Southern Nevada After a small first quarter increase of 0.3 points from 10.5 percent vacancy in the Las Vegas retail market held firm at 10.8 percent in Q2. The Valley’s anchored retail market is generally stabilized, though there remains room for improvement. Some submarkets have fared better than others, such as the Northeast with a 5.8 percent vacancy rate. At the other end … [Read more...] about Retail Summary: Second Quarter 2017
Monthly Editorial Departments
Business Indicators: October 2017
The “advance” estimate for U.S. real gross domestic product (GDP) for the second quarter of 2017 grew at a 2.6 percent annualized rate. Real GDP for the first quarter was revised downward to a 1.2 percent pace. Residential investment exhibited the largest decrease among the real GDP components for the second quarter, while consumer spending and business investment rebounded … [Read more...] about Business Indicators: October 2017
Stop Calling Higher Taxes a ‘Reform’: Property Taxes in Nevada
It’s not very often that a bad tax system actually benefits taxpayers — but that’s the case with Nevada’s property tax. Both policy experts and local governments have repeatedly called for reform to the state’s convoluted property tax structure — albeit for entirely different reasons. Many policy experts dislike the current system because it’s unnecessarily complex, and … [Read more...] about Stop Calling Higher Taxes a ‘Reform’: Property Taxes in Nevada
Around the State: September 2017
NHL Practice Facility Named after City National Bank City National has been named the official bank for the Vegas Golden Knights National Hockey League team. The team’s practice facility has now been named the City National Arena and the bank will be brand identified at the T-Mobile arena where the Knights will play during the regular season. City Nationals mutli-year … [Read more...] about Around the State: September 2017
Red Report: September 2017
E Sale, Multi-Family ADDRESS 1011 N. 4th St., 89101 BUYER 1011 North 4th Street Casa Vista, LLC SELLER Casa Vista, LLC DETAILS 23 units; $52,174 per unit APN 139-27-603-003 SELLER’S REP Devin Lee, CCIM and Jerad Roberts of Northcap Multifamily Sale, Land ADDRESS 3919 E. Cheyenne Ave., 89115 BUYER 3919 Cheyenne, LLC SELLER Professional Investors DETAILS 4.9 acres; … [Read more...] about Red Report: September 2017
Office Summary: Second Quarter 2017
Southern Nevada Las Vegas Valley’s office vacancy rate in Q2 2017 declined by 1.1 points to 19.2 percent from Q1 2017. Compared to Q2 2016, the office vacancy rate was down 1 point, from 20.2 percent. Vacancy rates ranged from 15.7 percent for Class C space to a high of 23.3 percent for Class A space in Q2. Las Vegas Valley’s office vacancy rate in Q2 2017 declined by 1.1 … [Read more...] about Office Summary: Second Quarter 2017
September 2017: Business Indicators
The “advance” estimate for U.S. real gross domestic product (GDP) for the second quarter of 2017 grew at a 2.6 percent annualized rate. Real GDP for the first quarter was revised downward to a 1.2 percent pace. Residential investment exhibited the largest decrease among the real GDP components for the second quarter, while consumer spending and business investment rebounded … [Read more...] about September 2017: Business Indicators
Right-to-Work: Improving the Value of Labor Unions in 28 States and Counting
Union bosses often try to portray right-to-work laws — which allow workers to decline or opt out of union membership — as a direct attack on unionization itself, arguing that supporters of employee freedom secretly wish to see workers enslaved under a harsh and punitive employment system. The truth is, if right-to-work supporters were actually trying to destroy unions, … [Read more...] about Right-to-Work: Improving the Value of Labor Unions in 28 States and Counting
Around the State: August 2017
Southern Nevada Communities Rank Among Nation’s Top Ten According to a report by RCLCO Real Estate Advisors, Summerlin in Southern Nevada ranked 7th among the nation for the best selling master-planned communities. Sales have been strong for the community in the first half of the year, Summerlin topped last year’s numbers by 28 percent. Since the list debuted in 1994, … [Read more...] about Around the State: August 2017
Red Report: August 2017
E Sale, Industrial ADDRESS 3110 Venture Dr., 89101 BUYER Pro Point, Inc. SELLER Nevada Builders Venture, LLC DETAILS 8,564 SF; $899,220 APN 139-36-813-008 BUYER’S REP Zac Zaher of CBRE Sale, Multi-Family ADDRESS 150 Hoover Ave., 89101 BUYER The Hoover, LLC SELLER Pinetree, LLC DETAILS 56 units; $38,661 per unit APN 139-34-410-031 BUYER’S REP Devin Lee, CCIM and … [Read more...] about Red Report: August 2017
Industrial Summary: Second Quarter 2017
Southern Nevada The Las Vegas Valley’s overall industrial vacancy rate in Q2 2017 was 6 percent, up 0.5 percentage-points from the first quarter. Vacancies were up in every product type except for incubator. However, that did not put a dent in completions. A large amount of new space came to market during the quarter. The industrial market appears to be continuing to … [Read more...] about Industrial Summary: Second Quarter 2017
August 2017: Business Indicators
The “third” estimate for U.S. real gross domestic product (GDP) for the first quarter of 2017 implied a 1.4 percent annualized rate of growth, 0.2 percentage point higher than the “second” estimate of 1.2 percent. U.S. nonfarm employment rebounded by adding an impressive 222,000 jobs in June. Moreover, the previous two months of job gains were revised upward. The unemployment … [Read more...] about August 2017: Business Indicators
Special Interests Wanted ESAs Dead: More Than Sandoval Wanted the Program Funded
Teacher unions care more about their share of tax revenue than they do about the quality education of children. More than anything else, that should be the takeaway from the 2017 legislative session — when opponents of educational choice called the Governor’s bluff on Education Savings Accounts (ESAs). Of course, the word “bluff” implies that, ultimately, Sandoval was not … [Read more...] about Special Interests Wanted ESAs Dead: More Than Sandoval Wanted the Program Funded
Around the State: July 2017
NDOT Shares DataWith App Waze The Nevada Department of Transportation (NDOT) has announced a data-sharing partnership with Waze, a free, real-time crowdsourced traffic and navigation app. Through the app, NDOT state road construction, incident and closure data will become available to Nevada drivers. In a two-way data exchange, Waze will provide NDOT with anonymous traffic … [Read more...] about Around the State: July 2017
Red Report: July 2017
E Project, Industrial ADDRESS 4410 – 4490 Nexus Way, 89115 CONTRACTOR OF RECORD Martin-Harris Construction DETAILS Construction has commenced on the 191,206 square-foot building five of VanTrust Real Estate’s Northgate Distribution Center. Once completed, the center will have eight buildings covering 3.2 million square feet. Sale, Office ADDRESS 821 Nellis Blvd., … [Read more...] about Red Report: July 2017