Look around the Las Vegas Valley, strip malls have more retail spaces filled (just a few years ago they were vacant). The Boulevard Mall has converted space for offices that were once retail stores. The conversion of retail spaces in the mall to call centers has been very successful largely due to amenities in the mall and readily available parking. In Downtown Summerlin the second office tower (Two Summerlin) is well on the way to be completed with lots of interest in available spaces.
Daniel Palmeri, senior director at Cushman and Wakefield stated “We’re kind of seeing a westward movement of companies looking to be in Summerlin or the west side of town.” Brian Gordon, principal at Applied Analysis, stated “The general feel is that the economy is remaining relatively healthy, and we’ve moved beyond the effects of the past downturn and looked more toward growth in the future.”
We are seeing a lot of new segments being added to the Las Vegas economy – Major League sports, the tech industry and an increase in tourism. The Golden Knights have already made an impact on the economy and the commercial real estate market. There are more retail stores thriving around the T-Mobile Arena and adding employment opportunities. The Raiders will be in Las Vegas by 2020 and more retail and office space will be filled by their employees.
The tech market has seen an increased local presence of national companies, as well as the acquisitions of local startup companies. This has made Las Vegas a credible hub for technology companies with more opportunity for upward movement for local tech talent and a good reason for more tech talent to move here.
Current Las Vegas market trends data indicates an increase of +2.8% in the median asking price per sq ft for office properties compared to the prior 3 months, the current median price of $176 per square foot in Las Vegas. In the industrial market the median price is now $118 per square foot and retail space prices are still rising at a slower pace.
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Choose to have an amazing day…..Jeff