|Las Vegas Photo by Brendel |
When talking about Las Vegas, most people might think about parties, casinos, fun or corporate congresses. But behind all the fun, there is not only an enormous entertainment industry but also thousands of other companies that manufacture and provide products & services.
The most recent report released by Cushman and Wakefield about Las Vegas commercial real estate for the first quarter of 2013 reveals the city’s dramatic increase in leasing is attracting investors.
"The Las Vegas area, particularly Downtown, is witnessing a major transformation because of individual investment and new businesses, many of which are from out of state investing in the area" said Ed Turpin, Managing Director for the Cushman & Wakefield
The office market saw vacancy rates decrease by 4%, reaching the 20% mark. Downtown Las Vegas offices
have the lowest vacancy rate (7.1%) opposed to other suburban areas.
The Industry market saw an amazing increase of 228% compared to the same period in 2012. Although this represents mainly warehouses and manufacturing spaces, it does reflect the positive situation that companies are living in the gambling capital of the world.
The retail market also contributed and also showed a decrease in vacancy rates where leasing activity was 461,003 square feet, representing a 48.9% increase over the first quarter of last year.
It’s not only real estate, the city is enjoying one of its best moments since the downturn, as major hotels like MGM, Palazzo and Venetian also revealed their financial results showing increases in occupancy and revenues for the first quarter of the year.
Colliers report of the quarter give us more details confirming the positive results in the city’s economy, Las Vegas has decreased its unemployment rate from 12.5% to 10.2% and construction has increased bringing new completions to 129,000 square feet, 42% of those being office space.
If your company doesn’t have a presence in the city yet, give us a call and we’ll help you find an office in Las Vegas
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Labels: Las Vegas office market, Las Vegas real estate, office rentals in Las Vegas