Commercial real estate in Las Vegas
Land speculators are buying and selling land for quick profit. This is going to test the commercial real estate market. The commercial real estate market has shown an upward trend since the third quarter of 2004. As against the 1.2 million sq ft of completed space added to the market, 3 million square feet of space was used up.
“Space for lease” that measures more then 100,000 square feet is limited and warehouse space above 50,000 square feet for purchase is almost nonexistent.
A California based company is capitalizing on this situation by marketing 26-acre master planned industrial park in the northeast part of the market. To make the new project work for them financially the developers have to think creatively, that’s why there is a trend towards mixed-use development with industries in the ground floor and the offices on the second floor.
The industrial rent has gone up from 53 percent to 63 percent in a year. A short-term imbalance is likely to occur in the southwest part of the valley as some land developers are behind the curve especially in the medical sector, with several projects remaining in the development pipeline.
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