenant, net leased (STNL) retail properties continue to be among the most highly sought-after real estate investments. This is particularly true in Colorado and California where supply and demand constraints have created sales with significant premiums. [caption id="attachment_204749" align="alignright" width="100"] Zach Wright, Pinnacle Real Estate Advisors.[/caption] Investors are accustomed to paying low cap rates for single-tenant assets within California as these properties have …

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