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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
Covering Your Assets: Commercial Real Estate Title Insurance in Nevada
Commercial title insurance protects buyers and investors against loss if a problem arises with their non-residential transaction. Coverage protects against loss for the owner and the lender if there’s a problem with the title. Commercial real estate title insurance covers apartments and office buildings, retail development and industrial facilities, investors, … [Read more...]
Live-Work-Play Repeat: Mixed-Use Projects Regain Traction
The 45-acre site of the former Park Lane Mall in Reno—about seven times the size of Reno’s Greater Nevada Field ballpark—has sat vacant for ten years but now is about to get made over into a development encompassing residential, retail and commercial components. As of mid-April, ground was slated to break soon on the infrastructure, then the 1,260 apartments to be followed … [Read more...]
Developing Big Boxes: Growth in Nevada’s Industrial Market
That sound that developers of industrial properties hear in the background is the ticking of the clock counting down the longest-lived economic recovery since World War II. But although the ticks are growing louder, demand for space from new and expanding industrial companies keeps developers busy in Las Vegas and Reno alike. The reasons for the boom are a well-told … [Read more...]
Nevada Land: Priorities for Today in Planning for Tomorrow
Protecting counties from restrictive federal land policies, potentially transferring U.S. government-owned land to the state, creating state parks. These and other current land matters in Nevada, some in the courts, some ongoing, many controversial, are numerous. That is, in large part, because the state contains the highest percentage of federally owned and managed land, 87 … [Read more...]
Spending Power: Nevada’s Retail Market
With the peak holiday spending in their rearview mirrors, Nevada retailers say they are cautiously optimistic about continued growth in 2017. “Retail is trending positive. I’m conservatively bullish and would be happy with one to two percent growth next year,” said Kevin Budny, senior general manager of the Galleria at Sunset in Henderson. “We were comparable to 2015 this … [Read more...]
Carefully Planned: Architects and Engineers in Nevada
Like the fellow who narrowly escaped drowning, executives of architectural and engineering firms in Nevada are really cautious as they venture back into the water. Obviously, industry executives are thrilled they’re landing a steady stream of new work as the development and construction sectors come back to life but, they’re wary of once again getting into deep water too … [Read more...]
Nevada’s Industrial Future: Two Parks Hold Great Promise for the Silver State
“It was the best of times, it was the worst of times” applies to Nevada’s tale of two industrial parks, one in the north and huge, the other in the south and a fraction of the size. Though the genesis of both took place at about the same time, in the late 1990s, their courses differed radically due to various circumstances of ownership, place and time. Today, the one with 17 … [Read more...]
A Place to Live: Nevada’s Residential Market
Call it flattening or softening or just call it a leveling off – Nevada’s housing market seems to have found an even keel in the second half of 2016, and most professionals in the industry are calling that a good thing. After the housing bubble hit Nevada in the early 21st century when demand outstripped supply and prices rose over weekends and overnight, the inflationary … [Read more...]
Lean Construction: Slow-Growing Nevada Trend
On Nevada Day at the end of this month, Valley Health System will open Henderson Hospital, its sixth hospital in Southern Nevada. VHS’ parent company Universal Health Services Inc. began the 130-bed, 247,000-square-foot facility project in May 2014. At that time, the corporation and the group of design and construction service providers chosen for the endeavor set the primary … [Read more...]
