Southern Nevada In 2013, the Las Vegas industrial market reported the highest net absorption since 2007. The vacancy rate at the end of 2013 was 13.8 percent, which represents a decline of 0.4 percent from the prior quarter. Compared to a year ago (Q4 2012), the vacancy rate reported an even more substantial decline of 2.6 percent. With no completions during the fourth … [Read more...] about Industrial Summary: Fourth Quarter 2013
Reno commercial real estate
Nevada Real Estate & Development Report: January 2014
New Year - New Format The ReD Report has a new, easier to read format. Commercial real estate professionals throughout the state have requested the report be categorized in market areas, as opposed to zip codes. The color-coded areas correspond to the map below and each deal is presented in a more concise manner. We appreciate all the brokers who continue to send us their … [Read more...] about Nevada Real Estate & Development Report: January 2014
Retail Summary: Third Quarter 2013
Southern Nevada During the third quarter of 2013, the Las Vegas retail market continued to witness increased demand, largely sourced to tenants occupying previously vacant anchor spaces. The overall vacancy rate fell to 9.6 percent during the quarter, representing a decline of 30 basis points (0.3 percentage points) from the prior quarter (Q2 2013). The rate is down 70 basis … [Read more...] about Retail Summary: Third Quarter 2013
Office Summary: Third Quarter 2013
Southern Nevada The Las Vegas office vacancy rate declined for the second consecutive quarter, reaching 25.9 percent by the close of the third quarter of 2013. Although the latest period represents a decline of 40 basis points when compared to the prior quarter, vacancies remain elevated. Compared to a year ago, the vacancy rate is up 10 basis points. Despite no completions … [Read more...] about Office Summary: Third Quarter 2013
Nevada Real Estate & Development Report: November 2013
Projects Las Vegas, 89109 Tutor Perini Building Corp. has begun construction on the third phase of the Marriott’s Grand Chateau, the first vertical construction to occur on the Las Vegas Strip since 2008. Construction is projected for completion mid-2014, and will add 233 tower villas for a total of 643 units at the timeshare resort. The tower villas range from one- to … [Read more...] about Nevada Real Estate & Development Report: November 2013
Industrial Summary: Third Quarter 2013
Southern Nevada The Las Vegas industrial market vacancy rate fell to 14.8 percent in the third quarter of 2013, which is the lowest it has been since the first quarter of 2010. Compared to the prior quarter (Q2 2013), vacancies are down 70 basis points (0.7 percentage points), while they have fallen 220 basis points (2.2 percentage points) since last year (Q3 2012). Since the … [Read more...] about Industrial Summary: Third Quarter 2013
Builders & Developers: Resurgence in the Market
Commercial builders and developers in Nevada are moving ahead – not as robustly as they would like, to be sure – with projects in a variety of segments. John Restrepo, the principal of RCG Economics LLC in Las Vegas, has observed that Southern Nevada’s three major commercial markets – industrial, office and retail – are “moderately improving, although the overall numbers and … [Read more...] about Builders & Developers: Resurgence in the Market
Nevada Real Estate & Development Report: October 2013
Projects Henderson, 89052 Hospital Burke Construction has begun construction on the Seven Hills Behavioral Institute Expansion project. Plans for the project include the conversion of an existing one story, 15,000 SF office building to an institutional occupancy building. Upgrades will provide additional space for 36 new inpatient psychiatric beds located within two nursing … [Read more...] about Nevada Real Estate & Development Report: October 2013
Retail Summary: Second Quarter 2013
Southern Nevada The retail market continued to report stabilizing conditions in the second quarter of 2013 as vacancies improved. The vacancy rate fell to 9.8 percent during the second quarter, down 30 basis points from the prior quarter. Compared to a year ago, the rate reported a more substantial decline of 90 basis points. The second phase of Desert Marketplace was the only … [Read more...] about Retail Summary: Second Quarter 2013
Nevada Real Estate & Development Report: September 2013
Projects Las Vegas, 89129 Government J.A. Tiberti Construction has completed renovations on the Durango Hills Water Resource Center. Facility improvements totaled $9.1 million and included construction of two new 8,800 SF structures. The water center was kept open during the 13-month project. MWH Americas served as architect of record. The facility is located at 3271 N. … [Read more...] about Nevada Real Estate & Development Report: September 2013
Office Summary: Second Quarter 2013
Southern Nevada The office sector vacancy rate fell slightly during the second quarter of 2013, but remains elevated. The rate fell to 26.0 percent by the end of the quarter, down 20 basis points (0.2 percentage points) compared to the prior quarter (Q1 2013). However, compared to a year ago (Q2 2012), the vacancy rate remains up 40 basis points (0.4 percentage points). The … [Read more...] about Office Summary: Second Quarter 2013
Industrial Summary: Second Quarter 2013
Southern Nevada The Las Vegas industrial market vacancy rate fell to 16.2 percent, which is its lowest level in more than two years. Compared to the prior quarter (Q1 2013), the vacancy rate fell 30 basis points (0.3 percentage points), while it is down 130 basis points (1.3 percentage points) from the prior year period (Q2 2012). Three projects totaling 422,100 square feet … [Read more...] about Industrial Summary: Second Quarter 2013
Nevada Real Estate & Development Report: July 2013
Projects Las Vegas, 89101 Government Las Vegas’ new City Hall has been chosen as the 2013 Public Works Project of the Year by the American Public Works Association. The eight-level, 308,000 SF building replaces the former City Hall that was constructed in 1971. The facility created office space for up to 570 staff members for the City of Las Vegas. The new structural design … [Read more...] about Nevada Real Estate & Development Report: July 2013
Retail Summary: First Quarter 2013
Southern Nevada Vacancies in the retail sector reported a modest quarter-over-quarter increase to 9.8 percent in the first quarter of 2013. Although up 10 basis points (0.1 percent) compared to the prior quarter (Q4 2012), vacancies remain down 60 basis points (0.6 percent) from a year ago (Q1 2012). Two projects for specific users completed construction during the quarter, … [Read more...] about Retail Summary: First Quarter 2013
Nevada Real Estate & Development Report: June 2013
Projects Las Vegas, 89119 Government Whiting-Turner Contracting is constructing a 6,460 SF, open-air transit center at UNLV. The project will include several bike racks and an outdoor waiting area with shade and shelter canopies. The facility is designed by KGA Architects and G.C. Wallace will serve as engineer on the project. Construction of the transit facility is … [Read more...] about Nevada Real Estate & Development Report: June 2013