Whereas Nevada’s commercial construction industry was all but dead five years ago, today it’s alive, with activity edging up. “We are finally in a period of growth. A lot more work is happening,” said Mac Bybee, president, Associated Builders and Contractors Inc. (ABC), Nevada Chapter, a statewide trade association that provides training, apprenticeship programs, government … [Read more...]
Beyond the Bank: Financing Commercial Real Estate in Nevada
Commercial real estate means office buildings, retail and industrial properties, multi-family projects and the raw land that eventually becomes all of the above. Commercial real estate financing is equally varied and includes everything from traditional bank-backed loans to newer twists such as crowdfunding. Finding Funding There are a variety of sources of lending, … [Read more...]
Business on the Move: Office Market in Nevada
As election jitters continue to dominate the news cycle, the status of the national economy appears to be just so-so in the minds of many business leaders. With only 38,000 jobs added in May, according to the latest U.S. Department of Labor statistics, the overall national employment situation is not as strong as most people would like. Having survived the steep highs and lows … [Read more...]
Property Management: Industry Grows as Commercial Real Estate Rebounds
Nevada’s real estate markets continuing to rebound is great news for commercial property managers, as it translates into more and more work to go around. Property management firms generally have been getting busier over the last one to two years. Avison Young’s team in Las Vegas, for example, now manages 3.4 million square feet for 30 clients. Gaston & Wilkerson Management … [Read more...]
Risk & Reward: Commercial Real Estate Investment in Nevada
Commercial real estate investment properties encompass all the categories of commercial real estate: office, retail, industrial and multi-family properties. Commercial real estate (CRE) itself encompasses everything from the dirt the property is built on to fully tenanted buildings being sold for the best price because every step along the path of commercial real estate from a … [Read more...]
Emerging Demands: Multi-Family Real Estate
When the American Dream of home ownership took a nose dive due to the recession, many people discovered that it’s increasingly hip to rent. Subsequently in the past few years, the multi-family real estate market has enjoyed a record-setting uptick as demand has exceeded supply in Nevada as well as all over the country. “Things are very positive. This market had been one of the … [Read more...]
Commercial Real Estate in Nevada: Then and Now
Thirty years ago, the Las Vegas Strip was a different Strip than today. Technology companies had yet to discover Nevada. Cell phones were rare. Businesses relied on PBX rooms for their telecommunications and if one part of the system failed, the others continued because everything didn’t depend on an IP framework to run all systems together. Thirty years ago, industrial … [Read more...]
Developers: New Projects Signal Improved Markets
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
