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 …

Reno Multifamily Rent Growth Among Nation’s Highest as Vacancy Remains Low

Reno’s proximity to the Bay Area is supporting an economy beyond the gaming industry. The area’s lower cost of living is also attractive for Bay Area transplants attempting to further stretch their income. Tesla is the most notable utilizer of the metro’s favorable location and business-friendly environment. [caption id="attachment_204715" align="alignright" width="100"] Ken Blomsterberg, Marcus & Millichap[/caption] The company pulled 112 permits last year to build out internal …

E-Commerce, Advanced Manufacturing Attract Capital to Reno

Industrial sales and leasing in the Reno-Sparks area remains one of the best performing sectors in the marketplace, just as it did in 2017. With a record vacancy percentage below 4 percent, combined with new buildings being occupied upon completion, the strong demand for new and existing industrial product is a welcome normality from previous years. [caption id="attachment_204710" align="alignright" width="100"] Joel Fountain, Dickson Commercial Group[/caption] The North Valley’s …

Reno’s Office Market Successfully Rebounds From The Great Recession

I have had the pleasure of selling commercial office space in Northern Nevada for nearly 15 years. During this time, I saw the peak of the market from 2003 to 2008 wherein construction was at an all-time high, lease rates were reaching unseen heights and absorption was setting records. Then we all got to experience the Great Recession from 2008 through 2012. This saw nearly half of the buildings that were constructed during the previous peak become empty. Vacancy rates hit 20 percent, lease …

BKM Capital Partners Buys 13-Building Industrial Complex in Las Vegas for $92M

LAS VEGAS — BKM Capital Partners has purchased Hughes Airport Center, a 13-building, multi-tenant industrial complex in Las Vegas, for $92 million. The properties are situated in the industrial pocket between McCarran International Airport and interstates 15 and 215. Hughes Airport Center contains 3.3 million square feet of Class A industrial space and Class B office space. The 420-acre, master-planned business park has access to nearby retail and entertainment amenities like Town Square …

Office Vacancy Declines As Product Dries Up

Last year was a relatively flat year for the Northern Nevada office market. Reno/Sparks had negative absorption in the first and third quarters of 2016, and positive absorption in the second and fourth quarters. The year ended up at 10,153 square feet of net absorption, according to the DCG internal database, essentially nullifying any real gains or losses. However, the Reno office market is much healthier at a 12 percent vacancy rate as compared to the nearly 20 percent recession highs. Each …

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