As the welcome sights and sounds of industrial construction continue to pop up all around the Silver State, business decision makers agree that economic good times are coming back. With 200 million square feet of development sprinkled around the U.S., Europe and Canada, developers at Panattoni Development Company, Inc. are happy to have stuck with in Nevada for 17 … [Read more...] about Developers: New Projects Signal Improved Markets
Building Nevada
Retail Market: Nevada’s Retail Shows Slow, Steady Improvement
The retail component of Nevada’s commercial real estate industry continues to recover, with vacancy rates slowly dropping. Southern Nevada In the Silver State’s southern region, the retail sector shows “moderate recovery,” said John Restrepo, principal of RCG Economics, a Las Vegas-based firm providing market trend analysis and economic research. Lower gas prices have left … [Read more...] about Retail Market: Nevada’s Retail Shows Slow, Steady Improvement
Telecom Technology Advances Transform How Nevada Does Business
A Southern Nevada-based radiology practice of more than 60 physicians with numerous offices uses a custom-designed network linking all locations, including the physicians’ homes, in order to read films there any time of the day or night when on call. The technical arrangement demands an ultra high-speed connection. Cox Communications, a broadband communications and … [Read more...] about Telecom Technology Advances Transform How Nevada Does Business
Nevada’s Residential Housing Market
One of the first questions that comes up during a discussion of the residential housing market is whether it’s a buyer’s or a seller’s market – who’s got the advantage? After the housing bubble burst in 2006 and the events of the recession, Nevada’s housing market began to grow again over the last four years, with 2013 stronger than 2014, and 2015 looking a lot like 2013. … [Read more...] about Nevada’s Residential Housing Market
Unmanned Aerial Vehicles: Cultivating a New Industry in Nevada
Seeking to benefit from the anticipated, widespread commercial use of the unmanned aerial vehicle (UAV) nationwide, Nevadans have been working diligently to cultivate an industry around this type of aircraft. Integration of unmanned aerial vehicles into the U.S. would create more than 100,000 jobs and have an economic impact of $82 billion nationally by 2025, estimated the … [Read more...] about Unmanned Aerial Vehicles: Cultivating a New Industry in Nevada
Nevada’s Office Space: Positive Headway
The office space component of Nevada’s commercial real estate market faces a long recovery following the recession. Vacancy and unemployment rates were high, inventory was excessive and landlords struggled to effect leases. In addition, after the recession new construction activity and investor property acquisitions had ceased. Typically, the sector tends to be the last to … [Read more...] about Nevada’s Office Space: Positive Headway
Industry Blueprint: The New Normal for Architects and Engineers
The construction industry is still rebuilding after the recession. One of the hardest hit industries, construction employment declined nationally by 13.7 percent during the downturn, according to the U.S. Bureau of Labor Statistics. “In Las Vegas, construction didn’t really slow down,” said Robert Finnegan, PE, Finnegan Erickson Associates (FEA). “It stopped.” That stopage … [Read more...] about Industry Blueprint: The New Normal for Architects and Engineers
On the Rise: Commercial Building Rebounds
For the first time since 2007, when the recession decimated their industry, commercial builders in Nevada believe the industry is finally snapping back. “The recovery is slower than anybody wanted it to be, but the good news is that it is recovering,” says Ray Sedey, executive vice president of McCarthy Building Companies in Las Vegas. “Construction is recovering, but we’re … [Read more...] about On the Rise: Commercial Building Rebounds
On the Job: Subcontractors Critical to Construction Industry
Subcontractors are the building blocks of residential and commercial construction. They’re the ones doing the foundation, framing, drywall, glass, plumbing. Without subcontractors, projects go nowhere. “Subcontractors are crucial in anything that gets done around this town, especially on the building end of the work,” said Lance Semenko, chief operating officer, Q&D … [Read more...] about On the Job: Subcontractors Critical to Construction Industry
Slow & Steady: Nevada’s Luxury Home Market Regains Traction
A newly built, 6,400-square foot, 5-bedroom, 5-bathroom custom home in Incline Village with Lake Tahoe views sold about seven months ago for $5.1 million. The two-story boasted hickory floors, granite countertops and fireplace, knotty alder cabinets and doors, vaulted ceilings, a heated driveway, elevator, first-floor master, game room, wine closet and deck and more. The … [Read more...] about Slow & Steady: Nevada’s Luxury Home Market Regains Traction
If You Build It, Will They Come?
Construction Returns to Nevada’s Industrial Market Nevada’s industrial market, which was devastated by the recession, has now recovered to the point where developers have returned to the market with “spec” projects (those built in advance of a contract or buyer). Now that 2014 year-end numbers have been tallied and evaluated, commercial real estate experts agree that the … [Read more...] about If You Build It, Will They Come?
Building a Healthy Economy
Until recently, the term “medical tourism” largely referred to Americans traveling out of the country looking for affordable healthcare in technologically advanced but less expensive venues, from Mexico to Thailand and parts in between. Now the term is starting to come home, often referring to domestic travel of American citizens within U.S. borders, traveling to find the … [Read more...] about Building a Healthy Economy
A Developing State: Growing Economy Encourages New Projects
As Nevada’s economy picks up the pace, businesses are returning to Nevada and Nevada is returning to business – mostly. In Southern Nevada there’s no real wage growth, gaming revenues are down, home sales are slowing. At the same time, industrial property vacancies are dropping, flex space rents are low but flex spaces themselves are filling, and big box industrial space is … [Read more...] about A Developing State: Growing Economy Encourages New Projects
The Retail Market: Recovering with Measured Expectations
With a New Year upon us, real estate brokers and developers are dampening their expectations for the retail market in Nevada over the next couple of months and for the rest of 2015. Nevertheless, all of them see positive trends for the market and some reason to remain optimistic. “We are clearly in a recovery,” said Brendan Keating, principal with The Equity Group in Las … [Read more...] about The Retail Market: Recovering with Measured Expectations
The Office Market: Slow and Steady into the Future
As a mixture of economic indicators appear to show the recession in our rear view mirrors, movers and shakers in Southern Nevada’s office market are cautiously planning ahead for slow and modest growth in the coming months. “The trending is moderate growth overall due to a bettering economy,” says Lance Bradford, founder of Stable Development in Las Vegas. “There are … [Read more...] about The Office Market: Slow and Steady into the Future