Northern Nevada By Dickson Commercial Group Retail had another strong quarter with Q2 total sales at nearly $48 million over 23 total sales. The average price per square foot in the first quarter was $356.76 with two sales over $1,000 per square foot. No neighborhood centers have traded hands in the first two quarters of 2021. The market has limited inventory and … [Read more...] about Commercial RE Report: Retail Summary
Northern Nevada
Higher EducationA Cornerstone of Nevada’s Recovery
Nearly 20 years ago, economic development officials in Nevada wondered what the state could do to attract employers in the fast-growing biotechnology sector. Industry officials told them flat-out that Nevada simply didn’t have the skilled professional workforce to support biotechnology companies. Flash forward to this spring, when StemExpress announced plans to launch a … [Read more...] about Higher Education
Commercial RE Report: Retail SummaryFirst Quarter 2021
Northern Nevada By Dickson Commercial Group Retail had a strong start to the year in Q1 with $40,203,740 in total sales volume and 19 total sales. The average price per square foot in the first quarter was $347.20 with two sales over $1,000 per square foot. No neighborhood centers traded hands in the first quarter. The market has limited inventory and single … [Read more...] about Commercial RE Report: Retail Summary
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
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
Commercial RE ReportIndustrial Summary First Quarter 2021
Northern Nevada By CBRE Reno The northern Nevada industrial market continued to build off its momentum from the previous year by posting strong market fundamentals again in Q1 2021. Gross absorption for the quarter reached 1.9 million square feet (SF). Net absorption was also robust, posting a positive 1.3 million SF. Low vacancy rates have allowed for sizable increases … [Read more...] about Commercial RE Report
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
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
Last WordWhat Advice would you give your Teenage Self?
Matt Herrick Principal Hydrogeologist, Division ManagerNorthern Nevada, Broadbent & Associates “There is a balance one should aspire to achieve between the drive to realize personal goals and patience. Spend more time observing and listening to others. Enjoy life, it is a wild ride!” Kris Cuaresma-Primm Las Vegas General ManagerHomie “Fail early. Fail … [Read more...] about Last Word
Park Place Infiniti Sponsors Smiles for Survivors; Governor Approves Solar Tax Incentives
Park Place Infiniti Sponsors Smiles for Survivors Park Place Infiniti is sponsoring the fourth annual Blow Out Breast Cancer event, presented by the Smiles for Survivors foundation and Square Colour Salon and Spa. [Read More...] Governor’s Office of Energy Approves Solar Tax Incentives Highlighting its commitment to renewable energy in Nevada, the Governor’s Office of Energy … [Read more...] about Park Place Infiniti Sponsors Smiles for Survivors; Governor Approves Solar Tax Incentives
Retail Summary: Fourth Quarter 2012
Las Vegas By the end of 2012, vacancies in the retail sector reached their lowest level since the first quarter of 2009. The vacancy rate ended the year at 9.9 percent, down 0.3 percentage points when compared to last quarter (Q3 2012). Compared to a year ago (Q4 2011) the rate is down an even greater 0.7 percentage points. The latest market activity suggests the retail sector … [Read more...] about Retail Summary: Fourth Quarter 2012
Nevada Executives Speak Out: Power Poll 2013
As the Silver State struggles to pull itself out of the worst recession many Nevadans have seen in their lifetime, executives are beginning to see a light at the end of the tunnel. This year marks the eleventh annual Power Poll wherein Nevada Business Magazine asked executives throughout the state to speak up on issues that affect their businesses. This year’s poll illustrates … [Read more...] about Nevada Executives Speak Out: Power Poll 2013
Technology: Wired Up and Ready to Go
With so much of America looking hopefully to the future, the state of Nevada is building it today by taking all the right steps to become a global technology leader in the year ahead. The technology sector in Nevada “has changed so much in five years,” says Dave Archer, President and Chief Executive Officer of the Nevada Center for Entrepreneurs and Technology (NCET), a … [Read more...] about Technology: Wired Up and Ready to Go
Housing Market: Honing in on Homes
With increasing sales and home values, Nevada’s housing market shows signs of recovery and strength not seen in recent years. “We’re on a good path right now,” said Patti Kelley, president of the Nevada Association of Realtors (NAR), a group that provides services to its members and advocates for private property rights. “We’re pulling out of the worst of it and finally … [Read more...] about Housing Market: Honing in on Homes
Office Summary: Fourth Quarter 2012
Las Vegas During the fourth quarter of 2012, the office sector witnessed a quarter-over-quarter increase in vacancy rate. The market-wide vacancy rate for the fourth quarter of 2012 was 25.3 percent, up 0.3 percentage points when compared to the prior quarter (Q3 2012). Over one-fourth of existing office space has now been vacant for five consecutive quarters. For the year, … [Read more...] about Office Summary: Fourth Quarter 2012
Getting There: Transportation in Nevada
Nevada is a hub state, with easy access and distribution from both ends of the state to the Western states. Northern Nevada offers access by roadways, railways and an international airport as well as additional airports in surrounding areas. Southern Nevada offers ground access to Los Angeles, Phoenix, Salt Lake City and points south. The state’s business friendly tax climate … [Read more...] about Getting There: Transportation in Nevada
Industrial Summary: Fourth Quarter 2012
Las Vegas With no completions during the quarter, the industrial market witnessed some increased demand, reporting approximately 32,000 square feet of positive net absorption. However, for the year, absorption remained negative with 243,700 square feet of net move-outs. Average asking rates remained flat at $0.51 per square foot per month for the fourth consecutive quarter. … [Read more...] about Industrial Summary: Fourth Quarter 2012
Retail Summary: Third Quarter 2012
Las Vegas While the vacancy rate in the Las Vegas retail sector remains elevated, it posted both consecutive-quarterly and annual declines during the third quarter of 2012. The market reported a vacancy rate of 10.2 percent during the third quarter, down 0.3 percentage points when compared to the prior quarter (Q2 2012). Compared to a year ago (Q3 2011), the vacancy rate … [Read more...] about Retail Summary: Third Quarter 2012
2013 Economic Forecast: Watch for the Wild Card
As the end of 2012 nears, Nevada’s economy continues its gradual recovery, but the unemployment rate remains in the double digits and job creation is slow. What’s in store for the Silver State’s economy in 2013? Experts weighed in on their predictions for the coming year, which primarily are based on the performance of certain indicators this year. However, they said none of … [Read more...] about 2013 Economic Forecast: Watch for the Wild Card
Office Summary: Third Quarter 2012
Las Vegas The office sector witnessed a quarter-over-quarter decline in vacancy rates for the first time in two years. During the third quarter of 2012, the vacancy rate fell to 25.2 percent, down 0.4 percentage points compared to the prior quarter (Q2 2012). However, the rate remains 0.3-percentage points higher than a year ago (Q3 2011). The sector reported approximately … [Read more...] about Office Summary: Third Quarter 2012