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Las Vegas Commercial Real EstateLast year 2004 was a remarkable period of construction and leasing activities for the Las Vegas commercial real estate market. For these companies that leased out or sold commercial real estate, this has meant higher occupancy rates, competitive lease rates or & sales. For example one of these companies, the American Nevada Co. have leased out more than 600,000 square feet of office and retail space within the company's commercial properties in the last 12 months. The company's commercial portfolio contains 2.5 million square feet for lease. It can also offer 20,000 to 50,000 square feet in a single building within a master-planned office park. Their occupancy rates consistently exceed 96 percent. Meantime, construction for more commercial space has not abated. For instance the construction project on Decatur Boulevard near Interstate 215 in the southwest valley, ends, up will rise two buildings which total 66,670 square feet, including warehouse and maintenance space for lease, all of which cost $10.7 million. Las Vegas commercial real estate trends point to the fact that tenants are attracted by the demographic profile of Green Valley, a strong population base and freeway access to key valley destinations such as McCarran International Airport. Some of these companies that have moved into large offices in Green Valley Corporate Center South last year include the International Academy of Design and Technology, occupying an entire 50,000-square-foot building; 7-Eleven, which moved its regional administrative office into a new 27,390-square-foot building; and Credit Acceptance Corp., which expanded from its former 8,600-square-foot office to about 20,000 square feet. Rising employment levels are not only fueling the housing growth but also the commercial real estate market. Analysts predict that even if this boom slows down, it won't burst. |
