High-Rise Commercial Development
In Las Vegas the commercial real estate value has also begun to increase, the asking rate that was $1.88 per square foot last year has increased to $2.04 this year. The high-end offices are even getting $2.50 to $3.00 per square foot. The Centra properties were the pioneers in this field. The three-story Centra Pointe office near Durango Drive was the first high rise commercial office space along Beltway. The Centra is also planning 8 to 10-stories of office space near Beltway and Sunset road, on a 65-acre land. At Decatur Boulevard, which is off the Beltway, the Thomas and Mack Development recently completed a three-story office building at the Corporate Gateway Center.The office rental rates have not kept pace with the increase in the land value, which is a cause of concern to many developers. War in Iraq, effects of hurricane Katrina, increasing gasoline prices all these factors will further increase the land value in las Vegas. The cause for large number of developments along the Beltway is its access to major freeway and shortage of large blocks of office space.
