On March 20, Governor Sisolak ordered all nonessential businesses to close as Nevada followed shutdown orders, attempting to slow the spread of COVID-19. Overnight, the travel and tourism engine shutdown. For the first time ever, casinos closed their doors. During the first week of shutdown, nearly 3.3 million Americans filed for unemployment benefits. The … [Read more...] about New Beginnings
Nevada business
CCIM: A New WorldNavigating Changing Times with CCIM
Without change, nothing grows. But unexpected, chaotic change in economic systems and business transactions causes uncertainty and lost opportunities. In uncertain times, people reach for touchstones, for information and for the guidance of experienced professionals in their own markets. Seasoned, professional CCIM designees possess the knowledge, stability and expertise to … [Read more...] about CCIM: A New World
Uncertain TimesMultifamily in Nevada
April was set to be yet another busy month for sales of apartment complexes in Nevada, one of the hottest multifamily markets in the country. And then, all of sudden, it wasn’t. After state and local governments mandated business closures — with resulting job losses — to battle the COVID-19 pandemic, multifamily investors, developers and managers stepped … [Read more...] about Uncertain Times
Lights Out, Doors LockedNevada’s Tourism Industry Rides Out the Coronavirus Pandemic
Early morning on March 17, Nevada casinos locked their doors. Sandra Morgan, Nevada Gaming Control Board chair, has lived in Nevada since she was a year old. She grew up around the tourism industry. “My mother worked in the hospitality industry,” she explained. “When you think about the closure, and the fact they never had to lock the doors because the doors … [Read more...] about Lights Out, Doors Locked
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
Nevada UtilitiesNew Technologies, New Threats, New Solutions
Modern utilities, whether it’s electricity, water or natural gas, are expected to be there when needed. Utilities companies today face new challenges and need to adapt to a changing world, creating procedures to keep staff and customers safe and resources available. The tools have changed. Technology offers new solutions, climate change brings new challenges and a … [Read more...] about Nevada Utilities
Industry FocusBrokers
As Nevada businesses work to adjust to a rapidly changed world, executives in commercial brokerage see a multitude of changes to their industry. From tenant and landlord to bankers, brokers are involved in nearly every aspect of the commercial real estate industry and are working to advise their clients moving forward in a post-COVID world. Recently, brokerage executives … [Read more...] about Industry Focus
Supply & DemandNevada’s Industrial Market
The demand for industrial space has been extraordinarily strong in Nevada throughout this economic expansion and is expected to stay consistent throughout the rest of this year and into 2021, according to real estate professionals throughout the state. Originally, a decline in demand was expected due to the country’s trade war with China, but with trade tensions easing that … [Read more...] about Supply & Demand
Knowing WorthBusiness Valuation in Nevada
Even as the economy was cooling off coming out of the winter and stung by the effects of the spread of coronavirus, businesses are selling at record paces in Nevada. In northern Nevada, The Liberty Group is coming off its best year ever, owner and broker Brad Bottoset said. The great year in 2019 was coming off two prior years that had also set records and Bottoset felt more … [Read more...] about Knowing Worth
Betting on NevadaGaming Industry Outlook
Nevada’s gaming industry is the biggest employer in Nevada and the most important sector in the state’s economy. In fiscal year 2018, the hospitality industry accounted for nearly 38.9 percent of the state’s total tax revenues and supported 450,100 jobs. While economic development agencies continue their efforts to diversify the Nevada economy, gaming will continue to be its … [Read more...] about Betting on Nevada
Banking on NevadaA New Decade is Dawning
The economy and the banking industry mirror each other, and both are doing well in Nevada as the new decade begins. “We have one of the best economies in the country as measured by employment growth and in-migration, all those key metrics that we watch so closely, those are really strong right now. That generally means that the banking industry’s going to do … [Read more...] about Banking on Nevada
Industry FocusBuilders & Developers
LEFT TO RIGHT: John Cannito, PENTA Building Group • George Garcia, G.C. Garcia • Frank Marretti, G2 Capital Development • Joe Laiacona, City National Bank • Greg Korte, The Korte Company • Reed Gottesman, Harsch Investment Properties • John Ramous, Dermody Properties • Lance Gilman, L. Lance Gilman Real Estate • Lyle Brennan, Lyle B’s Development • Jeff Wood, … [Read more...] about Industry Focus
Office ProjectsFor a New Generation
The signals to office developers to develop are typically simple. Economic growth creates demand for office space, existing buildings begin to fill, rents rise and developers can make new projects pencil out. That’s happening, sort of, across Nevada these days. Vacancy rates in office buildings have fallen to about 12 percent in Las Vegas and about 11 percent in Reno, and … [Read more...] about Office Projects
Economic ForecastBuilding on Nevada’s Strong Economy
As Governor Steve Sisolak looks at the state’s strong economic performance at the dawn of a new decade, he sees it well-positioned to make investments that will create jobs and wealth for years to come. Top economists expect Nevada’s strong performance will continue into the New Year and that optimism, Sisolak says, creates an opportunity to address long-term economic … [Read more...] about Economic Forecast
Industry FocusHealthcare
Left to Right: Connie Brennan, Nevada Business Magazine • Dean Dow, Regional Emergency Medical Services Authority (REMSA) • Karen Rubel, Nathan Adelson Hospice • Mark Price, Healthcare Partners Nevada • Donna Miller, American Medical Response (AMR) • Dr. Sherif Abdou, P3 Health • Heather Korbulic, Silver State Health Insurance Exchange • Patty Holden, Elite Medical Center • … [Read more...] about Industry Focus
Stable and SustainableNevada’s Residential Market
Nevada’s residential housing should be stabilized and sustainable throughout 2020. Despite a relative lack of inventory and as potential homebuyers continue to flock to northern and southern Nevada alike, multiple Nevada real estate executives said they believe the housing market will settle into a groove. “For the first time in 13, 14 years, I can use the words stable … [Read more...] about Stable and Sustainable
Around the StateJanuary 2020
Businesses Grow in Southern Nevada Several new companies have opened and expanded in southern Nevada. Included in those is Farmtable Kitchen + Spirits in Town Square Las Vegas, a family-owned southern cuisine scratch kitchen restaurant concept. In addition, Smithfield Foods has added 61 jobs, Xtreme Manufacturing has added 60 jobs, Premier Display & Exhibits has added 51 … [Read more...] about Around the State
Mike Altimus
“Take care of your people and the return can be endless.” Vice President, Peterbilt Truck Parts & EquipmentGeneral Manager, Silver State InternationalType of Business: Full Service Heavy Duty Truck Dealerships Based In: Sparks, NVHails From: Reno, NV Years Company Has Been in Nevada: 76Years with Company in Nevada: 26Employees with Company: 135 What was your … [Read more...] about Mike Altimus
Coming Up…Multiple Generations in the Workplace
Nevada businesses are operating in a unique era. People are living longer, healthier lives, and therefore they’re not leaving the workforce as soon as they once did. As a result, there are currently four generations working together, bringing unique strengths to the workplace, as well as new challenges. In some ways, people working together are simply people working … [Read more...] about Coming Up…
Credit UnionsCommunity Banking
As banks continue to consolidate and grow as national corporations, credit unions likewise continue to provide financial connections to local communities. Clark County Credit Union President and CEO Matt Kershaw said the philosophy of “people helping people” has propelled state-charted credit unions to be the largest group of locally-owned financial institutions in Nevada. … [Read more...] about Credit Unions