Online Shopping Keeps Vegas’ Industrial Market Humming

By Amy Ogden, Logic Commercial Real EstateThis was an unprecedented year in a multitude of ways. Though the pandemic brought economic hardships — along with the world’s worst health crisis — it also opened our eyes to how quickly life can change overnight. Businesses reacted to the crisis as best and swiftly as they could to comply with state stay at home orders, capacity reductions, and the fear and panic that ensued. Little did we know that we would be desperately seeking toilet …

Sublease Space Stagnates, but 2021 Shows Promise for Las Vegas Office Market

By Dan Palmeri, Senior Director, Tenant Advisory Group, Cushman & WakefieldAs with most of the country, Las Vegas’ office market has been significantly impacted since COVID-19 restrictions started back in March. While many businesses have been allowed to operate at limited capacities, we’ve also seen many larger office users elect to work from home over the past nine months. This increase in work from home scenarios has naturally created a large increase in sublease …

Las Vegas Gaming: The Ugly, the Bad and the Good

By Mike Mixer, Colliers International - Las VegasAt the beginning of 2020, Las Vegas was anything but ugly. Nevada’s economy was one of the fastest growing in the country. Unemployment was the lowest ever at 3.6 percent, while casinos reported three straight months of $1 billion in winnings. Then COVID came along and things got real ugly, real quick. The entire Las Vegas Strip was shut down, closed…on less than a day’s notice.The Las Vegas unemployment rate hit a staggering 34.2 …

Reno’s Economic Expansion, Population Surge Keep Multifamily Developers Active

By Kenneth Blomsterberg, Senior Managing Director of Investments, Marcus & MillichapReno recorded robust job creation last year. This was bolstered by corporate growth at the Tahoe-Reno Industrial Center in Sparks, which houses Tesla’s Gigafactory, Apple and Switch data centers, in addition to a collection of fulfillment and distribution centers. The standout pace of employment growth supported the strongest rates of net migration and household formation this cycle, increasing local …

Reno Office Market Capitalizes on Relocations from Places Like California

By Scott Shanks, principal, Dickson Commercial GroupThe Reno/Sparks office market is in a unique position: caught in the throes of a rapidly expanding commercial marketplace and aided by an ever-increasing population base. The most vibrant commercial real estate sectors in our area are industrial and multifamily, and they have been for decades. The office market is also seeing new companies, new developers and new buildings.For the first time in many years, we will see a true …

Reno’s Industrial Market Remains In Demand

[caption id="attachment_261976" align="alignright" width="150"] Chris Fairchild, Vice President, Colliers International[/caption]Reno’s industrial real estate market has kept a jaw-dropping pace over the winter months. The fourth quarter of 2019 saw record-setting gross absorption numbers for any quarter at 3.34 million square feet with 10 transactions above 100,000 square feet. This amount of activity so late in 2019 typically suggests a slow start to the new year. However, activity …

The Disappearance of the Shadow Inventory Renter in Las Vegas

From 2009 through 2015, Las Vegas renters were afforded the luxury of renting many of the high-rise condominiums around the Strip and Downtown Las Vegas. This was due to the massive amount of short sales and foreclosures during that time. There were about 7,876 condo units completed between 2006 and 2009. Shortly after the crash, these developments shifted to luxury rentals. During 2011, we tracked 785 condos that were rented with an average of $1.31 per square foot, or $1,838 per month. During …

What’s Happening in Las Vegas’ Retail Market?

There are no guarantees in commercial real estate. For commercial real estate owners, developers and investors, however, betting on the continued strength of the Las Vegas marketplace has been as close to a sure thing as it gets in recent years. The Vegas commercial market is as strong as it’s ever been as we head into 2020. Delivery on new projects is up 800,000 square feet over 2018. About 1.2 million square feet of retail space will have been added to the market by year’s end, while …

Henderson Readies for an Even Larger Influx of California Companies

Once a bedroom community largely overshadowed by its Las Vegas neighbor, the City of Henderson is thriving. With a population of more than 300,000, Henderson recently surpassed Reno to become the second-largest city in Nevada. Henderson’s employment rates have been steadily rising, according to the city’s latest economic update. The city’s employment was at 144,000 last year and has risen to 153,800 in 2019. Henderson accounted for about 11 percent of all jobs in the Las Vegas Valley in …

Tenants, Developers Remain Bullish on Northern Nevada Industrial Market

Northern Nevada’s industrial market remains strong with more than 3.2 million square feet of new speculative space under construction and slated for delivery in 2020. These new projects will push the market well above the 90-million-square-footmark. The vacancy rate is a low 5.56 percent and continues to trend slightly upward. There have been some significant lease transactions in the market. Prologis is building a 598,901-square-foot facility for Makita Tools; Scannell just finished a …

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