A new report from the commercial arm of the Greater Las Vegas Association of Realtors shows continuing improvement in Southern Nevada’s real estate markets.
The study, from the trade group’s Commercial Alliance Las Vegas and real estate information company Xceligent, showed that “most sectors of our market are faring better than in past years,” said Bobbi Miracle, president of Commercial Alliance Las Vegas. “At the same time, our local office market and some submarkets and product types are still lagging behind more successful sectors, such as industrial.”
The analysis pegged office vacancy marketwide in the fourth quarter at 18.6 percent, down more than 1 percent from the first quarter’s 19.8 percent. Overall demand for space was strong, with nearly 175,000 square feet of absorption in the fourth quarter. Demand for space was uneven, though: Class A properties are seeing plenty of interest, while the rest of the market continues to lag.
Industrial absorption soared in the quarter, with users taking up nearly 500,000 square feet of space from October through December. Vacancy fell to around 9.25 percent, down roughly half a percentage point from the third quarter.
“With the completion of large retail, office and entertainment projects in 2014, 2015 demand for industrial space in Southern Nevada looks to be healthy,” the report said.
On the retail side, vacancy was 9.4 percent in the quarter, according to the report. The prognosis for future space absorption is mixed: Food 4 Less is leaving the market in the first quarter, so vacancy in neighborhood centers will probably tick up in coming months. But the sector is also set to get a boost in 2016 when Swedish furniture retailer IKEA opens its southwest Las Vegas store.
The industry reports are the first result of a partnership announced last summer between the alliance and Xceligent. The partners said they’re working to produce quarterly reports on market trends and conditions in local office, industrial and retail markets. Miracle and 26 other local commercial brokers served on advisory boards to verify and produce the reports.
New award program
A new honor is coming to the property management industry.
The Institute of Real Estate Management has established its REMEs awards program to highlight excellence among real estate managers. Categories will include awards for real estate management companies for innovations and best practices in leadership, corporate responsibility and workplace environment; individual practitioners for excellence; companies and individuals making major contributions to real estate management industry innovation and advancement; and distinguished college students pursuing careers in real estate management.
The institute will award its first REMEs in October at its fall conference in Salt Lake City.
CBRE plans fundraiser
A local commercial brokerage is launching a new way to give back.
CBRE Las Vegas, along with its national parent’s CBRE Cares corporate giving arm, will hold its first 5K race and one-mile walk on March 14 at Floyd Lamb Park at Tule Springs.
CBRE has pledged 100 percent of the proceeds to Family and Child Treatment of Southern Nevada and The Public Education Foundation.
The race begins at 8 a.m. Participants can register online through March 12 at desertskyadventures.com/catch-the-leprechaun-5k/ or on-site on race day. Registration is $35 for the 5K and $20 for the one-mile walk. CBRE encourages participants to wear green to chase the costumed leprechaun that will lead the race.
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