A new report from a commercial real estate trade group reinforces the market’s recovery.
Commercial Alliance Las Vegas, the commercial arm of the Greater Las Vegas Association of Realtors, paired with Missouri-based real estate information firm Xceligent to analyze the local office, industrial and retail markets in the first quarter.
The analysis, which features contributions from 27 local brokers with agencies including CBRE Las Vegas, Colliers International, Cushman & Wakefield, Newmark Grubb Knight Frank, Voit Real Estate Services, MDL Group and The Equity Group, found that all submarkets gained year over year in the quarter.
“This report shows the three main sectors of our market all showing improvement from last quarter. You don’t see that happening very often, at least not in recent years,” said broker and alliance President Bobbi Miracle. “Of course, we’re still a long way from the peak market conditions we experienced during the real estate boom of a decade ago. So far this year, industrial seems to have the most momentum, while the recovery of our office market has been more gradual and uneven.”
Highlights called out in the report included the groundbreaking of Swedish furniture retailer IKEA’s 351,000-square-foot store in southwest Las Vegas, and the construction of big spec industrial space — a development category that essentially disappeared in the local market during the downturn, Miracle said.
Alliance plans mixer
In other Commercial Alliance Las Vegas news, the trade group has scheduled its annual spring networking mixer for May 20 at the Cili Restaurant at Bali Hai Golf Club, 5160 Las Vegas Blvd. S.
The event runs from 5:30 p.m. to 7:30 p.m.
Admission is $25 for members of the alliance and the Greater Las Vegas Association of Realtors, and for members of other associations supporting the event, including the Commercial Marketing Group, the Institute of Real Estate Management and NAIOP Southern Nevada. It’s $35 for nonmembers.
For more information or to register, call 702-784-5050.
Home Builders talk bills
The Southern Nevada Home Builders Association has scheduled a membership networking breakfast on a hot industry legislative topic.
The group’s April 30 breakfast meeting will go over what newly reformed construction-defect laws will mean for local builders.
The meeting is set for 7:30 a.m. inside The Orleans Hotel’s conference center on West Tropicana Avenue.
Speakers are Joshua Hicks, the association’s attorney and a lobbyist with Brownstein Hyatt Farber Schreck; Craig Marquiz of the Marquiz Law Firm; David Jennings of DR Horton; and John Cahlan of Pulte Homes.
There’s no charge to attend the meeting — an effort to thank members for their support and help in reforming the laws, association executives said. But association members who register need to make their best effort to attend.
For more information, call 702-794-0117.
Contact Jennifer Robison at jrobison@reviewjournal.com. Follow @J_Robison1 on Twitter.