Avison Young in Las Vegas
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. Today, the local Avison Young office ranks in the top five local commercial real estate firms. Las Vegas professionals collaborate frequently with brokers in many of the existing Avison Young locations across the globe. 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.
The Avison Young presence in Las Vegas continues to grow. Some of our services include:
- Focused and responsive client relationship building
- Access to detailed nationwide research tools and market data
- Sales and leasing of industrial, retail, professional office, medical office and land
- Investment property and business sales
- Gas Station and C-Store sales
- Extensive property management services including: site management, financial reporting and analysis, cost control, cash management, tenant and community relations and preventative maintenance...
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 over 2 million, Las Vegas is the largest city in Nevada. Over the past decade, 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 150,000 hotel/motel 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. There are over 6 million convention attendees per year. 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 over 63 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 the recovering economy, the retail sector is once again showing signs of positive growth. Local retailers are expanding existing operations and national and regional chains have entered the market. As the local economic market continues to gain traction, there will be new and existing business growth across all product types that will take advantage of the abundant supply of infill locations as well as inventory in outlying areas to serve the ever-expanding residential communities that surround the city.
While the post-recession recovery started slowly for the Southern Nevada Industrial Market, activity has rebounded dramatically in recent years. New construction has reached historical pre-recession levels with the majority of new product in the big box category to enable e-commerce distribution suppliers to meet the local and regional requirements of their consumer, retail and wholesale customers. Southern Nevada’s strategic location to California and other Southwest and Mountain West markets has spurred the increased interest on the part of e-commerce distributors. Rising lease rates combined with low vacancy have also prompted developers to build spec products in other industrial categories as well. While the majority of the approximately 130 million square feet of industrial space is comprised of distribution product, we are experiencing an increased interest from manufacturers due to our strong labor force and attractive tax incentives.
Whether seeking stabilized or distressed assets, 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.