Las Vegas The Las Vegas commercial retail sector was impacted by weak local consumer spending and financial challenges impacting national retailers in 2008. During the fourth quarter of the year, the market expanded by 236,000 square feet reaching 50.5 million square feet in 326 anchored retail centers. On the year, the market welcomed 1.9 million square feet, although … [Read more...] about Commercial Retail Summary: Fourth Quarter 2008
Monthly Editorial Departments
April 2009: Business Indicators
The Silver State’s conditions have deteriorated rapidly. Just a year ago the jobless rate was 5.9, 5.6, and 6.6 percent for Nevada, Las Vegas, and Reno, respectively. A year later the rates exceed 10 percent—meaning a bad recession for the Silver State and its major urban areas. National conditions do not offer much encouragement—consumers now spend less, believing that an … [Read more...] about April 2009: Business Indicators
Commercial Office Summary: Fourth Quarter 2008
Las Vegas The Las Vegas Valley office market continued to deteriorate in 2008 as new supply outpaced market demand. The latest economic conditions resulted in fewer office-using business expansions and relocations, pushing the vacancy rate to a record-high 17.3 percent. The latest availability figures represented a 0.5 point increase from the 16.8 percent vacancy rate reported … [Read more...] about Commercial Office Summary: Fourth Quarter 2008
March 2009: Business Indicators
The November and December indicators show an economy caught in a firestorm—an uncontrolled self-reinforcing decline in which job layoffs create further job losses. A sustaining economic firestorm shows in the preponderance of double-digit percentage declines from year-ago levels. The severity of the contraction shows in sharp cuts in consumer spending. The Nevada … [Read more...] about March 2009: Business Indicators
Commercial Industrial Summary: Third Quarter 2008
Las Vegas Through the 3rd Quarter of 2008, the Las Vegas Valley industrial market continued to report vacancies in the single digits while limited near- to mid-term supply additions will likely keep availability in line with historical averages. During the quarter, the market posted 495,000 square feet of net absorption, bringing market demand for the first nine months of 2008 … [Read more...] about Commercial Industrial Summary: Third Quarter 2008
February 2009: Business Indicators
Economic conditions were mixed a year ago. There were very few signs in early 2008 that hinted at severe economic turbulence was on the horizon. Financial conditions weakened by spring, however. The Federal Reserve and the U.S. Treasury came to the rescue, believing that firms were caught in illiquid positions, that is, they had too much long-term investments and too little … [Read more...] about February 2009: Business Indicators
Retail Market Summary: Third Quarter 2008
Las Vegas The Las Vegas commercial retail sector continues to be impacted by the current economic climate, a deteriorating housing market and low consumer confidence levels. Fundamentals within the market prompted the closing of various retail outlets over the past several quarters, with additional closures possible. Several national retailers have recently entered bankruptcy … [Read more...] about Retail Market Summary: Third Quarter 2008
January 2009: Business Indicators
The numbers are bad. Last year at this time things looked pretty good, at least in Nevada. Even though the U.S. had started to experience difficulties in the credit markets and the housing bubble had already started deflating, things were holding up. We did, however, see storm clouds on the horizon. A year later, however, conditions have deteriorated markedly. Job levels are … [Read more...] about January 2009: Business Indicators
December 2008: Business Indicators
The consequences of earlier actions are making themselves felt. The excesses of the past have seeded a series of recent bewildering events. At a time in which order, discernment, agreement, and guidance were called for, policy making in Washington took a series of awkward turns. Some were numbed to see cliff-diving devaluation biting into asset values, leaving a trail of … [Read more...] about December 2008: Business Indicators
Office Market Summary: Third Quarter 2008
Las Vegas By the close of the 3rd Quarter 2008, the Las Vegas office market reached new heights in terms of vacancy. With nearly 8.2 million square feet of available space and market inventory of 48 million square feet, vacancy levels reached 17.0 percent as of September 30, 2008. Availability represented a slight increase from the 16.8 percent reported in the preceding … [Read more...] about Office Market Summary: Third Quarter 2008
November 2008: Business Indicators
More than two years after U.S. housing markets started rebalancing and a year after financial firms became bogged down in bad paper, markets concluded that the recovery failed to get traction. Financial firms were unable to correct their problems, resulting in credit markets failing to operate. In short, the Treasury and Fed failed to stem the tide. In the span of one week, … [Read more...] about November 2008: Business Indicators
Industrial Market Summary: Second Quarter 2008
Las Vegas The Las Vegas Valley’s industrial market experienced rising vacancies due to a slowdown in market demand. During the 2nd Quarter of 2008, the market posted 695,000 square feet of net absorption, bringing demand for the first half of 2008 to 1.3 million square feet. Inventory levels increased by 1.5 million square feet during the second quarter, while project … [Read more...] about Industrial Market Summary: Second Quarter 2008
Retail Market Summary: Second Quarter 2008
Las Vegas The Las Vegas commercial retail sector posted a record-setting level of vacant space in the 2nd Quarter of 2008. Recent market conditions, including the performance in the residential sector, prompted the closing of various retail outlets, including Thomasville Furniture, Wickes Furniture, Sharper Image and various grocery anchors, such as selected Smith’s and … [Read more...] about Retail Market Summary: Second Quarter 2008
September 2008: Business Indicators
Housing, credit, and energy, the three major economic problems confronting the U.S. and some states, have taken the steam out of the economy. The impact reminds one of a Caribbean hurricane season hitting the same area more than once and each time spawning tidal surges and killer tornados. Today, we grapple with the economic storms’ aftermath--depreciating housing values, a … [Read more...] about September 2008: Business Indicators
Office Market Summary: Second Quarter 2008
Las Vegas The Las Vegas Valley office market reported its highest level of vacancy in recent history during the second quarter of 2008, 16.7 percent. During the quarter, a total of 1.3 million square feet completed construction, while a negligible amount of net absorption was reported at approximately 1,400 square feet. Availability reached a new peak of 7.9 million square … [Read more...] about Office Market Summary: Second Quarter 2008