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

Positive Signs for Commercial Real Estate in Las Vegas

Posted: Updated:
  • BusinessMore>>

  • David Letterman's departure will reshape late-night TV in 2015

    David Letterman's departure will reshape late-night

    Saturday, April 5 2014 1:30 AM EDT2014-04-05 05:30:18 GMT
    NEW YORK -- David Letterman is expected to announce his retirement from CBS next year on Thursday evening's show, according to multiple sources. "The Late Show with David Letterman" airs at 11:35 p.m.More>>
    Jimmy Fallon's fast start replacing Jay Leno on the "Tonight" show the past two months had a secondary effect: David Letterman suddenly seemed old. Letterman said he is retiring next year.
    More>>
  • Nevada Approves Tax Credit for Mall Cop 2

    Nevada Approves Tax Credit for Mall Cop 2

    Monday, March 17 2014 2:03 PM EDT2014-03-17 18:03:39 GMT
    CARSON CITY, Nev. (AP) -- Nevada's economic director has approved $4.3 million in transferrable film tax credits for the production of "Mall Cop: Blart 2" in Las Vegas. Sony Pictures plans to shoot theMore>>
    Nevada's economic director has approved $4.3 million in transferrable film tax credits for the production of "Mall Cop: Blart 2" in Las Vegas.More>>
  • Dozen With Local Ties Make Forbes Billionaires List

    Dozen With Local Ties Make Forbes Billionaires List

    Monday, March 3 2014 6:05 PM EST2014-03-03 23:05:04 GMT
    LAS VEGAS -- The latest Forbes world ranking of billionaires includes plenty of familiar faces, including a dozen with ties to Southern Nevada. Those with local connections are headed by Las Vegas SandsMore>>
    The latest Forbes world ranking of billionaires includes plenty of familiar faces, including a dozen with ties to Southern Nevada.More>>

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.

 

  • Las Vegas NewsLas Vegas NewsMore>>

  • State accepts NLV balanced budget plan

    State accepts NLV balanced budget plan

    Thursday, April 17 2014 12:27 AM EDT2014-04-17 04:27:29 GMT
    The city of North Las Vegas says it has submitted a balanced tentative budget to the state. A balanced budget was due Tuesday to avoid a possible takeover by the state.More>>
    The city of North Las Vegas says the state has no problems with its proposed balanced budget plan. The city confirms that the state responded to the tentative plan and has no issues with it.More>>
  • BREAKING NEWS: One man stabbed to death with screwdriver

    BREAKING NEWS: One man stabbed to death with screwdriver

    Wednesday, April 16 2014 11:04 PM EDT2014-04-17 03:04:07 GMT
    One man is dead after being stabbed to death with a screwdriver Wednesday afternoon, Metro Police said. According to police, the stabbing happened around 3:30 p.m. in the parking lot of a thrift store near Rancho Drive and Cheyenne Avenue.More>>
    One man is dead after being stabbed to death with a screwdriver Wednesday afternoon, Metro Police said. According to police, the stabbing happened around 3:30 p.m. in the parking lot of a thrift store near Rancho Drive and Cheyenne Avenue.
    More>>
  • Henderson budget shortfall could mean higher taxes, fees

    Henderson budget shortfall could mean higher taxes, fees

    Henderson budget shortfall could mean higher taxes, fees

    Wednesday, April 16 2014 10:07 PM EDT2014-04-17 02:07:18 GMT
    The City of Henderson is staring down the barrel of a $19 million budget shortfall.Proposed ways to bridge the gap include cutting services at local parks and recreation centers and increasing property taxes.More>>
    The City of Henderson is staring down the barrel of a $19 million budget shortfall.Proposed ways to bridge the gap include cutting services at local parks and recreation centers and increasing property taxes.More>>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.