Las Vegas Tops List of National Office Performers

By Ryan Sarbinoff, First Vice President and Regional Manager, Marcus & MillichapA growing, educated local labor force and lower rents compared to other office hubs in the region are driving office tenants to Las Vegas. The metro registered the largest drop in office vacancy among major U.S. markets over the 12-month span that ended in March, as tenants absorbed more than 2 million square feet. Much of this space was at Class B/C properties, with the subsector noting the strongest …

June 29, 2022Market Reports, Nevada, Office, Western, Western Market Reports

Reno Retail Sets Record Highs, Lows

By Bret Nicholson, Retail Specialist, Marcus & MillichapReno’s retail sector is setting records as of February 2022. Vacancies are hovering near an all-time low of 4.9 percent, and asking rents have risen to new heights, averaging $1.72 per square foot on a monthly basis. Sellers are achieving cap rates comparable to those seen in core markets, resulting in sale prices that many would not have thought possible only a few years ago. A number of factors have contributed to the …

April 12, 2022Market Reports, Nevada, Retail, Western, Western Market Reports

Unprecedented Industrial Rent Growth Puts Eyes on Northern Nevada

By Shawn Jaenson, Senior Vice President, Industrial Specialist, Kidder MathewsThe Northern Nevada industrial market is composed of 98.7 million square feet of industrial real estate spread across six submarkets. Northern Nevada’s centralized location allows for a one-day truck service to more than 60 million customers. Couple that with the fact that Nevada has no corporate tax, personal tax, inventory tax, franchise tax, or special intangible tax and the city is one of the most …

April 1, 2022Industrial, Market Reports, Nevada, Western, Western Market Reports

Reno Remains in Demand for Multifamily Investors

By Robert Skinner, Broker-Salesperson, Sierra Nevada Properties Commercial GroupBack in the day, Reno had lots of land, we did not need high density development and there was little reason to build vertically.Because of the efforts of state and community leaders, as well as economic development agencies like Economic Development Agency of Western Nevada (EDAWN) and the Northern Nevada Development Authority (NNDA), many companies relocated and expanded here.With the increase in …

March 21, 2022Market Reports, Multifamily, Nevada, Western, Western Market Reports

Reno Office Leasing, Development Bounce Back

By Patrick Riggs, Senior Advisor, Office, Dickson Commercial GroupThe leasing market in Reno/Sparks is back on track following a strong end to 2021. The fourth quarter of 2021 concluded with an impressive 145,558 square feet of positive net absorption. This was the third straight quarter of positive net growth.[caption id="attachment_312783" align="alignright" width="150"] Patrick Riggs, Senior Advisor, Office, Dickson Commercial Group[/caption]Panasonic Energy stole the headlines …

March 14, 2022Market Reports, Nevada, Office, Western, Western Market Reports

Southern Nevada’s Economic Recovery Continues Toward Pre-COVID Levels

By John Stater, Research Manager, ColliersSouthern Nevada gained 15,400 industrial jobs between August 2020 and August 2021, according to the Nevada Department of Employment, Training and Rehabilitation. The logistics and wholesale sectors added jobs on a year-over-year basis, while the natural resources and construction sectors lost jobs. Unemployment in the Las Vegas-Paradise MSA was 8.3 percent in August 2021. Over the past 12 months, total employment in Southern Nevada increased …

March 4, 2022Industrial, Market Reports, Nevada, Western, Western Market Reports

Housing Demand, Rents Hit All-Time Highs Throughout the Las Vegas Valley

By Steve Nosrat, Principal, Avison YoungAs we prepare to close out 2021, Las Vegas continues to thrive, maintaining its place as one of the fastest-growing multifamily markets in the nation. Clark County’s population grew by 2 percent — nearly 40,000 — ranking it among the top 10 metros with at least 750,000 residents. This has further increased the already high demand for multifamily properties. Annual job growth in Las Vegas has outperformed the national average for five …

February 7, 2022Market Reports, Multifamily, Nevada, Western, Western Market Reports

Southern Nevada: Where Industrial Real Estate Matters

WREB recently sat down with Tom van Betten, vice president of Matter Real Estate Group. The San Diego-baseed real estate development company currently has 2.5 million square feet of industrial projets either in development or owned by Matter. One of those four projects is Matter Logistics @ North 15, a 930,000-square-foot warehouse/distribution project in North Las Vegas that spans two buildings. Below, Van Betten discusses the firm’s attraction to the Las Vegas Valley, where he sees the …

January 31, 2022Industrial, Market Reports, Nevada, Western, Western Market Reports

Vegas Shows Resilience with Strong Economic Growth in Retail

By Jeffrey Mitchell, Principal Broker, Mountain West Commercial Real EstateLas Vegas experienced the second largest unemployment rate at the start of the COVID-19 pandemic in April 2020. Since then, the Las Vegas Metro has come a long way in recovering economically. It continues to see growth, particularly in the retail sector.Some key factors as to why Las Vegas has been on a continued trajectory of growth include the migration of residents, capital from across the country (with …

January 18, 2022Market Reports, Nevada, Retail, Western, Western Market Reports

Southern Nevada Suburban Office Market Demand Improves

By Wes Drown, Broker Associate, REMAX CommercialThe Las Vegas Valley continues to see growth in the demand, velocity, rates and a decline in incentives as Vegas bounces back. This is led by the return of our entertainment industries, which are almost to pre-COVID levels, in addition to the massive demand for housing and commercial construction. All you have to do is take a drive around the 215-Beltway to see that activity is everywhere. The news-grabbing projects that are seemingly …

January 12, 2022Market Reports, Nevada, Office, Western, Western Market Reports