March 2019: Commercial Real Estate

According to CBRE Las Vegas’ report, Developers completed more than 3.1 million square feet of new space in 2018. A space of 10.8 million square feet is currently planned or under construction. This can make 2019 another record year for new construction in Southern Nevada. Las Vegas has one of the fastest job growth and population areas. While economists are predicting a recession this year, Southern Nevada’s population is expected to grow so the vacancy rate will drop lower, which indicates a demand.

Nevada Business has reported that growth has been a result of an increase in national retail and e-commerce companies establishing regional distribution and fulfillment centers in Southern Nevada. Nearly 40% of the total square feet leased were by retail or e-commerce related companies. One thing to look forward to is the opening of the Las Vegas Ballpark in Summerlin on April 2019. Summerlin has moved up to No. 3 in the nation in terms of sales last year. It is the first time it has reached the top three since 2003.