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Las
Vegas Real Estate Report > Commercial Real Estate
Commercial Real Estate
A strong market for Las Vegas commercial real estate is forecast for 2004. Broker Marcus & Millichap's 2004 annual report ranked Las Vegas the sixth best metropolitan market, based on employment rates, gaming revenues and rent growth. North Las Vegas is particularly successful at attracting new companies. Many major corporations, often having nothing to do with the gaming industry, are choosing to either establish or increase their Las Vegas presence. Las Vegas commercial real estate is considered a good investment, and unlike the market for homes in Las Vegas (which favors owner-occupants), investors are welcome in Las Vegas commercial real estate transactions.
Las Vegas commercial real estate in the downtown area carries an over 20% vacancy, with newly constructed offices still waiting to be absorbed. However, office space vacancy throughout the greater Las Vegas area has steadily decreased. Reports for 2003 vary, indicating that the 31 million square feet of Las Vegas commercial real estate throughout the valley has a vacancy rate of anywhere from 10.6% to 16.7%. All sources agree, however, that the vacancy rate is steadily decreasing as demand increases for Las Vegas commercial real estate.
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As of early 2004, new construction of Las Vegas commercial real estate includes larger, more high profile office parks, generally to be purchased by larger companies. Of note are two new such developments currently being built next Green Valley Ranch. Several smaller and more moderate professional centers are under construction throughout the valley; often these are leased to smaller companies.
Development of new jobs continues to prompt the steady building of new projects. Experts predict that the next few years will see a number of smaller and medium-sized businesses relocating from California. The Las Vegas commercial real estate market has already seen a number of California relocations, as the lower real estate costs and business-friendly tax laws make doing business in Las Vegas more and more attractive when compared with higher California costs.
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