Las Vegas The Las Vegas Valley office market is facing significant challenges as the inventory base continues to expand even as office-using employment continues to contract. During the latest quarter, the market reported two major project completions totaling 364,800 square feet, which brought total inventory to 49.3 million square feet. Overall availability in the … [Read more...] about Office Summary: 2nd Quarter 2009
Departments
September 2009: Business Indicators
Economic hardship continues, even as pundits seek to find every glimpse of improvement ahead—referred to as “green shoots.” Nevada, Clark County, and Washoe County posted unemployment rates well above the national level, jumping significantly for June with the rates reaching 12.1, 12.3, and 11.8 percent, respectively. Such numbers put the Silver State among the worst-hit … [Read more...] about September 2009: Business Indicators
What is your favorite movie? Why?
“The Hunt for Red October. First, it shows people (the crew) who are looking for a better life for themselves while trying to help the greater cause of peace. Second, it shows people trying to make a difference in their lives and the lives of others while crossing cultural lines. Not to mention the great excitement and cool submarine shots!” Gordon Miles • Chief Operating … [Read more...] about What is your favorite movie? Why?
August 2009: Around the State
Nevada’s Employment Bucks National Trend According to the SurePayroll Hiring index, small business hiring is up 0.7 percent in the second quarter nationally. Year-to-date nationally, small business hiring is up by 1.5 percent, however, salaries have dropped 4.3 percent. Alternatively in the Silver State, hiring is down 1.6 percent with a 1.6 percent increase for salaries … [Read more...] about August 2009: Around the State
Penny Perez: Malco Contracting, Inc.
President Las Vegas, NV Number of Employees: 30 Years in Nevada: Native Years with Company: 26 Best Business Advice: Take adequate time to make decisions. Be prepared to walk away from questionable opportunities even when pressure, i.e., economic, personal, or principled may try to persuade otherwise. Trust your intuition! How do you retain your best and … [Read more...] about Penny Perez: Malco Contracting, Inc.
Industrial Summary: First Quarter 2009
Las Vegas The Las Vegas Valley industrial market remained relatively flat, reaching 102.5 million square feet by the end of the first quarter of 2009. Inventory levels grew modestly as one project completed construction (104,000 square feet), resulting in an expansion of 3.8 million square feet over the preceding 12-months. This is the lowest new inventory level reported in … [Read more...] about Industrial Summary: First Quarter 2009
August 2009: Business Indicators
The data continue to tell the story of an economic recession, or more stated differently—“No Toto, we are not in Kansas.” In short, Nevada no longer enjoys the benefits of growth and its citizens finds themselves grappling with the economic hardships of the worst recession since the 1930s. Looking at year-ago percentage changes, one sees a clear pattern—negative signs for … [Read more...] about August 2009: Business Indicators
What did you want to be when you were a kid?
“I actually wanted to be a doctor, I think because it was clear exactly what they did. For sure, the helping people part appealed to me.” Tara Young • Owner/Managing Partner, Law Office of Tara Young, P.C. “I wanted to be a Veterinarian until I saw a cat get surgery.” Emmet Scott • Owner, Entrepreneur Advisors “I wanted to be a singer and songwriter a la James … [Read more...] about What did you want to be when you were a kid?
July 2009: Around the State
Small Business Lending On the Rise According the U.S. Small Business Administration (SBA), small business lending has increased more than 25 percent compared to the weeks prior to the passage of the ARRA legislation. “Experts say our unemployment and real estate indicators should start to improve in the coming months,” commented John Scott, SBA’s Nevada District Director. … [Read more...] about July 2009: Around the State
Craig Willcut: United Construction
President & CEO Las Vegas & Reno, NV Number of Employees: 70 Years in Nevada: 31 Years with Company: 10 Describe your leadership style: My style is to inspire my team to reach obtainable goals while I work alongside them to do the same. I don’t ask anything from my team that I wouldn’t do myself. Biggest Business Challenge: The market is constantly … [Read more...] about Craig Willcut: United Construction
Retail Summary: First Quarter 2009
Las Vegas During the first quarter of 2009, the Las Vegas commercial retail sector posted its second quarter of negative net absorption and a record-high vacancy rate. Demand turned negative as a number of retail stores closed their doors and a significant amount of space entered the market. Selected retail closings included Circuit City stores, Great Indoors in Boca … [Read more...] about Retail Summary: First Quarter 2009
July 2009: Business Indicators
Yes, perhaps we may have the first signs of finding a bottom to the current recession. March data, the last month for which we have a full reporting, offer a few pleasant signs. Seasonal factors aside, we find several Silver State indicators moving up by healthy percentages relative to the previous month—enough to suggest that perhaps the positive factors are gaining … [Read more...] about July 2009: Business Indicators
What do you want your legacy to be?
“I want to be known as a great father who made sure there was always a smile on my sons’ faces by steering them the right way in life.” Roy Burson • Principal in Charge, JVC Architects “There’s nothing more important to me than my family, but that only really matters to a precious few. As for my greater legacy, I hope to be remembered as a man blessed with internal peace … [Read more...] about What do you want your legacy to be?
June 2009: Around the State
California Businesses Making The Move To Nevada California legislators recently crossed the border to meet with Nevada lawmakers and Governor Jim Gibbons to discover ways to stop the loss of California companies to Nevada. “California is experiencing an unemployment crisis as tens of thousands of our neighbors have lost their jobs,” said Assemblyman Dan Logue. “We are going … [Read more...] about June 2009: Around the State
Michael Yackira: NV Energy
President & CEO Las Vegas & Reno, NV Number of Employees: 3,126 Years in Nevada: 6 Years with Company: 6 Best Business Advice: Always be true to yourself. How do you retain your best and brightest employees? We provide a combination of challenges, responsibility, impact and compensation, as well as a fun work environment. Who inspired you to get … [Read more...] about Michael Yackira: NV Energy