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Category – January 2012

Retail Market Sees Year-end Surge

Retail Market Sees Year-end SurgeSouthern Nevada’s retail market saw 119,287 square feet of net absorption in the fourth quarter, spurred by the completion of a new Petco and Staples at Juliet Companies’ Green Valley Crossing at Green Valley and Horizon Ridge parkways in Henderson, said Colliers International’s researcher John Stater. It marks the second straight quarter of positive net absorption, and the imminent completion of two new Winco stores next quarter should extend that streak to three. Vacancy was 11.7% in the fourth quarter, down from a high of 11.9% in the second and third quarters. For the full report, CLICK HERE.

Piloch Distribution Joins VenturePoint Speedway

Piloch Distribution Joins VenturePoint SpeedwayPiloch Distribution signed a 5-year, $223,800 lease for 10,560 square feet of industrial space inside the 4-year-old VenturePoint Speedway at 6260 E. Tropical Parkway in North Las Vegas. Lee & Associates’ Mel Koich, Joe Leavitt and Chris Lexis represented the lessor, Venture Point LLC; Pro Commercial Real Estate’s Gary Burgher represented the lessee. The reported average rent equals 35 cents per square foot.

Collier’s Patti Dillon Joins Office Group

Collier’s Patti Dillon Joins Office GroupColliers International Las Vegas named Patti Dillon vice president of the office sales and leasing division. Dillon will be joining the team of Tom Stilley, Lizz Stilley and Ryan Martin, one of the top office teams in the Las Vegas valley. Dillon joined Colliers in 2004 and previously served as vice president of the industrial division, where she completed more than $432 million in sale and lease transactions. 

SIOR Names Panattoni “Developer of the Year”

SIOR Names Panattoni “Developer of the Year”The Nevada Chapter of the Society of Industrial and Office Realtors (SIOR) recently named Panattoni Development Co. as its 2011 People’s Choice Developer of the Year. “It means a great deal to be recognized by our peers at SIOR,” said Panattoni Partner Doug Roberts. “Receiving this honor for the third time in four consecutive years is a true testament to the exceptional team we’ve built here in Southern Nevada” 

Dentist Renews Augusta Office Park Lease

Dentist Renews Augusta Office Park LeaseDr. Douglas Ashman signed a 5-year, $267,168, lease renewal for 2,024 square feet of medical office space inside the 10-year-old Augusta Corporate Office Park at 1481 W. Warm Springs Road, Suite 104, in Henderson. LeaseCorp’s Kimmen Olsen represented the tenant; Virtus Commercial’s Michael Vesely represented the lessor, TIH Augusta Park, LLC et al. The reported average rent equals $2.20 per square foot.

Local Home Prices to Fall 14.2% in 2012

Southern Nevada average home prices fell 7.2% last year; by the summer of 2012, home prices are expected to fall an additional 14.2%. Those are among the findings of the latest quarterly data from the Fiserv Case-Shiller Indexes, which track home price trends in more than 380 U.S. metro areas.  According to Fiserv Case-Shiller projections, home prices in Las Vegas will see a further decline of 0.2% percent between Q3 2012 and Q3 2013.

Applied Analysis: Office Inventory Tops 51.6 MSF

Applied Analysis Office Inventory Tops 51.6 MSFDespite weak demand, more new office space entered the Southern Nevada market in the fourth quarter, pushing the total inventory to 51.6 million square feet, reports Las Vegas-based business advisory firm Applied Analysis. Valley vacancy rates hit 25.3% at the end of 2011, as a result, which is the highest amount of empty office space in over 5 years. “The nosedive in demand that has occurred during the past four year and the oversupply conditions that persist will require nearly a decade of improvements before vacancies reach pre-recession levels,” said Applied Analysis principal Brian Gordon.

Report: Local Economy Slowly Rebounds

Report Local Economy Slowly ReboundsClark County’s economy continues to grow at an achingly slow pace, reports Cushman & Wakefield-Commerce Real Estate Solutions. Visitor volume and gaming revenues were up 2.3% and 7.8% in November, respectively, from a year ago. Residential construction permits rose from November to December, while 4,300 jobs were added (0.5%) from December 2010 to December 2011. For the full report, CLICK HERE.

Shalimar Escrow Signs 2-Year Lease Renewal

Shalimar Escrow Signs 2-Year Lease RenewalShalimar Escrow signed a 2-year, 2-month, $25,953 lease renewal for 1,055 square feet of office space inside the 8-year-old Anthem Village Office Park, on 0.25 acres, at 2510 Anthem Village Drive, Suite 110, in Henderson. First Federal Realty-DeSimone’s JoEllen Darling Ritzo represented the tenant; Colliers International’s Dan Palmeri and Chris Connell represented the lessor, D&M Anthem LLC. The reported average rent equals 95 cents per square foot triple net. 

Apple Rock Advertising Renews Lease

Apple Rock Advertising Renews LeaseApple Rock Advertising & Promotions signed a 2-year, $30,000 lease renewal for 8,686 square feet of industrial space inside the 10-year-old Westech Business Center II, on 4.28 acres, at 5175 W. Diablo Dr., Suite 108, in Las Vegas. Colliers International’s Mike De Lew and Greg Pancirov represented the lessor, Cable Investments-Diablo LP. The reported average rent equals 14 cents per square foot triple net.

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