May 2019: Commercial Real Estate

One of the biggest projects under construction in Nevada right now is the Las Vegas Stadium. The other ones include the development of The Drew, Las Vegas Convention Center, and Resort Worlds.

The Las Vegas Valley retail market is moving in expansion mode in 2018 and consists of approximately 113 million square feet including 13.5 million square feet of power centers. There is a drop of 6.3% in the current vacancy rate compared to last quarter.

The number of properties for lease decreased to 74 from 96 last month. Whereas the number of properties for sale increased to 32 compared to last month’s 24.

Projects delivered in the 4th quarter of 2018 still have 1 million square feet under construction. There are tenants closing or downsizing but there are new businesses that are starting to develop, like those that are supported by Amazon or Google. Quick service restaurants from other states are also expected to look for a perfect spot.