Industrial demand in the southwest and North Las Vegas submarkets continues unabated due to its location, a growing economy and the continued expansion of resort and construction industries. The declining speculative vacancy rate is going to put upward pressure on rents in the future.
Demand for office space exceeded completions by 79 percent during the third quarter. Office users want to work near where they live, which is why we're seeing more commercial development near growing residential areas, like the southwest.
Overall anchored speculative vacancy rates reached a low 2.9 percent in the first quarter, a 1.9 percent improvement from over last year. The valley's strong economic and population growth is creating a supply constrained market.
The valley's office vacancy rates decreased by 4 percentage points from a year ago, an unheard of drop in such a short period of time. The drop in net absorption in the first quarter is largely the result of a lack of quality office space, not an indication of weak demand.
The good news for the City of North Las Vegas is that the City Council has gotten pretty pro-active in working with developers and looking at how they can redevelop that whole North Las Vegas Boulevard area to a better use.
With dramatic construction cost increases and a drying land supply, Apex may finally see some substantial development activity. Time is now on its side.
We're going through puberty. There are a lot of pulls and tugs from business, governmental side and residents: What should we be as we grow up?
You can get out of high school, go and valet park and you can make $50,000 to $60,000 a year. What's the incentive to go to college?
There are a lot of guys out there with a Web site and a dream, positioning things to flip over to genuine developers. The current gold-rush mentality has attracted several speculators, causing a low percentage of projects to get built.
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