In August, 4.3 million U.S. workers quit their jobs, according to Department of Labor (DOL). Food services lost 892,000 workers, 721,000 employees quit the retail industry and even more workers left education and healthcare. The start of the pandemic saw record high unemployment and by July 2021 the United States hit another record high – 11.1 million jobs … [Read more...] about Closed:
John Restrepo
Economic Forecast 2021Recovery vs. Recession
February 2020: Nevada’s economy was at a peak. Unemployment stood at 3.6 percent. The state led the nation in new job creation. March 2020: Governor Sisolak ordered all nonessential businesses to close and Nevada entered the worst recession since 2008. In two months, 280,000 Nevadans lost jobs. The COVID-19 recession was a faster, larger drop than the Great Recession, … [Read more...] about Economic Forecast 2021
Temporarily Closed for BusinessNevada Versus COVID-19
Seemingly overnight the coronavirus (COVID-19) pandemic has swept through the world and changed every aspect of daily activity. From home-life and recreation to work and business operations, individuals everywhere have had to quickly learn to adapt to an unprecedented event. Working from home has been a trial by fire as businesses throughout Nevada closed their doors after … [Read more...] about Temporarily Closed for Business
Shifts OccurringNevada’s Tourism Industry
“Strong” and “evolving”— that’s how Lt. Governor Kate Marshall, chair of TravelNevada described the Silver State’s tourism industry today. Its robustness is evidenced by visitor spending, which has increased year-over-year since 2009. In calendar year 2018, the 56 million people who visited Nevada collectively spent $65.5 billion here, up from $63.7 billion the year … [Read more...] about Shifts Occurring
Industry FocusEconomic Development
The economy is constantly changing and, there are many factors at play when it comes to determining economic health. Thankfully, according to economic development leaders, Nevada is in a position to create positive outcomes. Recently, executives representing economic development in the Silver State met at the Las Vegas office of City National Bank to discuss Nevada’s future. … [Read more...] about Industry Focus
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
Nevada’s Economic Outlook: 2018 Blue Skies Ahead
It’s been a decade since the great recession hit Nevada. As we start the new year of 2018, the state’s economy overall remains in recovery mode, with the majority of related metrics remaining below their peaks in 2006 and 2007. Looking forward, we can expect continued steady, incremental growth of the economy in the Silver State at both regional ends, experts said, which is … [Read more...] about Nevada’s Economic Outlook: 2018 Blue Skies Ahead
NAIOP Southern Nevada Chapter Announces Winners of 20th Annual Spotlight Awards
NAIOP Southern Nevada has announced the 2017 winners of the 20th Annual Spotlight Awards. The prominent awards event, held March 4 at Red Rock Hotel & Casino, honored distinguished businesses and individuals connected to the commercial real estate and development industry locally. The awards program is designed to highlight NAIOP members who positively impact the industry … [Read more...] about NAIOP Southern Nevada Chapter Announces Winners of 20th Annual Spotlight Awards
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...] about Spending Power: Nevada’s Retail Market
NAIOP Southern Nevada Chapter Announces 2017 Board of Directors and Officers
NAIOP Southern Nevada Chapter Announces 2017 Board of Directors and Officers (Las Vegas) – NAIOP Southern Nevada, the commercial real estate development association, announced its 2017 board of directors and officers. All officers serve a one-year term. The 2017 officers are: • President – Jay Heller, Heller Companies • President Elect – Jeff Foster, Prologis • … [Read more...] about NAIOP Southern Nevada Chapter Announces 2017 Board of Directors and Officers
2017 Economic Forecast Event Set for Jan. 20
Who: NAIOP Southern Nevada, the commercial real estate development association and UNLV’s Lied Institute for Real Estate Studies. What: NAIOP Southern Nevada and the Lied Institute for Real Estate Studies, Lee Business School at UNLV presents “Forecast 2017: Looking for a Sign,” featuring a keynote presentation by Dr. Mark G. Dotzour, Real Estate Economist. The event … [Read more...] about 2017 Economic Forecast Event Set for Jan. 20
NAIOP Southern Nevada Presents, “Land Wanted,” for Monthly Meeting
Who: NAIOP Southern Nevada, the commercial real estate development association; Mike Ford, Partner, Abbey Stubbs & Ford, LLC.; Mike Majewski, Principal, Spatial Economic Concepts; Alan Schlottmann, Ph.D., Professor, Lee Business School, UNLV; John Restrepo, Principal, RCG Economics LLC. What: NAIOP Southern Nevada presents, “Land Wanted,” as part of its monthly … [Read more...] about NAIOP Southern Nevada Presents, “Land Wanted,” for Monthly Meeting
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...] about Business on the Move: Office Market in Nevada
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...] about Retail Market: Nevada’s Retail Shows Slow, Steady Improvement
NAIOP Strong
By relying on the strong foundation formed by its members, and finding new ways to serve those members, NAIOP Southern Nevada has come out of the economic downturn stronger than ever. The premier association for commercial real estate professionals, NAIOP, the Commercial Real Estate Development Association, offers educational and networking opportunities, and also serves as … [Read more...] about NAIOP Strong
Nevada Taxes Reaching Deeper
Hall of Fame baseball player Yogi Berra once said it is deja vu all over again. He wasn’t wrong if he was describing Nevada politics and biennial efforts to create a tax code that can better withstand economic recessions. Nevada lawmakers have recently been debating another proposed tax increase geared towards adding funds to the state’s woeful educational system. In total, … [Read more...] about Nevada Taxes Reaching Deeper
NAIOP Southern Nevada Chapter Announces New Officers, Board of Directors and Committee Chairs for 2015
Las Vegas –NAIOP Southern Nevada chapter -- a trade organization representing commercial real estate developers, owners and related professionals in office, industrial, retail and mixed-use real estate in Southern Nevada -- has announced its 2015 officers, board of directors, committee chairs, and liaisons. The 2015 NAIOP Southern Nevada officers are as follows: … [Read more...] about NAIOP Southern Nevada Chapter Announces New Officers, Board of Directors and Committee Chairs for 2015
Industry Focus: Commercial Real Estate
As the economy recovers, commercial real estate is slowly regaining footing in the Silver State. Recently, executives representing the industry met at the Las Vegas offices of Gordon Silver to discuss the challenges of commercial real estate in Nevada. Connie Brennan, publisher of Nevada Business Magazine, served as moderator for the event. These monthly meetings are … [Read more...] about Industry Focus: Commercial Real Estate
Nevada Land Market Continues to Recover
Demand for land in Nevada has resembled a rollercoaster pattern this decade. During the real estate boom in the first half of the 2000s, both residential and commercial developers hungrily purchased land, driving up prices. With the recession, the opposite happened; development nearly ceased, land demand decreased and so did the price. Again, the pendulum has begun to swing … [Read more...] about Nevada Land Market Continues to Recover
Builders and Developers: Bullish on Nevada
Nevada’s skyline is once again changing. Commercial real estate, which saw many projects stalled mid-recession, is finally moving: contractors are hiring and builders are returning. But is there activity across the board in all industry sectors – industrial, office, retail, mixed-use – or are some moving faster than others? Does it spell recovery? Or another boom and bust … [Read more...] about Builders and Developers: Bullish on Nevada