What happens in Nevada’s commercial development industry usually filters down to commercial subcontractors. And there has been a multitude of headaches for subcontractors in the last year and a half with supply inflation and labor shortages. Executives from this industry recently met in a virtual roundtable, sponsored by City National Bank, to discuss what comes next for … [Read more...] about Industry Focus
COVID-19
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
Commercial RE ReportOffice Summary: First Quarter 2021
Northern Nevada By Colliers | Reno Reno’s office market has continued to show its resilience one year into a once-in-a-century pandemic. Reno’s office demand has stabilized in the first quarter of 2021 and vacancy has only slightly ticked up over the last year. Office vacancy saw a 20-basis point decrease since the previous quarter, from 13.6 percent at the end of 2020 to … [Read more...] about Commercial RE Report
Business IndicatorsJune 2021
The “advance” estimate of U.S. real gross domestic product (GDP) for the first quarter of 2020 experienced a strong gain of 6.4 percent at an annual rate, bringing the gap from the pre-pandemic peak to within one percent. This strong recovery was boosted by a surge in consumer spending that probably incorporated the second and third stimulus checks. In addition, government … [Read more...] about Business Indicators
Power Poll 2021Everything has Changed
In the last year, there have been significant changes to nearly every aspect of daily life. It seems no one was unaffected by the COVID pandemic that swept the world. Activities that were once taken for granted have now been limited or, in some cases, are simply gone. From new technologies to accommodate work from home to mask mandates and supply shortages, everything has … [Read more...] about Power Poll 2021
Event Planning and COVIDTransforming Events Today for Tomorrow’s Market
Some of the top trade shows and conventions in the country happen in Nevada. With an economy that relies on and excels at hospitality and tourism, it’s a good mix. In 2019 there were an estimated 43 million visitors to southern Nevada, with 6.6 million there to attend a meeting or convention. The economic impact of the industry was $11.4 billion. “As much as people think of … [Read more...] about Event Planning and COVID
Industry FocusEconomic Development
The importance of a diversified economy has never been clearer than in the aftermath of the COVID pandemic. Economic development agencies have an important role to play in bringing companies to Nevada and helping create that diversification. Recently, executives representing this industry met in a virtual roundtable, sponsored by City National Bank, to discuss these vital … [Read more...] about Industry Focus
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
New Taxes Aren’t Just a Bad Idea, They’re an Insult to Struggling Nevadans
Even before the federal government decided to throw roughly $4.5 billion federal dollars Nevada’s way as part of a COVID relief package, state government had been spared most of the pain from the last year of arbitrary and devastating coronavirus restrictions. While Nevada workers suffer from some of the worst unemployment rates in the nation (Las Vegas has stubbornly rated … [Read more...] about New Taxes Aren’t Just a Bad Idea, They’re an Insult to Struggling Nevadans
Business IndicatorsMay 2021
The “third” estimate of U.S. real gross domestic product (GDP) for the fourth quarter of 2020 increased 4.3 percent at an annual rate, revised up by 0.2 percent from the previous estimate. This reflected larger private inventory investment than previously reported, which was partly offset by a downward revision in nonresidential fixed investment. Retail sales in February were … [Read more...] about Business Indicators
Long Road to RecoveryHealthcare Check-Up
Nevada’s doctors and hospitals battled gallantly to beat down one of their biggest threats ever throughout the COVID-19 pandemic. Now, as the pandemic begins to wane, the healthcare industry faces a major new headache: Digging itself out of the financial woes left in the wake of the battle against COVID-19. Administrators of big acute-care hospitals — the ones on the … [Read more...] about Long Road to Recovery
Business Survival VS. Pandemic DestructionBankruptcy in Nevada
For Nevada businesses struggling to survive during the coronavirus pandemic, bankruptcy may end up being the only way out. While overall filings nationally were up 20 percent last year, according to bankruptcy court records, the number of businesses in the state that filed Chapter 11 bankruptcy, which involves reorganizing and remaining in operation, have remained relatively … [Read more...] about Business Survival VS. Pandemic Destruction
Industry FocusCommercial Brokers
The past year of pandemic related hurdles has presented unique challenges for commercial real estate (CRE) professionals. Each submarket was affected differently by COVID and the market shifted to reflect those changes. Recently, executives representing commercial real estate in Nevada met virtually in a roundtable sponsored by City National Bank to discuss the changes to the … [Read more...] about Industry Focus
A Zero-Risk Society is Not a Reasonable Policy Proposal
Some Nevadans might be old enough to remember when “two weeks to slow the spread” was the official position of most governors invoking vast emergency powers in response to the novel coronavirus. Long gone are those days. For more than a year, we have lived in a world where one-man-rule suddenly usurped representative democracy as the standard form of state government and … [Read more...] about A Zero-Risk Society is Not a Reasonable Policy Proposal
Through Challenging Times, Buying and Selling Business Continues at Record Pace in Nevada
With all of the tragedy, shut down and hardship associated with COVID, there have been a few bright spots in the Nevada business community that give us great hope for 2021. As the new year is underway, it is interesting to note that entrepreneurship is notably on the rise. Nevada has experienced an increase in the sale of existing businesses to the next generation of … [Read more...] about Through Challenging Times, Buying and Selling Business Continues at Record Pace in Nevada
COVID-19’s Latest VictimLegislative Freedom
In Nevada we have what’s known as a part-time citizen Legislature. Our state’s elected officials only meet for 120 days in odd-numbered years and those that serve often have other jobs in Nevada. Only three other states have a similar schedule and it’s a deliberate choice. A citizen Legislature, by design, keeps our political process both small and local. It’s meant to push the … [Read more...] about COVID-19’s Latest Victim
Nevada UtilitiesConservation & Creativity
Despite COVID-19 shutting down business as usual, Nevada utilities companies grew over the past year. New customers signed on. New pilot programs started up. New agreements between agencies were entered into. New sources for commodities and renewable resources were found. Disconnects for nonpayment were suspended in response to the pandemic. “Utilities in Nevada have been … [Read more...] about Nevada Utilities
Industry FocusBuilders & Developers
Like many other industries, builders and developers have been dealing with a multitude of COVID-related issues, from supply chain disruptions to market uncertainty. Building and development leaders have been challenged with remaining flexible on projects and adapting where possible. Recently, leaders in these industries met in a virtual roundtable, sponsored by City National … [Read more...] about Industry Focus
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
Commercial RE ReportOffice Summary: Fourth Quarter 2020
Northern Nevada By Colliers | Reno The Reno/Sparks office market has begun its journey to recovery in the fourth quarter of 2020, with positive office job growth and strong in-migration pointing to a rebound in the near future. Office vacancy saw a 40 basis point decrease since the previous quarter, from 13.1 percent in the third quarter to 12.7 percent in the fourth … [Read more...] about Commercial RE Report