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
Building 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
Safety on the JobResponsibilities on Site
Construction as an industry, including commercial real estate construction, is subject to safety rules and regulations from federal and state agencies. Federal requirements are implemented by the Nevada version of OSHA – the Occupational Safety and Health Administration, which operates under the U.S. Department of Labor. Nevada’s state-level OSHA is administered through the … [Read more...] about Safety on the Job
Commercial Real Estate FinancingNavigating a Post-Pandemic Market
Fickle – that’s one word to describe the commercial real estate market as the COVID-19 pandemic winds down and the accompanying economic development downturn looks likely to take 18 to 24 months to resolve. For individuals or companies wanting to buy or build commercial real estate (CRE) properties, there’s money available – for the right person, with the right deal … [Read more...] about Commercial Real Estate Financing
A Year of ChangesEngineering in Nevada
As 2020 kicked off, many firms across the commercial real estate engineering industry were poised for their best year ever. The Nevada economy was healthy, with growth across most industry sectors as new and expanding businesses created new development projects that required commercial real estate (CRE) engineering services. Metro areas were busy with private development and … [Read more...] about A Year of Changes
Under ConstructionTransportation Projects are in the Pipeline
So much transportation-related construction will be underway in Nevada this year that one of the most closely watched initiatives is one that puts technology to use to reduce the frustrations faced by motorists stuck in construction delays. Several of the state’s most-traveled intersections — the Centennial Bowl and the Interstate 15 Tropicana Avenue interchange in Las Vegas, … [Read more...] about Under Construction
Multi-Family in NevadaLet’s Get Vertical
When the pandemic locked Nevada into quarantine in 2020, multi-family commercial real estate market professionals braced for bad news. With the state essentially at a standstill, the most likely scenario was the multi-family commercial real estate market would take a direct economic hit. Instead, the opposite happened. The pandemic accelerated the market nationally, and the … [Read more...] about Multi-Family in Nevada
Industrial SubmarketDemand Over Pandemic
The industrial real estate market has been crucial to the economy throughout the coronavirus pandemic as its stability has been driven by demand from e-commerce companies as consumer spending habits have shifted away from brick-and-mortar retail to online. That shift may be permanent as Nevada’s economy begins to recover from the pandemic. But some brokers believe retail … [Read more...] about Industrial Submarket
Post Pandemic DownsizeOffice Projects in Nevada
Tom van Betten, vice president of strategic partnerships for Matter Real Estate Group, worries about the problems he sees just over the horizon for the office-development market — problems that are directly linked to the uncertainties that have troubled the sector for the past year. Matter is the developer of the $400 million UnCommons mixed-use project in southwest Las … [Read more...] about Post Pandemic Downsize
Time & SpaceArchitectural Design Trends
Architecture may be all about space — the creation of spaces, the blending of the built environment with the natural environment — but it’s often about time, too. As Nevada’s architectural professionals look forward to the evolution of design trends in 2021, they see lots of indications that the dramatically changing times in which we find ourselves will shape the … [Read more...] about Time & Space
Luxury DemandOpulent Homes Selling in Nevada
Recently, a home in MacDonald Highlands in Henderson sold for $5.35 million. While significantly higher than the median sale price, it’s representative of a typical transaction these days, according to real estate brokers and developers in Nevada. What was unusual about this particular deal was that the 80-year-old retiree in Florida who purchased the home conducted the … [Read more...] about Luxury Demand
Architects & EngineersRebounds and Changes
Like roadsters cruising across the desert at 80-something mph, Nevada’s architectural and engineering firms slammed hard on the brakes when the COVID-19 pandemic threw up a roadblock last spring. Now that traffic is moving again, some lanes are moving faster than others. Business is recovering at most firms, but executives don’t expect a full recovery until … [Read more...] about Architects & Engineers
Commercial Builders in NevadaWeathering the Storm
Nevada’s commercial builders — the companies that build about everything except single-family houses — weathered the first months of the COVID-19 pandemic in passably good shape. But, questions linger about how well the industry will fare if the state’s economy remains weak into the early days of next year. After some bumps during the worst of the pandemic’s early days, most … [Read more...] about Commercial Builders in Nevada
Waiting for the Dust to SettleRetail in COVID-Nevada
The future of retail arrived with an unexpected, massive thunderclap this spring. Now retailers, shopping center developers and real estate brokers who specialize in commercial properties are looking over a landscape dramatically changed by the COVID-19 pandemic, identifying winners and losers and making predictions about the future of retail as it continues to unfold. Nobody … [Read more...] about Waiting for the Dust to Settle