Las Vegas Commercial Real Estate Report
A detailed analyis of Commercial Assets in Las Vegas
Posted: September 29, 2010 by John McClelland
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 coming from building users already in the market place.
- Visitor volume, a key gauge of the health of the local economy, has regained some footing although gaming revenues have yet to demonstrate a perceivable recovery.
- Retail sales do appear to be showing signs of bottoming out.
- Vacant buildings, many of which are in grey shell, must be bought with deep discounts as the lease-up period is going to be prolonged.
- Like residential, commercial real estate values are being driven to decade lows. As a result, national reports are listing Las Vegas as one of the best places to purchase real estate.