If you live in the Las Vegas area, you may have noticed all of the tilt-up walls and lumber framing rising in view from the 215 in the Southwest. Clearly there is meaningful construction there; but how much?
Currently there is over 372,000 square feet of commercial rentable building area scheduled to be delivered in 2017 and 2018. One of the largest components of this is the Credit One building between Durango and Buffalo, emerging in full view as you approach the 215 curve. This project is scheduled to be 152,000 square feet. While this does not compare to a Manhattan office tower or Dallas area office park, a project of this size is actually quite large in the Las Vegas market, which is typified by smaller, suburban offices.
Further south within the submarket near Blue Diamond and Arville have 17,200 square feet of retail under construction. The Mountain’s Edge area also has recent construction with the completed Albertsons, which will undoubtable be an import anchored center in an area which has long been undersupplied for retail.
In addition to retail and office, one may notice a lot of multifamily construction and recent completions. Over 2,400 units are under construction or in a lease-up phase. Several notable projects include, The Adobe at Buffalo and Sunset, Elysian West (which recently traded for a record price), Red Rock Ponte, Oquendo Apartments, The Gallery and The Mercer.
Industrial has also emerged as an important piece of the Las Vegas commercial property mix. Jones Corporate Park, Prologis Beltway Distribution Center, along with several other Industrial Business Parks, have brought welcome distribution and light manufacturing supply to the area.
In non-speculative projects, the recently deliver UFC headquarters is an impressive architectural addition to the 215 corridor. Another important area addition, delivered in 2016, is the Ainsworth Game Technology building, which is understood to be 291,000 square feet.