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 …

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 …

Reno Retail Makes a Favorable Comeback After a Devastating 2020

By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial Inc.The Reno retail market was hard hit overall by the pandemic, with the service industry at the top of the list. Some notable businesses that closed in Reno last year include Santa Fe Basque Restaurant, Truckee River Bar & Grill, An — Asian Kitchen & Bar, Little Nugget Diner, True NY Pizza Co., Rounds Bakery Storefront, Jos A. Bank, St. James Infirmary, 24 Hour Fitness and Pier 1 …

Reno’s Office Market Continues to Outperform Out West

By Evan Meyer, Senior Office Specialist, Kidder MathewsThe business climate continues to thrive in Reno as the regional economy quickly rebounded from the pandemic-fueled recession of 2020. Reno performed far better than most markets on the West Coast with a low unemployment rate (4.2 percent in August) and expanding job growth (+7.2 percent year over year). The region’s rapid growth persists as new businesses continue to move into the area, a trend that accelerated over the past few …

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 …

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