Larry Monkarsh | LM Construction & Brass Cap Development | Photo By Jerry Gallegos The industrial real estate market is humming along very well, but still experiencing a hangover from the Great Recession. Multiple Nevada real estate executives noted the strong performance of industrial real estate in both Northern and Southern Nevada, led by low vacancy numbers, but … [Read more...] about The Industrial Revolution
Building Nevada
The Return of Office 2019Nevada’s CRE Office Industry
Nevada’s commercial real estate office market is healthy, but not considered robust. Hit hard during the 2008 recession, it’s good to see vacancy rates dropping and rents increasing, but there’s been very little new product built in the last decade, which accounts for at least some of the continuing drop in vacancy rates. “The office market is not where we’d like it to be, … [Read more...] about The Return of Office 2019
Mobile IndustryTransportation in Nevada
The future of Nevada’s business success could hinge on transportation infrastructure. According to multiple Nevada transportation officials, success with Nevada’s transportation likewise relies partially on the support of the Nevada business and real estate communities. “Communication with developers is critical,” said Rudy Malfabon, Nevada Department of Transportation … [Read more...] about Mobile Industry
Building Medical: Keeping Pace with Healthcare Growth
With Nevada’s two major metropolitan areas continuing to grow, the healthcare industry is trying to keep pace. Nevada’s health industry regularly gets low marks in rankings, including an “F” for accessibility. As Las Vegas and Reno continue to evolve, both cities are experiencing the medical industry’s attempt to catch up. That attempt is reflected in the real estate … [Read more...] about Building Medical: Keeping Pace with Healthcare Growth
Nevada’s Retail Industry: Going Strong, Evolving
During the recession, brokers across the board did what they could to stay busy, from cold calls to out-of-the-box solutions. Nevada’s retail market was no different. Christina Strickland, a CBRE Las Vegas senior associate who specializes in retail, no longer has to make cold calls to drum up business like she did during the recession. Now, she’s receiving calls, in abundance, … [Read more...] about Nevada’s Retail Industry: Going Strong, Evolving
CRE Financing: Evolving with Nevada’s Economy
A tremendous number of loans for commercial real estate (CRE) projects are being sourced and approved in Nevada in what’s described as a robust market being driven by industrial and multi-family properties. “We are seeing a good deal of industrial, including build-to-suit industrial and even some spec type industrial, and we’re seeing a lot of multi-family [apartments] and … [Read more...] about CRE Financing: Evolving with Nevada’s Economy
Commercial Property Management: Changing and Adapting with Nevada’s Economy
All three commercial real estate sectors – industrial, retail and office – are growing in Nevada, though at different speeds by sector and geography. Industrial is driving the growth, office is still lagging but beginning to grow and retail is returning as the economy continues to recover. Commercial real estate sectors might be experiencing growth, but investors, businesses … [Read more...] about Commercial Property Management: Changing and Adapting with Nevada’s Economy
On the Upswing: Builders & Developers Experience Growth
Nevada commercial developers and builders reported that their workloads are full, but not without challenges. “We’re busy. Busy’s good,” said Chet Opheikens, vice president, R&O Construction in Las Vegas. “Busy means we get to employ people. Employed people means community growth, which means increased morale and confidence, factors that allow for a strong … [Read more...] about On the Upswing: Builders & Developers Experience Growth
Balancing the Boom: How Utilities Strive to Keep Up with Developers
Nevada’s utility providers, facing a wave of requests from developers who need water, power and natural gas service for their projects, increasingly rely on digital solutions to help move applications along. At the same time, utilities emphasize one of the oldest strategies in the book to reduce the possibilities of delay. They encourage development teams to meet … [Read more...] about Balancing the Boom: How Utilities Strive to Keep Up with Developers
Nevada Brokers: The Ins and Outs of Commercial Real Estate
Both the Las Vegas and Reno commercial real estate markets are well balanced and healthy for the foreseeable future, but there may be trouble past the horizon. Real estate professionals in both cities echoed similar statements in regard to the health of the markets, but Providence Commercial Managing Partner Mike Montandon said a land shortage could loom in Las Vegas. … [Read more...] about Nevada Brokers: The Ins and Outs of Commercial Real Estate
A Home Run: Nevada’s Residential Market
It’s a simple law of Nevada economics: When folks are working, they buy houses. And when they’re making good money, they buy better houses. Those economics are driving stronger residential sales and construction across the state, and executives see little reason for worry about the continued health of the residential sector. Employers added 37,700 positions statewide during … [Read more...] about A Home Run: Nevada’s Residential Market
Build-To-Suit, Spec, Flex: Nevada’s Industrial Real Estate Industry Has It All
Industrial real estate isn’t static. Buildings are constructed, leased up and absorbed, vacancy rates fall and climb again, buildings constructed for one purpose end up serving another. Everything varies with the cycle of the economy. Industrial real estate itself is a microcosm view of the industries using it. The Nevada Market In Nevada, indicators point to continued … [Read more...] about Build-To-Suit, Spec, Flex: Nevada’s Industrial Real Estate Industry Has It All
Working for Workplaces: The Office Market in Nevada
The Nevada office real estate market is set to be the most active it’s been since before the Great Recession, but one major factor could stymie the growth. Multiple real estate professionals in Nevada said 2017 was a great year for the office market and 2018 is looking even better, but the consistent absorption has led to a lack of available inventory. Unless more office … [Read more...] about Working for Workplaces: The Office Market in Nevada
Weighing The Options: Owning Versus Leasing Commercial Real Estate
Weighing the benefits of leasing or owning real estate is important for any business, but Nevada real estate professionals said there’s no definitive answer to which option is best. Both leasing and owning real estate offers businesses advantages and disadvantages and the decision of which route to take is up to the leadership at each company, said Jeff Jenkins, executive … [Read more...] about Weighing The Options: Owning Versus Leasing Commercial Real Estate
Nevada Subcontractors: Plenty of Work, Not Enough Workers
“I started working for our family business in 1973 and we’ve been through a lot of recessions, but none as long as the one that began in 2007,” said Bart Hiatt, president and general manager of A&K Earth Movers, Inc. “Our gross sales went from $50 million a year to less than $25 million. Although we had enough cash reserves to keep the doors open and hold onto our … [Read more...] about Nevada Subcontractors: Plenty of Work, Not Enough Workers
Today’s World of Brokerage: What to Know
Larry Singer’s team at Newmark Knight Frank (NKF) has provided services to Ainsworth Game Technology Ltd. for years. First, the commercial real estate brokerage located a Las Vegas site for this gaming machines manufacturer and supplier’s 300,000 square-foot North American headquarters then helped them acquire, through auction, an additional 5-acre parcel from Clark County to … [Read more...] about Today’s World of Brokerage: What to Know
Financial Foundations: Funding Commercial Real Estate in Nevada
Nevada’s commercial real estate industry is growing again. New projects are underway, both sales of existing buildings and those under construction. “We’re definitely seeing a large increase in our loan volume over the last several months,” said Debra Alexandre, president, Nevada State Development Corp. “It’s looking much better than it has since the recovery began. We’re … [Read more...] about Financial Foundations: Funding Commercial Real Estate in Nevada
From Vision to Reality: A Look at Entitlements in Nevada
When developers set out to make a commercial real estate vision a reality, they first must get their prospective project plans approved by the jurisdictional agency in which the land falls, the city or county. This is called the entitlement process. Next is the procedure to obtain a building permit followed by construction and final approvals. All of these steps constitute the … [Read more...] about From Vision to Reality: A Look at Entitlements in Nevada
Building & Development: A Rebounding Industry
The construction workers who left Nevada during the darkest days of the recession are coming back. However, construction executives are beginning to worry — not a lot, but a little — whether the flow of workers will be enough to meet the needs of an industry that’s recovering quickly. Some executives, in fact, have said they’re already beginning to bump into tight … [Read more...] about Building & Development: A Rebounding Industry
Office in Nevada: A Perspective Shift
Nearly a decade after the recession left yawning vacancies in office properties across Nevada, buildings are finally beginning to fill. Whether the rising occupancy justifies speculative new development — particularly in the Las Vegas area — remains an open question. Applied Analysis estimates the office vacancy rate in Southern Nevada stood at 19.8 percent in the first … [Read more...] about Office in Nevada: A Perspective Shift