SOUTHERN NEVADA The Las Vegas Valley’s overall industrial vacancy rate in Q1 2017 was 5.5 percent, 0.3 percentage-points up from the 4th quarter of 2016. The warehouse/distribution product type was responsible for the vacancy increase as vacancy was down in all other product types. A large amount of warehouse/distribution space came to market in the second half of 2016; and … [Read more...]
Nevada Infrastructure: Keeping Up with a Growing State
According to the U.S. Census Bureau, Nevada’s 1.95 percent population growth rate from July 2015 to July 2016 made it the second fastest-growing state in the country, slightly behind Utah’s 2.03 percent. With the state’s official population nearing the three million mark, how is infrastructure keeping up with growth? The Orange Cone Zone Some of the funding for Nevada’s road … [Read more...]
Around the State: March 2017
USA Parkway Extension Hits Midway Mark The Nevada Department of Transportation (NDOT) has reached the 50 percent milestone in the completion of the USA Parkway extension. The project connects Interstate 80 and U.S. 50 in Storey and Lyon counties. USA Parkway was originally constructed as a privately-built, six mile road connecting I-80 to the Tahoe Reno Industrial Center east … [Read more...]
Industrial Summary: Fourth Quarter 2016
Southern Nevada The Las Vegas Valley’s overall industrial vacancy rate in Q4, 2016 was 4.8 percent. Since Q3, 2015 the Valley’s industrial market rate has been at full occupancy and has been absorbing new space while remaking the existing inventory to accommodate larger space demand. Q4 saw 2,045,634 square feet of completed space, all of it in the warehouse/distribution … [Read more...]
Manufacturing: Organizations Work to Bolster Industry
A major focus of the state’s economic development organization and other agencies throughout Nevada is growing and supporting the state’s manufacturing industry, and their efforts continue to bear fruit. “There are so many people working right now, from the governor all the way down, to make sure we provide workforce and housing and stimulate the economy in ways that have … [Read more...]
Around the State: July 2016
UNLV Releases White Paper on Fiscal Impact of Nevada Sales Tax In an effort to determine future impacts of a possible sales tax on services, the University of Nevada, Las Vegas has released a white paper, A General Sales Tax on Services in Nevada: Fiscal Impacts & Stability. The white paper found that the best-case scenario for potential revenues from a uniform tax of 2 … [Read more...]
Industrial Summary: Fourth Quarter 2015
Southern Nevada The Las Vegas Valley’s overall industrial vacancy rate in Q1, 2016 was 5.0 percent, a rise of 0.3 points, from 4.7 percent in Q4, 2015. Q1’s increase was the second quarter in a row with an increase in vacancy rate. Still, with the vacancy rate at such a low level, these rises are not a cause for concern. The strong growth in demand for industrial space, along … [Read more...]
Economic Forecast 2016: Increasing Stability and Growth
According to analysts, Nevada’s economy will continue to show improvement in 2016, but with a few new wrinkles thrown in. Rising wages will mean more disposable income, which in turn boosts consumer spending. Job creation, described as the single best indicator of economic growth, is expected to add more than 52,000 workers to company payrolls this year, according to the Nevada … [Read more...]
Nevada’s Residential Housing Market
One of the first questions that comes up during a discussion of the residential housing market is whether it’s a buyer’s or a seller’s market – who’s got the advantage? After the housing bubble burst in 2006 and the events of the recession, Nevada’s housing market began to grow again over the last four years, with 2013 stronger than 2014, and 2015 looking a lot like 2013. … [Read more...]
Industrial Summary: Second Quarter 2015
Southern Nevada The overall vacancy rate for the Las Vegas Valley Industrial market in the second quarter was 6.2 percent, a drop of 0.5 points, from 6.7 percent in the first quarter of 2015. This decline equates to ten straight quarters of declining industrial vacancies. The strong growth in demand for industrial space, paired with resurgent construction and industrial … [Read more...]
Tech in Nevada
Economic development in Nevada has a direct, deliberate, effect on Nevada’s technology industry. Then again, Nevada’s technology industry is having a definite effect on economic development. It’s like the old Reese’s Peanut Butter Cups commercials – where the collision of chocolate and peanut butter create a happy symbiosis. In this case, the combination is intentional. … [Read more...]
On the Job: Subcontractors Critical to Construction Industry
Subcontractors are the building blocks of residential and commercial construction. They’re the ones doing the foundation, framing, drywall, glass, plumbing. Without subcontractors, projects go nowhere. “Subcontractors are crucial in anything that gets done around this town, especially on the building end of the work,” said Lance Semenko, chief operating officer, Q&D … [Read more...]
Industrial Summary: First Quarter 2015
Southern Nevada The overall vacancy rate for the Las Vegas Valley industrial market in Q1, 2015 was 6.9 percent, a drop of 0.3 points, from 7.2 percent in Q4, 2014. The first quarter’s decline equates to nine straight quarters of declining industrial vacancies. The strong growth in the demand for industrial space, paired with resurgent construction, shows that the Valley’s … [Read more...]
Economic Forecast: 2015 Preview
Economists and industry analysts can, and will, argue over whether an economic recovery is as strong as numbers seem to indicate. However, they do agree the numbers show Nevada’s economy is on track to strengthen and add more jobs in 2015 because many of the impediments to faster growth have subsided. The unemployment rate has dropped to its lowest level in more than five … [Read more...]
The Office Market: Slow and Steady into the Future
As a mixture of economic indicators appear to show the recession in our rear view mirrors, movers and shakers in Southern Nevada’s office market are cautiously planning ahead for slow and modest growth in the coming months. “The trending is moderate growth overall due to a bettering economy,” says Lance Bradford, founder of Stable Development in Las Vegas. “There are … [Read more...]
Educating, Connecting Entrepreneurs; Median Home Price Hits $200,000; 5K to Raise Funds for Kids with Cancer
Las Vegas Will Launch 1 Million Cups to Educate, Connect Local Entrepreneurs 1 Million Cups, a program to engage, educate and connect entrepreneurs, launched in Las Vegas on Wednesday, August 13. The weekly event will be located in the inNEVation Center, powered by Switch. 1 Million Cups is a weekly gathering that is building startup communities over cups of coffee and … [Read more...]
Reno Engineering’s Vince Griffith Steps Away from Tahoe Reno Industrial Center to Focus on Commercial Real Estate Business
RENO — Vince Griffith, project coordinator and long-time executive at Tahoe Reno Industrial Center, is stepping away from his responsibilities at the Storey County industrial center to focus on his growing commercial, industrial and office real estate ventures throughout the Reno area. Griffith leads two local businesses, Reno Engineering Corporation and Reno Land & … [Read more...]
The Logistics of Economic Recovery: The Distribution Industry in Nevada
That big-box warehouse down the street may not be the prettiest feature of the Nevada landscape surrounding you, but next time you’re driving past it, consider this: It, and other facilities like it, might just save the state’s struggling economy. Nevada is poised to become a major distribution center in the West. According to a 2011 study commissioned by the State of … [Read more...]
October 2011: Around the State
Storey County Establishes Independent Economic Development Authority Storey County, home to the 107,000 acre Tahoe Reno Industrial Center (TRIC) has established an economic development authority in order to work more closely with the Nevada Commission on Economic Development. Storey County is the second smallest county in Nevada and TRIC takes up approximately 65 percent of … [Read more...]
