Positive Signs for Commercial Real Estate in Las Vegas - 8 News NOW

Positive Signs for Commercial Real Estate in Las Vegas

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LAS VEGAS -- Buildings that once sat empty are now starting to fill up around the Las Vegas valley indicating a more positive outlook for commercial real estate.

Experts say the forecast for the commercial real estate recovery is slow and steady.

"As incomes improve and spending starts improving, particularly on the retail side, you'll start seeing more stores and more shops and more commercial development occurring, to provide greater amounts of services and goods to consumers," said John Restrepo, the principal of RCG Economics.

Experts gathered Thursday at The Orleans to predict southern Nevada's commercial market landscape.

"The commercial real estate markets in southern Nevada are in the first phrase of kind of a slow, but steady climb out of the recession," Restrepo said.

He adds, the industrial market continues to improve and the local retail market is doing better because consumers are spending more money. The office market did make headway in 2013, but it's the weakest of the three markets.

"Job growth is still kind of moderate and a little bit sluggish in certain areas, but we're heading in the right direction," he said.

Restrepo predicts it will be seven years before the office market has a vacancy rate of 10 percent, currently it is 23 percent.

"We're still in that recovery process. Maybe not as fast as other recoveries have happened in the past, but still going in the right direction," said Mike Montandon, the president of NAIPO which represents developers and owners of office, retail and industrial real estate.

"The bottom line is we are doing a lot better than we were before," said Marcus Conklin, an associate director at Lied Institute for Real Estate Studies.

When it comes to the retail market, the top areas of the valley include Henderson and the northwest.

 

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