Insights from the Front Lines: Reflections on the NAIOP Developers Panel

By Suzette LaGrange, Managing Director – Avison Young, Las Vegas

I was truly honored to serve as the moderator for the recent NAIOP Southern Nevada breakfast panel focused on building through the current commercial real estate cycle. It was a privilege to stand alongside some of the most respected voices in development and leaders who are actively shaping the future of Southern Nevada’s built environment and investment landscape.

The conversation featured Andrew Dunn of VAC Development, Alex Hancock of Howard Hughes Holdings, and Rod Martin of Majestic Realty Co. Each brought a unique perspective, and together they offered a comprehensive look at where we are in this cycle, and where we’re headed next as a community.

Market Momentum and Sector Strengths

One of the most encouraging takeaways was the strength still present in several key sectors. Despite national headlines that may imply otherwise, Las Vegas’ office market remains resilient. Vacancy rates for Class A product sit near 10%, a full 10 points below many other major markets, and rent growth has remained positive, offering a compelling signal to occupiers and investors alike.

In the industrial space, Majestic’s portfolio underscores the ongoing demand for well-situated logistics and fulfillment space, especially in the Southwest Valley. While challenges around large land parcels persist, the appetite for quality space continues. This is a testament to Southern Nevada’s role in the broader supply chain.

Challenges Within Retail and Land Constraints

Retail is undergoing its own evolution. As Andrew shared, the market is “bifurcating”, with success and investor attention focusing on either grocery-anchored centers or highly affluent trade areas, while the traditional middle of the market feels pressure. Rising occupancy costs, extended entitlement timelines, and shifting demographic demand have reshaped how developers approach new projects.

One consistent theme across sectors was the ongoing constraint of quality land. With limited large parcels available and competitive pressure increasing, particularly at strategic nodes like Apex in North Las Vegas, developers are challenged to be more creative and disciplined in their site strategy.

Signs of Resilience and Optimism

Despite these headwinds, there was palpable optimism throughout the discussion. Rod shared that the market conditions have shifted meaningfully over recent months, with more activity returning and a renewed sense of confidence taking hold. And as I noted during the panel, January brought unexpectedly strong activity, a promising sign that 2026 may build momentum as the year progresses.

Across office, industrial, and retail, one thing was clear: this market continues to reward thoughtful strategy, deep local insight, and a long-term perspective.

Looking Forward

I left the panel energized by the caliber of insights shared and grateful for the opportunity to help facilitate a dialogue that benefits our entire commercial real estate community. These discussions, rooted in real data, real challenges, and real opportunities, are vital as we navigate this point in the cycle.

Thank you to NAIOP Southern Nevada for bringing together this stellar group, and to all who joined us. I look forward to continuing these conversations throughout the year and watching this market evolve with strength and resilience.

If you’re evaluating your real estate strategy in today’s evolving market, our team at Avison Young is here to help you navigate what’s next. Let’s connect and position your portfolio for success in 2026 and beyond.

For additional information on this panel discussion, please see the Las Vegas Business Press’ article here: Current commercial real estate market has challenges, opportunities | Las Vegas Business Press