Nevada's office market was hit hard by the 2008 recession, when often companies expecting to expand instead contracted and downsized their use of office space. Office product was vacated or underutilized. Vacancy rates jumped. New product stood empty. In the last 12 years, there's been very little new product under construction. Fast forward to today, when the office market … [Read more...] about Back to the Office
Economic Development in NevadaOpportunities and Obstacles
Economic development has been scaling up in recent years, working to diversify into a more stable state economy. “We work with all the regional development authorities,” said Bob Potts, deputy director, Governor’s Office of Economic Development (GOED). “They get state funding from us, and we contract with them for the scope of work.” GOED works the legislative and policy … [Read more...] about Economic Development in Nevada
Then and NowCommercial Developments in Nevada
Nevada is growing, with the in-migration of both residents and businesses, and the concentration of new industry in metro areas. As population and industry grow, the economy remains cyclical, ups and downs balancing each other out. Industries grow and contract, according to demand. During the pandemic, the need for office space dropped significantly, while the need for … [Read more...] about Then and Now
Keeping SafeSecurity for Today’s Businesses
Employees, customers, assets, equipment – businesses have a lot to lose to burglaries or robberies. Property damage costs add up. People can be injured. Today, with a recession looming, inflation rising and the pandemic dragging on, tempers are shorter, needs are more intense and incidents of workplace violence are rising. So, how does a business owner keep their business … [Read more...] about Keeping Safe
Wild at HeartEconomic Development in Rural Nevada
A lot of Nevada is rural. That doesn’t mean one rural community is the same as the next. Economic development in Nevada’s rural communities varies by community, location, established industries and what complementary businesses would fit with existing businesses. Another consideration is the type of businesses that could locate in the area and improve the quality of life for … [Read more...] about Wild at Heart
Southern Nevada CCIMPassing the Torch to the Next Generation of Professionals
Engineers, title agents, bankers, attorneys, contractors and beyond, CCIM Southern Nevada membership is open to anyone interested in classes, events and networking with the organization. CCIM stands for Certified Commercial Investment Member, and those involved in the organization can serve on committees and organize events. To be on the board, however, requires CCIM … [Read more...] about Southern Nevada CCIM
Governor’s Office of Economic DevelopmentThe Heart of Workforce Development
It’s the first thing companies ask when looking to locate or expand to Nevada. Before they ask about taxes or incentives, they ask about workforce. “We’re trying to attract companies based on the industries and target sectors we’re focused on,” explained Bob Potts, deputy director, Governor’s Office of Economic Development (GOED). “As we work with these companies, always at … [Read more...] about Governor’s Office of Economic Development
Transportation in NevadaChallenges and Opportunities
Supply chain issues have dominated headlines in 2022. Everything everywhere seems to be backordered, backlogged, or just unavailable. But what’s broadly referred to as supply chain issues are often labor shortages, manufacturing shortages and even shortages of trucks and trailers necessary to transport everything. Sometimes supply chain issues are really logistics … [Read more...] about Transportation in Nevada
Healthcare Check-UpThe Technology and People that Keep Nevada Healthy
In 2021, estimated revenue from the U.S. healthcare industry was $2,709.9 billion. The industry focused on medical technology, research and innovation. Hospitals spend more than $852 billion on goods and services annually and generate more than $2.8 trillion in economic activity. Those numbers provide the big picture. At a granular level, the goal of healthcare is to keep … [Read more...] about Healthcare Check-Up
The Economics of EducationFrom K-12 Through Post-Secondary, Nevada’s Schools Level Up
“A lot of [the new economy] is going to be STEM-related, science, technology, engineering, math, this deep interdisciplinary approach that will allow us to be better positioned for jobs in the future,” said Dr. DeRionne Pollard, president, Nevada State College (NSC). Technology is changing every experience and every economy around the world. Data analytics inform every … [Read more...] about The Economics of Education
New Users and UsesIndustrial Commercial Real Estate in Nevada
“Industrial real estate across the country is doing extremely well right now. Las Vegas is out performing, but it’s not exclusive to Las Vegas,” said Garret Toft, executive vice president, industrial, CBRE. “We’re seeing a period of very strong demand from tenants and users at a time where we’ve been developing quite a bit of industrial. But, demand is outpacing [supply] and … [Read more...] about New Users and Uses
Setting RecordsNevada’s Healthy Banking Industry Amidst the Pandemic
Global events like COVID send ripples through the economy which can cause uncertainty on the part of consumers and businesses. With the pandemic creating havoc for normal business operations and occurring just over a decade since the official end of the Great Recession, some economic uncertainty is to be expected. “I started with the bank 20 years ago and I came into the … [Read more...] about Setting Records
City of North Las VegasGrowth by Design
The City of North Las Vegas turned 75 in 2021. When incorporated in 1946, North Las Vegas was a sleepy, bedroom community. Today, North Las Vegas is a thriving metropolis with one of the strongest economies in the state. Through a pro-business approach, North Las Vegas is the epicenter of commerce, manufacturing and logistics in southern Nevada. The origins of the City of … [Read more...] about City of North Las Vegas
Architects and EngineersDesigning Nevada’s Future
Construction was one of the industries considered essential during the pandemic shutdown in spring 2020. That included architects and engineers, who social distanced, worked remotely and wore masks, but kept working. That doesn’t mean the pandemic didn’t affect these industries. Both fields were already changing when COVID hit. Like it did for many industries, the pandemic … [Read more...] about Architects and Engineers
Closed:The Great Resignation and Workforce Development
In August, 4.3 million U.S. workers quit their jobs, according to Department of Labor (DOL). Food services lost 892,000 workers, 721,000 employees quit the retail industry and even more workers left education and healthcare. The start of the pandemic saw record high unemployment and by July 2021 the United States hit another record high – 11.1 million jobs … [Read more...] about Closed: