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News

Recession Tumult Giving Way to Solid Growth in Las Vegas

Published: Wednesday, November 19, 2014

Rising visitor volume and growing payrolls in higher-paying professional and business services fields provide momentum to the expanding Las Vegas economy. Since hiring bottomed four years ago, local employers have added 100,000 jobs, generating new demand for rental housing. Construction payrolls remain well below the prior peak, but other employment sectors continue to come back respectably and new large-scale projects are emerging that will provide future employment opportunities. Development of new sports complexes will begin soon and a $4 billion casino project from the Genting Group has restarted following a sale of the site by the original developer. Signs of growth are evident in non-tourism segments. These include the $350 million downtown redevelopment spearheaded by Zappos that aims to create a live-work-play environment that would attract businesses and young workers to the area. Also, several power-generating stations for solar facilities are being developed in the Southwest submarket. Overall, the outlook for the metro’s apartment sector remains positive, with additional declines in vacancy forecast this year and next. Rising multifamily construction is a factor, though residents thus far have demonstrated a willingness to pay up for new amenity-laden rentals.

Jobs Up, Rents Up

Published: Friday, November 14, 2014

It’s a well-known fact that job growth drives an apartment market. In fact, effective rent growth correlates to job growth 83% of the time, according to Axiometrics studies.

Cap Rates Hit Record Lows in 3Q

Published: Tuesday, November 11, 2014

Cap rates hit historic lows in the third quarter -- falling 40 basis points (bps) to 5.9 percent, according to New York-based Real Capital Analytics (RCA). The previous low over the past decade was 6.1 percent, which occurred in the fourth quarter of 2012.

REIS Reports for Las Vegas, Nevada (September 2014 | Metro Analysis)

Published: Friday, November 7, 2014

Reis is the nation's most trusted provider of commercial real estate market data, research and analytics. For over 30 years, we have maintained an objective, transparent approach to data collection. We cover 275 metros and over 6,800 market segments across the Apartment, Office, Retail, Industrial, and Self-Storage sectors.

REIS Reports for Reno, Nevada (September 2014 | Metro Analysis)

Published: Friday, November 7, 2014

Reis is the nation's most trusted provider of commercial real estate market data, research and analytics. For over 30 years, we have maintained an objective, transparent approach to data collection. We cover 275 metros and over 6,800 market segments across the Apartment, Office, Retail, Industrial, and Self-Storage sectors.

Q3 2014 Northern Nevada Commercial Investment Newsletter (Reno Area)

Published: Wednesday, November 5, 2014

The Q3 2014 Northern Nevada Commercial Investment Real Estate Report for Reno and surrounding areas is now available.

Five Million Potential New Households Held Back By Slow Economic Recovery

Published: Monday, November 3, 2014

As the U.S. homeownership rate continues to dwell near its lowest level in two decades, a new study from Zillow suggests more than five million additional households are waiting in the wings to step into the market as the economic recovery trudges forward.

Vegas Rising, Baby

Published: Monday, October 27, 2014

Las Vegas apartment developers and investors knew when to hold 'em and fold 'em during the past few years, as they understood Vegas-Vacation the metro's apartment market was slow to recover from the Great Recession. But recent upward movement is showing that today's odds are in favor of profit.