Las Vegas In the first of quarter 2008, the Las Vegas Valley’s speculative and non-speculative industrial market saw 2.8 million square feet of new space enter the market. This increased the Valley’s inventory from the previous quarter by 2.8 percent to 102.3 million square feet. Sublease space represents a small but growing portion of the Valley’s industrial market, rising … [Read more...] about Industrial Market Summary: First Quarter 2008
Monthly Editorial Departments
August 2008: Business Indicators
Housing, credit, and energy – three problems facing the Silver State and the nation – are exacting a toll. Following the high-tech stock bubble burst in 2000, funds became available for spending in the housing market. This resulted in rapid price increases untethered to economic fundamentals. We ended up with more housing units than households to occupy them, in short, a glut … [Read more...] about August 2008: Business Indicators
July 2008: Business Indicators
The U.S. unemployment rate for May jumped 0.5 percent, rising to 5.5 percent. This jump sent a signal that economic conditions remained weak and future conditions would not improve quickly. This prospect sent currency traders scrambling to realign portfolios with fewer dollars. The declining dollar sent crude-oil prices up by more than $11, a one-day increase greater than oil … [Read more...] about July 2008: Business Indicators
Retail Market Summary: 1st Quarter 2008
Las Vegas According to the Nevada Department of Employment, Training and Rehabilitation, 101,500 retail jobs were recorded in March 2008 in Clark County, an increase of 3.5 percent, from March 2007. During this 12-month period, the largest contribution came from the General Merchandise & Clothing sector, with 3,000 new jobs added; followed by the Food & Beverage Stores … [Read more...] about Retail Market Summary: 1st Quarter 2008
Office Market Summary: 1st Quarter 2008
Las Vegas According to the Nevada Department of Employment, Training and Rehabilitation, 222,300 office-related jobs were recorded in March 2008, a decrease of 3,200 or -1.4 percent, from March 2007. In the first quarter of 2008, the Las Vegas Valley’s speculative office space vacancy rate increased by 1.2 percentage points to 13.4 percent. The Valley’s office inventory … [Read more...] about Office Market Summary: 1st Quarter 2008
June 2008: Business Indicators
There are more negatives than positives for the current monthly indicators. Both Reno (Washoe County) and Las Vegas (Clark County) continue to experience an economic slowdown. We find negative values for most of the same month year-ago percentage changes. Current indicators show that 8 of 9 for the Reno metro area and 7 of 9 for the Las Vegas metro area have weakened. Moreover, … [Read more...] about June 2008: Business Indicators
Industrial Market Summary: 4th Quarter 2007
Las Vegas According to the Nevada Department of Employment, Training and Rehabilitation, 183,600 industrial-related jobs were recorded in December 2007, a net decrease of 5,300, or 2.8 percent, from December 2006. Construction lost 6,500 jobs, while manufacturing lost 700 jobs. The Las Vegas Valley’s speculative industrial vacancy rate increased to 6.1 percent in the fourth … [Read more...] about Industrial Market Summary: 4th Quarter 2007
May 2008: Business Indicators
We find no doubt that the U.S. and Nevada economies are in a slowdown and that economic performance should be sub-par for at least the first half of 2008. Some second-half improvement is expected with federal tax rebate checks giving households more money to spend. Economic weakness shows in the job numbers. U.S. job growth has turned negative since January. March’s U.S. … [Read more...] about May 2008: Business Indicators
April 2008: Business Indicators
There has been a wave of recession declarations coming on the heels of bad news in residential construction. The housing industry produced more than the market absorbed, creating an excess supply of housing units. As a result, U.S. new home starts are down 27.8 percent from the same month a year ago. Reno and Las Vegas have been caught up in the speculative housing behavior of … [Read more...] about April 2008: Business Indicators
Office Market Summary: 4th Quarter 2007
Las Vegas The Valley’s office market has weakened significantly since the end of 2006. Net absorption decreased substantially from 904,266 in Q3 to 491,365 in Q4. In addition, after three straight quarters of increasing, the absorption-to-completions decreased considerably to 0.45. 2007’s fourth quarter vacancy rate increased to 12.2 percent from 10.9 percent in the third … [Read more...] about Office Market Summary: 4th Quarter 2007
March 2008: Business Indicators
The slowdown continues. U.S. GDP grew at a tepid rate of 0.6 percent for the fourth quarter of 2007. Job growth showed similar weakness, a decline of 17,000 jobs over the last month, leaving employment essentially flat. Indeed, it takes a substantially greater decline than last month’s job losses for a recession. End-of-year numbers may also be influenced by irregular events … [Read more...] about March 2008: Business Indicators
Retail Market Summary: 4th Quarter 2007
Las Vegas While the housing depression has led to a decline in retail sales growth in the Las Vegas Valley, an increase in retail employment indicated continued growth for the Valley’s retail market. The Nevada Department of Employment, Training and Rehabilitation recorded 104,900 retail jobs in December 2007. Construction activity was high with 561,800 square feet of new … [Read more...] about Retail Market Summary: 4th Quarter 2007
Industrial Market Summary: 3rd Quarter 2007
Las Vegas According to the Nevada Department of Employment, Training and Rehabilitation, 169,800 industrial-related jobs were recorded in September 2007, a net decrease of 400 or 0.24 percent, from September 2006. During this 12-month period, the largest increase was in the Transportation & Warehousing sector, with 1,300 new jobs added, followed by Manufacturing, with 400 … [Read more...] about Industrial Market Summary: 3rd Quarter 2007
February 2008: Business Indicators
The indicators have revealed a mixed picture for both the Nevada and U.S. economies. Increasingly, however, the data point to increased chances for both a national and silver state recession. Nevada has been in an imbalance position ever since the housing markets in Las Vegas and Reno peaked. Nevada has seen marked decline in prices and sales. Recovery from an excess supply of … [Read more...] about February 2008: Business Indicators
Retail Market Summary: 3rd Quarter 2007
Las Vegas Market While a cooling housing market has led to a modest decline in retail sales growth in the Las Vegas Valley, tenant demand for anchored retail properties remained high, evidenced by tight market conditions and solid rent growth. Construction activity was high with 417,000 square feet of new retail space added in the third quarter 2007, increasing the Valley’s … [Read more...] about Retail Market Summary: 3rd Quarter 2007