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Category – October 2011

Nevada Halloween Spending to Reach $118 Million

Nevada Halloween Spending to Reach $118 MillionAn estimated 1.5 million Nevada residents will spend $118 million celebrating Halloween this year, reports the Retail Association of Nevada. It marks 10.4% increase over last year’s $107 million in Halloween spending. “Retail spending is rising in Nevada, and Halloween is always a great excuse to make a few fun purchases,” said RAN President Mary Lau. “With Halloween spending in the state expected to reach its highest level yet, there is reason to remain optimistic about sales trends throughout the rest of the year, especially during the approaching winter holiday season.”

Harsch’s Craig Commerce Center Adds Tenant

Harsch's Craig Commerce Center Adds Tenant
Premier Fresh signed a 33-month $69,726 lease for 8,008 square feet of industrial space inside Craig Commerce Center at 2629 E. Craig Road, Suite G, in North Las Vegas. NAI Las Vegas’ Tom Elkington represented the tenant; CB Richard Ellis’ Greg Tassi represented the lessor, Harsch Investment Properties. The reported average rent equals 26 cents per square foot.

HUD To Hold Auction Saturday

HUD To Hold Auction SaturdayThe U.S. Department of Housing and Urban Development is holding an auction this Saturday, November 5, at the JW Marriott Las Vegas Resort, 221 N. Rampart Blvd. in Summerlin. Properties can be purchased for $100 down. The event is being conducted by Hudson & Marshall.

Auction 1, starts at 11:00 a.m. It’s for owner occupants only. Buyer certifies they have not purchased a HUD-Owned property within the past 2 years as an owner occupant. Furthermore, buyer represents they will occupy the property as primary residence for at least 12 months. Valid SSN and Picture ID required.

Auction 2, starts at 3:00 p.m. It’s open to all interested buyers, investors welcome.

CLICK HERE for a printable PDF copy of the entire HUD list.

South Tech Russell Signs 2-Year Lease

South Tech Russell Signs 2-Year LeaseGifts for Music signed a 2-year, $25,488 lease for 1,417 square feet of incubator space inside the 26-year-old South Tech Russell Park, on 1.53 acres, at 5720 S. Valley View Blvd., Suite 102, in Las Vegas. Cushman & Wakefield / Commerce’s Susan Borst and Keith Bassett represented the receivership estate lessor. The reported average rent equals 75 cents per square foot, triple-net. 

RCG: Office Market Vacancy Dips in 3rd Quarter

RCG Office Market Vacancy Dips in 3rd QuarterValley office vacancy fell slightly by 0.5% in the third quarter to 23%, said RCG Economics LLC. Although small and virtually unchanged, this marks the first quarter in five years that vacancy dropped. Put into perspective, the vacancy rate rose steadily since Q3, 2006’s 8.3% rate, but has since hovered around the 23% mark during the past 5 quarters. No new office space in the third quarter, leaving the valley’s total inventory remained at 42.8 million square feet in 2,081 buildings. Two of the valley’s eight submarkets had vacancies below 20%, including Downtown (13%) and West Central (18%). The highest rate was in the Southwest submarket at 27.1%, but it’s better than second quarter’s 29.2%. All product types posted positive, though small, levels of absorption, RCG Economics LLC said.

RCG Economics: Industrial Market Holds Steady

RCG Economics Industrial Market Holds SteadyThe industrial market held steady in the third quarter, reports RCG Economics LLC, with no new completions and 16.2% direct vacancy or the same last quarter. Vacancies had previously trended upward during the last 5 years. There was 43,600 square feet of net absorption in the third quarter, with 181,100 square feet of space under construction.  “Small increases in supply are essential for the industrial market’s return to a healthy supply-demand balance,” said John Restrepo, principal of RCG Economics, “The average monthly asking rent is up slightly to $.52 per square foot during the third quarter. But, it will be a long haul to get back to December 2007’s vacancy rate of 6%.”

Pageantry Flamingo Park Signs Lease

Pageantry Flamingo Park Signs LeaseStone Mountain Group signed a 1-year, $30,582 lease for 2,571 square feet of office space inside the 8-year-old, two-story Pageantry Flamingo Office Park, on 0.50 acres, at 8879 W. Flamingo Road in Las Vegas. Cushman & Wakefield / Commerce’s Bob Hawkins represented the lessor, Receivership Estate of Joernie LLC. The reported average rent equals 99 cents per square foot, modified gross. 

Cheyenne West Corporate Center Signs Diamond Resorts

Cheyenne West Corporate Center Signs Diamond ResortsDiamond Resorts signed a 1-year, $22,924 lease for 2,939 square feet of flex industrial space inside the 8-year-old Cheyenne West Corporate Center, on 2.17 acres, at 2455 W. Cheyenne Ave. in North Las Vegas. Cushman & Wakefield / Commerce’s Susan Borst represented the lessor, South Tech Partners. The reported average rent equals 65 cents per square foot, triple-net. 

Cushman & Wakefield: Economy Shows Uneven Improvement

Cushman & Wakefield Economy Shows Uneven ImprovementThe Nevada economy continues to show mixed signs of improvement, reports Cushman & Wakefield / Commerce Real Estate Solutions. Visitor volume was up in August compared to a year earlier, but total gaming revenues were lower. Taxable sales in July were up by 4.7% above a year earlier. From August to July, Nevada saw a gain of 10,000 jobs (0.9%) and declining labor force participation pushed the unemployment rate down to 13.3%. Nevada’s tourism, hospitality and gaming industries showed considerable improvement during the first half of 2011. The state’s economy is likely to show stronger gains with U.S. economic conditions continuing to improve in the second half of 2011. Nevada’s real estate and construction sectors are showing hopeful signs of improvement, too.
For the full report, CLICK HERE

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