Known as the world’s gambling mecca, Las Vegas has become much more than that. While the entertainment and service industries are collectively the largest employers, the major single employer in Southern Nevada is the Clark County School District, a reflection of the explosive population growth over the past decade. With a population approaching 2 million, Las Vegas is the largest city in Nevada. Over the past 10 years, the city’s population has grown nearly 35%, which has made Las Vegas one of the fastest- growing metropolitan areas in the nation.
With more than 148,000 hotel rooms, and approximately 10 million square feet of exhibit space, the gaming and convention business will always be the largest driver of the Las Vegas economy. McCarran International Airport ranks among to top 10 busiest in the world. Companies in adjacent states seeking a more business-friendly environment have found Las Vegas to be a desirable place to live and work, with low taxes, corporate incentives, affordable housing, an enjoyable climate, and a highly-skilled workforce.
The Las Vegas office market is unique, since the downtown submarket, occupied by government agencies and their ancillary services, comprises only 5% of the overall inventory of approximately 40 million square feet. Even though the city technically has a downtown, it is not considered to be the central business district. The true CBD can be found at Hughes Center, a class A, 1.2-msf , mixed-use complex, just east of the famous Las Vegas Strip.
Fueled by explosive population growth, the retail sector has grown steadily over the past 10 years. Retailers continue to expand existing operations, and increasing numbers of national and regional chains have entered the market. As the population continues to grow, there will be new entries into the market, which will find an abundant supply of infill locations and inventory in outlying areas to serve the ever-expanding residential communities that surround the city.
The industrial market comprises approximately 104 msf strategically located throughout the Las Vegas valley. Existing supply is sufficient to handle the future growth of local and national companies engaged in warehousing, construction and transportation for many years to come. Many distribution companies find Las Vegas to be ideally located with its proximity to Southern California and other major metropolitan areas in the Southwest and Mountain West regions.
Whether stabilized or distressed, individual and institutional investors have been attracted to Las Vegas for the past decade. Transaction velocity remains brisk, with an abundant supply of office, industrial, retail and multi-residential properties available, including vacant land.
Avison Young opened its office in Las Vegas in November of 2011 as part of the company’s strategic plan to expand commercial real estate services in major markets throughout the U.S., including the Western states. Las Vegas professionals collaborate frequently with brokers in many of the existing Avison Young locations in the U.S. And with strong demand from Canadian investors for properties of all types in America, Las Vegas provides a unique opportunity for Avison Young clients throughout the company’s well-positioned network of offices in key markets.