Commercial Real Estate Seeing Steady and Strong Progress
Recently, there has been some great news for commercial real estate in Las Vegas. The second quarter of 2016 has been good for leasing, as it has stayed strong and steady according to Cushman and Wakefield. This is largely due to the flexible and competitive utility prices, low worker’s comp rates, easy access to logistics, and the fact that Las Vegas is a desirable place for businesses to move to and relocate to. This has led to new leases and to renewals of leases, which is good news for commercial real estate as a whole.
Notable Commercial Real Estate Transactions
There were two notable transactions that occurred that show the increase in commercial real estate interest in the Las Vegas area. The first is a lease for Bergman Walls & Associates, Ltd. who leased an 11,400 square foot space to relocate their architecture firm. The second is an over 24,000 square foot lease for B & I Federal Bank, which is opening their second bank branch in the United States.
“The surge in leasing activity in the second quarter is an example of the increase of interest for commercial real estate in the Las Vegas area,” said Dan Palmeri, Senior Director of the Cushman & Wakefield/Commerce Las Vegas office. “This has been an ongoing trend for several quarters now, so we anticipate seeing continued growth throughout the rest of the year.” This team has leased nearly 69,000 square feet of space during the second quarter to 13 tenants, which makes up some big and small spaces.
The increase in commercial real estate can mean good things for Las Vegas. It certainly means that there is increased confidence in the economy of the area, where people are wanting to relocate and move into the area to live and work. The continued interest in leasing commercial spaces, whether for relocation or for new businesses is a good sign for Las Vegas real estate, both commercial and residential.