Category – Office – North Las Vegas

The Bridger Office Building Secures Another Tenant

Bridger Office BuildingRobert S. Hatrak II of Virtus Commercial represented 701 Bridger, LLC in the lease of 1,835 square feet of office space at the Bridger Office Building,701 E. Bridger Avenue, Las Vegas, NV 89101. The tenant Conversion Media, LLC was represented by Dave Evenhouse and will occupy Suite 500. The total transaction value of this 36 month lease renewal is $132,720.

The approximate aggregate value of the transaction is $2.01 per square foot.

Valley Medical Office Market Slumps in 2014

PartellMedicalCenter1Southern Nevada’s medical office vacancies stood at 18.3% in the fourth quarter, up 1.4 percentage points from a year earlier, said Colliers International research manager John Stater. There were no new completions with no new medical office products planned or under construction. However, medical office asking rents increased over the past year to $2.13 per square foot on a full service gross basis. For more information, CLICK HERE.

Valley Office Market Sees Sluggish Recovery in 2014

OfficeSouthern Nevada’s office market has improved since the days of the Great Recession, but the recovery has not been particularly stable or powerful despite employment growth, said John Stater, Colliers International Las Vegas’s research director. The office market is experiencing increased competition from flexible non-office properties and a general trend towards occupying less office space per employee. In 2014, net absorption decreased to 544,261 square feet from 823,744 square feet in 2013. New completions were lower in 2014 versus 2013, at 376,620 square feet. Meanwhile, vacancy rates decreased slightly by 0.5% to 20% last year from the prior year, while average asking rent grew to $1.90 per square foot full service gross. For more information, CLICK HERE.

Valley Medical Office Market Dips in Second Quarter

medical1Southern Nevada medical office vacancy stood at 19.8% in the second quarter, which a 1% increase from one quarter ago and one year ago, says Colliers International research manager John Stater. The average medical office asking rent rose to $2.15 per square foot or 4 cents more than a quarter ago and one year ago. Medical office net absorption was negative 61,189 square feet, up from one year ago, which saw negative net absorption of 100,802 square feet. There were no new medical office completions during the second quarter. For more information, CLICK HERE.

Colliers: Office Market Improves in Second Quarter

OfficeSouthern Nevada’s office market improved during the second quarter, recording 444,818 square feet of net absorption that helped lower vacancy rates to 19.8%, which is two percentage points lower than a year ago, says Colliers International research manager Matt Stater. Asking lease rates, as a result, increased slightly to $1.87 per square foot on a full service gross basis. For more information, CLICK HERE.

Valley Office Market Stumbles in Second Quarter

Valley Office Market Stumbles in Second QuarterSouthern Nevada’s office market saw negative absorption in the second quarter after several quarters of positive movement, reports the Colliers International Las Vegas. Office net absorption was a negative 35,527 square feet in the second quarter, representing a year-over-year decrease of more than 230,000 square feet. Office vacancy now stands at 22.7%. Despite these negatives, there was 10,000 square feet of office space completed this quarter, representing a year-over-year increase from one year ago. “With a lack of build-to-suit office completions expected in the third quarter of 2013, and the traditional lag in demand that accompanies the end of summer and beginning of fall, we think net absorption will probably remain weak in the third quarter and vacancy may continue to rise, though not precipitously,” said Colliers International research manager John Stater.

Colliers: National Firms Snap-Up Office Space in 3rd Quarter

Colliers National Firms Snap-Up Office Space in 3rd QuarterNational firms made-up 28 percent of office space seekers in the third quarter, or 37 percent of the total office space taken, Colliers International Researcher John Stater said. California companies have stepped up their Southern Nevada presence since last quarter, accounting for 17 percent of all deals thus far in 2011. The most active industries have been Education and Social Services, Business Services, Real Estate, Legal Services and Financial Services. To read the full report, CLICK HERE

Report: Medical Office Market Sickly in 3rd Quarter

Report Medical Office Market Sickly in 3rd QuarterThe valley’s medical office market, like other real estate sectors, suffered in the third quarter from rising construction costs, a dampened economy and a glut of existing space, reports Commerce Real Estate Solutions, the local Cushman & Wakefield affiliate. Rising unemployment has also impacted medical office demand. Medical professionals are downsizing as workers loose benefits, which, in turn is causing high vacancies and low rents. But, there are early signs of stabilization with growth from the federal government, health care, energy and clean technology sectors, Commerce Real Estate Solutions said. One emerging trend is converting vacant retail centers into medical office space at a much more affordable rate. Should the trend continue, there may not be any new medical office construction for many years, said Commerce Real Estate Solutions. For the full report, CLICK HERE

Report: Office Market Sees 3Q Uptick

Report Office Market Sees 3Q UptickNevada is starting to show signs of a stabilizing market and an optimistic economic outlook, says
Commercial Real Estate Solutions, the local Cushman & Wakefield office. Year-to-date direct net absorption is in the positive for the first time since 2008. Tourism has increased, visitor volume is up, and conventions are up. Commercial Real Estate Solutions doesn’t see any more major swings in the labor market or the commercial real estate market like those experienced over the past few years. Varying vacancy rates are expected over the next few years, however, with rises in one quarter and losses the next. Compared to last year, however, vacancies and rents are not rising and falling as fast as they had been. Some early signs of stabilization may come from growth in the federal government, health care, energy, and clean technology market sectors.  Building sales are expected to continue to grow due to deflated pricing, which should rents low.  To view the report, CLICK HERE


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