Commercial Real Estate Market

Clark County Land Sales 2017

As a Clark County and Nye County Nevada vacant land broker and appraiser I try to track what is going on in the market and submarkets.  The following graphic displays my best available historical and current data on southwest Las Vegas vacant land sales, I have displayed the sales by 4 zoning categories, but I keep the data for more categories including R-3 or 18 DUPA and R-4 or 24 DUPA.

Commercial Lease Terms are Important

If most landlords are chargina a $ 0.25 per square foot per month common area maintenance (CAM) fee and your landlord is charging $ 0.35 per square foot per month for similar space, that relatively "small" CAM charge difference would be $ 12,000 per year for a 10,000 square foot space or $ 6,000 per year for a 5,000 square foot space.  It's not peanuts; you need to know why your landlord thinks that because his expenses are higher, maybe because of building faults or overpaying for expenses, that you should be suffering because of those problems.

Who is Buying and Selling Real Property?

It's no secret that there are more and more Wall Street investors who have entered local real estate markets like ours in Las Vegas.  They are not only buying up huge blocks of residential homes, they are alos solidly in the commercial real estate (CRE) market.  It used to be that small investors were an importan block of buyers in both market segments, but things are changing.  Why?

Convert your Office to a Retail Use

If you are a commercial real proeprty owner in Las Vegas, Nevada and you follow the vacancy rates by property type you are probably already aware that the weakest commercial real property type or segment is offices, and in early 2014 we are still seeing a vacancy rate near 23 percent for them.  For some there exists an opportunity to take advantage of the stronger retail market with vacancy rates closer to 11 percent.  Making a full or partial transition depends on a number of factors.

Las Vegas Commercial Market 2014

While some scramble to come up with justifications to support their self-serving conclusion that 2014 will be a strong year for commercial real estate (CRE) in Las Vegas, Nevada there are many reasons to believe that there won't be much of a change from 2014. 

Are Commercial Short Sales and REO’s Disappearing?

While some reports indicate that the CRE mortgage default rate has continued to rise in 2013 it is my perception is that distressed sales (short sales and REO’s) as a percentage of total commercial real estate (CRE) sales are down.  That doesn’t mean that the CRE market is strong and it’s definitely not a sign that its “booming.”  What it does mean is that if you are searching to buy a commercial property there are relatively fewer distressed deals around as a percentage of all available deals.

Land Market Timing

Land markets, like most real property markets, react to what is effectively a “mob mentality.”  Everyone hears about big gains, they rush into the market until the “next greater fool” theory has exhausted the buyers, the market turns and then immediately many of the new owners want out.  That’s when the rush to dump land holdings begins and the roller-coaster is on the way down.

How Important is a Property "For Sale" Sign?

Agents know that there are only a limited number of things that they can do to get a listed commercial property sold.  Of course, being able to personally contact parties who they know are interested in a certain kind of property is the most effective marketing method, it can produce immediate results, but often agents find that their list of personally know buyers is limited and when they reach the end of it they have to become more creative. 

Will the Echelon Project Sale Turnaround the Las Vegas Commercial Market?

While there is no doubt in my mind that the approval, sale and development of the Echelon property will go a long way toward bolstering the Las Vegas Strip image, it isn't a pancea, its not going to solve many of the problems still notable in our commercial real property markets.

Does Brokerage Size Guarantee Results

It's easy to assume that a large real estate firm must be a good one, and that it will get you the best results, but being large doesn't always make a firm the best choice.  I'm not going to argue the fact that doing the right things generally makes real estate firms grow, but once they gain some prominence the individuals who built them with exceptional customer service are often long gone.  Depending on the size and quality of your listing, you are going to end up with either a great agent or a new, less experienced one.