Las Vegas Commercial Real Estate News

News articles covering Las Vegas land, industrial, office, retail and investment properties

Las Vegas commercial news articles cover Las Vegas, Henderson, North Las Vegas and Unincorporated Clark County land, retail, office, industrial and investment properties.

1. Las Vegas commercial real estate news
2. News articles about Las Vegas land
3. News articles about Las Vegas industrial real estate
4. News articles about Las Vegas retail real estate
5. News articles about Las Vegas office real estate

6. Please read our Las Vegas Real Estate Blog and discuss all related topics in our real estate forum.

Las Vegas commercial real estate news

1. Commercial real estate facing same trouble as residential market in Las Vegas. Las Vegas Review-Journal 07/01/09. Vacancy rates for office, industrial and retail properties are at historical highs and rents are falling, John Stater said at a second-quarter briefing at the Four Seasons. Industrial vacancy rose to 12.4 percent during the quarter, compared with 11.2 percent in the first quarter and 8.4 percent a year ago, while supply dropped to 920,732 square feet, the first time it’s ever been under 1 million square feet.
2. Nevada lawmakers approve renewable energy authority. Las Vegas Review-Journal 06/26/09. The commissioner's job is to suggest ways to cut energy use and to attract wind, solar and geothermal projects to Nevada by offering tax breaks, technological data and financing options to renewable energy companies.
3. Commercial market tilts to tenants, suffering real estate segment may help startups. Las Vegas Review-Journal 06/26/09.  A year and a half ago, rental rates were increasing and there was generally a "big bucket" of tenants chasing retail sites, Graski said. That pressure held rents up. Now a few tenants can choose from many sites, giving them the upper hand in lease negotiations. Troubled commercial real estate assets in Las Vegas jumped 72 percent from $4.7 billion in early 2008 to $8.1 billion in April, according to New York-based Real Capital Analytics. About one-fourth of commercial projects are in financial trouble, with apartment complexes experiencing the most difficulty.
4. ENERGY: Searchlight residents grill Duke Energy representatives about wind farm. Senator. Harry Reid supports project. Las Vegas Review-Journal 06/26/09. The Searchlight debate began in December, when North Carolina-based Duke Energy, a Fortune 500 power giant that serves 4.5 million American households, proposed a $600 million wind farm on 24,000 acres of Bureau of Land Management property east of Searchlight, about 50 miles south of Las Vegas.
5. Lake Las Vegas sees climbing foreclosures, falling values, owner aims to 'reset and reposition' community. Las Vegas Review-Journal 06/14/09. Lake Las Vegas was a symbol of Las Vegas largesse during the good times. Now it's an emblem of recession blues. Last year, the developer, Transcontinental Corp., lost the property in foreclosure after defaulting on $540 million in loans. The new owners of Lake Las Vegas filed for Chapter 11 bankruptcy last summer. One if its anchor hotels, a Ritz-Carlton owned by Village Hotel Investors LLC, also filed bankruptcy to stave off foreclosure and has been sold to new owners. One of three premier golf courses has been abandoned.
6. REDEVELOPMENT PLAN: Ballot measures worry downtown Las Vegas businesses, culinary’s efforts to derail new city hall prompt alliance to build legal fund. A group representing downtown Las Vegas businesses is raising money to combat the "collateral damage" of a campaign to force changes to the city's redevelopment efforts. The Downtown Las Vegas Alliance, which counts many high-profile businesses as members, is building a legal fund to join the city of Las Vegas in opposing two ballot measures from Culinary union Local 226.
7. 2008 YEAR IN REVIEW: TOP LOCAL BUSINESS STORIES: It was all downhill. Souring economy sows sadness across every industry in Las Vegas valley. Las Vegas Review-Journal 12/28/08. Because of its reliance on building and discretionary dollars, Las Vegas felt the downturn earlier, and fell harder, than many other regions of the country. This shows in the top local business stories of 2008
8. Battle over golf course closure,  In Business Las Vegas 12/18/08. The former owners are challenging Lake Las Vegas' plans to abandon Falls Golf Course, an 18-hole Tom Weiskopf-designed layout next to the resort's entrance.
9. Wind farm floated in state, Duke Energy proposes project near Searchlight. Las Vegas Review-Journal 12/19/08. Senate Majority Leader Harry Reid, who has aggressively promoted the development of renewable energy in Nevada, may be able to see some tangible results from his home in Searchlight in a few years. Duke Energy on Thursday said it proposes to build a wind farm that could cost up to $600 million dollars and generate 300 megawatts a few miles southeast of Searchlight.
10. All lined up with nothing to build. Economic slump leaves construction businesses reeling.  Las Vegas Review-Journal 12/18/08. Scissor lifts, forklifts, backhoes and bulldozers lined up along Bonanza Road in Ahern Rentals' storage yard stand as an ominous indicator of Southern Nevada's construction industry. Equipment that was busy building 15,000 new homes and $30 billion in Strip development a year ago is now idle, adding nothing to the bottom line for Las Vegas branches of National Construction Rentals, Atlas Construction Supply and United Rentals.
11. Lake Las Vegas may soon pass to Credit Suisse. Las Vegas Review-Journal 11/26/08. A bankruptcy judge on Friday suggested that attorneys for Lake Las Vegas may be wrapping up financial arrangements so investment bank Credit Suisse can take over the troubled 3,600-acre Henderson community built around a man-made lake.
12. Wall Street woes hit on, off Strip. In Business Las Vegas 10/03/08. Wall Street financial woes have played havoc with the Las Vegas real estate and development community, but even with a congressional bailout package, the future remains dicey for some projects.
13. Building in progress for Wyndham time share. Project will have 19 stories, 281 rooms. Las Vegas Review-Journal 09/29/08. Martin-Harris Construction is building the first phase of Desert Blue, a 19-story, 281-room time share project by Wyndham Hotels and Resorts on Twain Avenue, west of Interstate 15.
14. NEVADAN AT WORK: Builder manages to thrive in downturn. Las Vegas Review-Journal 09/29/08. Nigro oversees all aspects of commercial real estate development and construction, including land acquisition, project-cost estimate, project design, construction management and field supervision.
15. Board suspends licenses. Las Vegas Review-Journal 09/29/08. Plise's most prominent projects include Rainbow Sunset Pavilion -- a 547,000-square-foot mixed-use complex in southwest Las Vegas.
16. Las Vegas Real Estate and Development. Foreclosure surge nearing an end? In Business Las Vegas 09/26/08. Foreclosures have been driving the Las Vegas housing market for the past two years and put a spotlight on the state ranked No. 1 in the country in filings in 2007 and 2008

Las Vegas Land News

1. Getting a parcel entitled for a tourist commercial zoning or resort zoning is the surest way to make a huge amount of profit when it is time to sell it. If this gets approved, the land owners will gain tens of millions of dollars in instant equity to use toward financing this projects. While the readers of this article foolishly worry about the Las Vegas sky line when they go over 15-95 interchange, smart people with big money to back them, make tens of millions of dollars in a short time. I have discussed this in our Las Vegas land page.
2. Las Vegas Real Estate: Homebuilders hunt for land. Las Vegas one of areas with falling prices. Las Vegas Review-Journal 11/07/09. But now Las Vegas homebuilders are on the hunt again, vying for choice parcels even in foreclosure-riddled markets such as Las Vegas, Southern California and Orlando, Fla., where prices are cheap and there are early signs of a recovery. It was primarily investors buying lots in Las Vegas for the past two to three years. Since August, major builders such as KB Home, Richmond American and Harmony have jumped back in the game.
3. Vacant Land Deals, Values Continue to Shrink in Las Vegas Valley. GlobeSt.com 02/20/09. A lack of demand for raw land kept values on the decline. On average, non-resort-corridor properties traded for $391,900 per acre or $9 per square foot, a 15% drop from the third quarter of 2008 ($459,798 per acre; $10.56 per square foot) an a 58% drop from the fourth quarter of 2007 ($939,000 per acre; $21.56 per square foot), which marked the highest quarterly average recorded in Las Vegas’ history for non-resort-corridor properties.
4. Developer bids again for Wet 'n Wild site. Las Vegas Review-Journal 12/25/08.  The Texas-based developer who wants to build a 1,064-foot hotel tower on the old Wet 'n Wild site on Las Vegas Boulevard (Strip) is making a second attempt to secure the land.
5. Land owners positioning for market rebound, Number of available single-family lots amounts to less than year's inventory. Las Vegas Business press 11/05/08.   "It's not unexpected in a down market for people to look anywhere and everywhere to get out of their sales and purchase agreements," said Dusty Allen, Streamline's managing partner. "Unfortunately, I am unable to give them their money back."
6. Grand plans for big hotel. City to consider request for 61-story downtown resort Las Vegas Review-Journal 8/24/07
7. Venture purchases 110 acres on Strip. Las Vegas Review-Journal 03-14-08
8. Focus proposes payment plan to resolve loan troubles. Las Vegas Review-Journal 03-12-08
9. Land transfer bill pending in Senate, Henderson would get 502 acres near airport. Las Vegas Review-Journal 2-07-08
10. BLM may change auction rules. In Business Las Vegas 11-09-07
11. Major Riviera Holdings investor buys Strip land. Las Vegas Review-Journal  11-03-07
12. Debate emerges over need to free up BLM land, In Business Las Vegas 6-6-07
13. GSG Development pays $65 million for Beltway land. Las Vegas Business press 6-4-07
14. Deal for land may inspire building MGM Mirage buy could boost Strip investment. Las Vegas Review-Journal 4-22-2007.

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Las Vegas Industrial News

1. Moapa investors tout park's location, utilities. Las Vegas Review-Journal 07/17/09. Development plans for a 330-acre industrial park in Moapa appear to be as distant as the desert trails in this Indian reservation town 50 miles northeast of Las Vegas, but investors see it as a potentially great distribution point for Coyote Springs, Mesquite and Southern Utah. The industrial-zoned property lies along Union Pacific Railroad tracks where they cross Highway 168, providing easy access to Interstate 15. Utilities are available for each parcel.
2. Industrial vacancy in Las Vegas at seven-year high. Las Vegas Review-Journal 04/22/09. Every sector of commercial real estate in Las Vegas is suffering -- including the industrial market, once thought to be somewhat invincible as national companies looked to establish big-box distribution and warehouse centers in the valley. Industrial vacancy rose to 10.5 percent in the first quarter, the highest level since 2002, business advisory firm Applied Analysis reported Tuesday. That's up from 9 percent in the fourth quarter and from 7.6 percent in the first quarter of 2008.
3. High costs hamper industrial market, study finds; Regional competitors offering much lower rents. Las Vegas Business press 01/19/09. Las Vegas Valley industrial rents averaged $7.18-per-square-foot (on an annualized basis) in 2007, making Southern Nevada pricier than Bakersfield, Calif.; Boise, Idaho; and Denver. Local rents are $1.56 per square foot higher than the national average. Reno, by comparison, is 40 percent less expense and Phoenix is 17 percent cheaper.
4. CRUNCH GOES COMMERCIAL . Industrial real estate markets search for stability amid frozen financing, rising vacancy. Las Vegas Review-Journal 10/08/08. The industrial market in Las Vegas, once driven by demand for big-box distribution and warehouse space, has changed drastically in the last two years.
5. DP Partners builds new $32 million industrial complex. Groundbreaking for three-building project expected to come by year's end. Las Vegas Business press 10/01/08. LogistiCourt at Lincoln is a $32 million business park at the southwest corner of the Cheyenne Avenue and Lincoln Road in North Las Vegas. The three-building, 408,750-square-foot industrial complex is expected to break ground by year's end. DP recently bought the 19.89-acre site from developer Jackson Shaw Co. for $9.3 million or $467,572 per acre.
6. Industrial market stays steady, Construction on new projects not expected until early 2009. Las Vegas Business press 09/15/08. Southern Nevada's industrial market was resilient during the second quarter with a low 5.87 percent vacancy rate. It marks the first time in 18 months that the Las Vegas valley's industrial market vacancies decreased, it adds.
7. Apex inaugurates industrial park after long wait. Mountain View breaks ground on 475,669-square-foot building. Las Vegas Business press 07/28/08                         
8. Industrial-space vacancy rises. Valley records 6.2 percent rate in fourth quarter; all submarkets increase. Las Vegas Business Press 2/09/08
9. Industrial market softens in fourth quarter. In Business Las Vegas 1/14/07
10. Landowners opting for joint ventures over sales. In Business Las Vegas 10/26/07
11. DP Partners sells entire portfolio, repositions itself in Southern Nevada. Las Vegas Business press 7-26-07

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Las Vegas Retail News

1. Flagging economy forces several restaurants in valley to close, Lack of contingency plan can be kiss of death. Las Vegas Review-Journal 07/26/09. The Clark County Business License Division recorded 1,602 active or pending restaurant licensees as of July 10. Fifty-eight restaurant licensees went out of business in unincorporated Clark County from March 10, 2008, to March 10 this year. Those figures don't include licenses issued by cities.
2. Empty stores proliferate in Las Vegas. Jump in vacancy bringing bargain rents for retailers. Las Vegas Review-Journal 02/21/09. Demand for retail space turned negative during the fourth quarter with nearly 200,000 square feet vacated throughout the Las Vegas Valley, business advisory firm Applied Analysis reported. The closure of stores such as Linens 'n Things, Mervyn's and Albertsons has driven retail vacancy rate to 7.4 percent, up from 6.6 percent in the third quarter and 4.0 percent in fourth quarter 2007.
3. Las Vegas retail news, Encore Esplanade shops reveal sense of discovery. In Business Las Vegas 2/05/09. On closer inspection however, it’s clear that great care was taken to give each store a unique identity. By altering the exterior panels on shops and focusing signature interior design elements within view of passers-by, the designers have successfully merged symmetry and individuality.
4. Sour economy pushes back Tivoli Village opening at One Queensridge at Rampart Boulevard and Alta Drive, rising construction costs and changes in design push project's price higher. Las Vegas Review-Journal 12/27/08. The economic slowdown has delayed yet another large-scale commercial development in Las Vegas, though construction will continue on the $850 million Tivoli Village at Queensridge at Rampart Boulevard and Alta Drive, an executive said. Plans call for 700,000 square feet of retail, restaurant and office space at Tivoli Village with a mix of 340 condominiums. The project was scheduled to open in fall 2009, but has been pushed back to 2010, Executive Home Builders President Frank Pankratz said.
5. Juliet Cos. completes retail complex in downtown Henderson, Complex to employ 1,400 people, add up to $16 million to city's tax base. Las Vegas Business press 10/27/08.  Lake Mead Crossing, downtown Henderson's largest shopping complex, recently made its debut. The $130 million development by Juliet Cos. is along the north side of Lake Mead Parkway between Water Street and Basic Road. The 725,000-square-foot multi-phase project consists of 50 buildings ranging from big-box stores, junior anchors, stand-alone pads and inline space.
6. RETAIL FACES EMPTY SPACES , Market sees rising vacancies, negative absorption in quarter . Las Vegas Review-Journal 10/15/08. Las Vegas commercial real estate markets have not escaped the turmoil of the national credit and housing crises, a third-quarter retail market report from CB Richard Ellis showed. -The retail market shows the strain of the economic downturn with steadily increasing vacancies and the first quarter of negative absorption, or the amount of new space taken by tenants, in a decade.
7. General Growth remains bullish on Las Vegas. In Business Las Vegas 9/25/08. John Bucksbaum, chief executive of General Growth Properties, said that despite the company's decision to delay two major developments in Las Vegas, the city's biggest retail mall operator is still firmly committed to this market.
8. RETAIL: Dillard's at Boulevard to close. Shutdown seen in late October, displacing about 150 workers; other LV stores to stay open. Las Vegas Review-Journal 8/23/08
9. Ailing industry rolls out red carpet. World Market Center debuts building at event for furniture suppliers, retailers. Las Vegas Review-Journal  7/27/0807
10. Tesco announces plans for 10 new Fresh & Easy stores in Las Vegas Valley. Las Vegas Review-Journal 18/04/08
11. Ex tenants whose business failed are suing Triple Five, the owner of Boca Park which is located in Summerlin. I fail to see on what ground, however I am not a Lawyer. Ex-tenants sue Boca Park developer. Las Vegas Review-Journal 4/05/08
12. Shopping center begins to take shape. Contractor builds two stores in plaza on Rainbow Boulevard, Las Vegas Review-Journal 3/31/08
13. Suburb growth, infrastructure drive retail development. Investors flock to fast-growing communities in need of better shopping options. Las Vegas Business press 3-03-08
14. Las Vegas Retail and Real Estate, Palazzo features impressive lineup of restaurants. In Business Las Vegas 2-21-08
15. Retail market still thriving. Even with added space, Las Vegas vacancy rate among lowest in nation. Las Vegas Review-Journal 1-30-08
16. Major retail center takes shape in Summerlin Centre Regional retail center, community amenities, residential and commercial projects to headline 2008 development milestones in Summerlin. Phase One due for completion in late autumn 2009. Las Vegas Review-Journal  2-10-08   TOP

Las Vegas 0ffice News

1. Office vacancy climbs higher, activity in newly developed buildings bleak in Las Vegas valley wide. Las Vegas Review-Journal 04/11/09. Office vacancy hit a record 19.3 percent in the first quarter, up from 18.5 percent the previous quarter, and a lot of planned projects have been put on hold. Completion of new office space increased to 631,609 square feet in the first quarter from 452,500 in fourth quarter 2008. Net absorption, or the amount of space taken by tenants, fell dramatically, down by 413,213 square feet.
2. Montecito Point office building topped off. Space designed with eco-conscious businesses in mind. Las Vegas Review-Journal  7/27/0807
3. Office market will pick up by mid-2009. Las Vegas Business press 06/23/08
4. Office vacancies soar to seven-year high. High rate result of 4,000 office jobs lost in 2007. Las Vegas Business press 06/09/08

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