Nevada's office market was hit hard by the 2008 recession, when often companies expecting to expand instead contracted and downsized their use of office space. Office product was vacated or underutilized. Vacancy rates jumped. New product stood empty. In the last 12 years, there's been very little new product under construction. Fast forward to today, when the office market … [Read more...] about Back to the Office
Building Nevada
Conventions in NevadaHeaded Back Up
COVID impacted nearly every market in Nevada, but few were hit as hard as the convention market. As medical experts and politicians preached the necessity of social distancing, the world entered a season “at home” where work and school were done remotely, and conventions became virtual at best or were cancelled entirely. The effect of cancelled conventions in Nevada impacted … [Read more...] about Conventions in Nevada
Then and NowCommercial Developments in Nevada
Nevada is growing, with the in-migration of both residents and businesses, and the concentration of new industry in metro areas. As population and industry grow, the economy remains cyclical, ups and downs balancing each other out. Industries grow and contract, according to demand. During the pandemic, the need for office space dropped significantly, while the need for … [Read more...] about Then and Now
High-View LandscapesCommercial Real Estate Developments in Nevada
The economic climate in the United State, and the globe, is leaving many professionals scratching their heads. A lot of indicators suggest the economy might be slowing and could even be entering a recession. Those indicators, however, are telling a different story than a lot of previous economic downturns. Companies for instance are in desperate need of employees, … [Read more...] about High-View Landscapes
Residential NevadaMarket Shifts
The Nevada real estate market is no novice to change. From the impact of the Great Recession that resulted in an influx of foreclosures, to the effects of the COVID pandemic that are being felt throughout the country, the housing market in Nevada has proven to be resilient. Currently, the Nevada market is experiencing a significant lack of supply in the face of overwhelming … [Read more...] about Residential Nevada
Medical FacilitiesBuilding Trends Post-COVID
All eyes have been on the healthcare industry in light of the recent COVID pandemic. And while there was a significant push for telehealth medicine where patients could schedule virtual visits with their doctor in order to maintain social distancing protocols, patients are now vying to see their doctors face-to-face. Consequently, there is a growing need for medical space. And … [Read more...] about Medical Facilities
The Rise of Experiential-Based Retail in NevadaChallenges and Opportunities
It’s no secret that the face of retail has changed significantly over the past 10-plus years. Gone are the days of cluttered clothing racks, the pandemic made online shopping boom. But don’t discount brick-and-mortar businesses just yet. In-store shoppers want something more than traditional retail, and developers are thinking creatively about how to get people on their … [Read more...] about The Rise of Experiential-Based Retail in Nevada
Transportation in NevadaChallenges and Opportunities
Supply chain issues have dominated headlines in 2022. Everything everywhere seems to be backordered, backlogged, or just unavailable. But what’s broadly referred to as supply chain issues are often labor shortages, manufacturing shortages and even shortages of trucks and trailers necessary to transport everything. Sometimes supply chain issues are really logistics … [Read more...] about Transportation in Nevada
Multifamily in NevadaDemand Outspaces Supply
Nevada continues to be one of the fastest growing states in the nation. The downside to population growth is the inability of the multifamily commercial real estate market to keep up with demand for space, leading to rising rents and increased values for buildable land. “From a housing perspective, apartments, condos and housing, right now there is a significant shortage of … [Read more...] about Multifamily in Nevada
New Users and UsesIndustrial Commercial Real Estate in Nevada
“Industrial real estate across the country is doing extremely well right now. Las Vegas is out performing, but it’s not exclusive to Las Vegas,” said Garret Toft, executive vice president, industrial, CBRE. “We’re seeing a period of very strong demand from tenants and users at a time where we’ve been developing quite a bit of industrial. But, demand is outpacing [supply] and … [Read more...] about New Users and Uses
Nevada UtilitiesGrowth Continues Amid COVID, Cybersecurity Concerns
A recent cyberattack on the Delta-Montrose Electric Association (DMEA) in Colorado that shut down 90 percent of its internal controls and erased 25 years of historical data is a reminder for Nevada utility companies that bad actors are constantly targeting their infrastructure. It also comes at a time when these companies are experiencing increased demand for service as the … [Read more...] about Nevada Utilities
Architects and EngineersDesigning Nevada’s Future
Construction was one of the industries considered essential during the pandemic shutdown in spring 2020. That included architects and engineers, who social distanced, worked remotely and wore masks, but kept working. That doesn’t mean the pandemic didn’t affect these industries. Both fields were already changing when COVID hit. Like it did for many industries, the pandemic … [Read more...] about Architects and Engineers
Back in the BuildingsProperty Management in Nevada
Nevada is quickly approaching the two-year mark since the beginning of the COVID-19 pandemic. From government mandates, social distancing, supply delays and a staffing crisis nationwide, business in the Silver State has had to adapt and change. Many industries were hit hard by these changes, including property management. But, in post-COVID Nevada, the industry is on its way … [Read more...] about Back in the Buildings
A Tale of Two CitiesRetail Commercial Real Estate in Nevada
“Retail commercial real estate (CRE) in Nevada is a tale of two cities, really,” said Chris Richardson, CCIM, director, Logic Commercial Real Estate. “On the one hand, I have never seen such demand for new drive-through restaurants in good areas. It seems like everyone is expanding and some quick serve restaurants that never incorporated drive-through before are starting to … [Read more...] about A Tale of Two Cities
A Place to Call HomeNevada’s Residential Housing Market
In southern Nevada, between 13,000 and 14,000 new home permits have been pulled in 2021, up 11 percent from 2020, said Nat Hodgson, CEO, Southern Nevada Home Builders Association (SNHBA). “We thought we were going to get about the same as last year, so an 11 percent increase when we were factoring zero is pretty good. We’re actually tracking over 14,000 right now, but I don’t … [Read more...] about A Place to Call Home