If you live in the Las Vegas area, you may have noticed all of the tilt-up walls and lumber framing rising in view from the 215 in the Southwest. Clearly there is meaningful construction there; but how much?
Currently there is over 372,000 square feet of commercial rentable building area scheduled to be delivered in 2017 and 2018. One of the largest components of this is the Credit One building between Durango and Buffalo, emerging in full view as you approach the 215 curve. This project is scheduled to be 152,000... read more
LAS VEGAS VALLEY HIGH-RISES
LAS VEGAS HIGH RISE - Condominium Market
While we see each high-rise project as a market unto itself, for brevity, we occasionally refer to the “market” for high-rises.
The high-rise market is registering fairly flat sales rates, however pricing continues to ratchet higher in a majority of buildings. There are some notable performers. In the past couple of years, Downtown has had rather tight supply, with limited resale activity in Newport Lofts and Soho Lofts, both of w... read more
“Is the market still struggling?” If we had a nickel for every time that question was asked, we could….go buy a piece of real estate. The answer to that question is a resounding, “no!”
The Las Vegas real estate market has been resurging for the last three years or more with strong sales, a drastic decrease in distressed inventory and steady home price gains in both the residential and the commercial markets. This trend is not stopping any time soon and is ... read more
Each sector of the commercial real estate market was severely impacted by the recession and it has been a long grind from the bottom. Things have improved substantially since, with some recent noteworthy improvements in occupancy rates and some bumps in asking rents. In addition, supporting fundamentals look far better than just a short time ago. As a result some end-users and investors are again interested in the local market and we have observed a lot of convexity in price, although some prices remain below repla... read more
We have just concluded our study of commercial real estate trends in Las Vegas. There are several takeaways from the report.
Distressed properties, reflect weakened fundamentals and deleveraging, leading prices downward.
Industrial buildings are approaching the same price-per-square foot that they were near the beginning of the decade.
Many office sector businesses have downsized or gone out of business and the existing demand seems to be comi... read more