The commercial realty sector of Southern Nevada took the positive momentum across all market including the office, industrial and retail in 2016. Many of the industry experts expect this improvement to be continued even in 2017, suggested by Xceligent and the Commercial Alliance Las Vegas (CALV) in their new report.
Jennifer Ott, CALV President, gave an example of local retail sector, which recovered with a remarkable decline in the vacancy rate by 0.6 per cent, in the support of the report. She further adds that chain stores like Sports Authority, Sport Chalet, Haggen supermarkets and more are closed this year increasing the vacancies but market has rebounded with new entries like Burkes Outlet department store and buybuy BABY children’s furniture store and expansions from tenants like Ross Dress for Less, Smart & Final and Big 5 Sporting Goods.
The industrial market is another shining sector with a drop in vacancy rate from 6.1 to 5.4 per cent recovering from the recession. In local office sector, More than 1.1 million sq. ft. of space has been absorbed in 2016 which is almost twice from the activity reported in 2015 improving the vacancy rate to 15.6 from 18 per cent.
Source: Realty Plus