November 3, 2015
Robert 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.
February 6, 2015
Divine Touch BHS signed a 5-year $108,362 lease for 2,450 square feet of office space inside the Cheyenne Business Park at 3450 Cheyenne Avenue in North Las Vegas. Albright Callister’s Bryan Houser represented the lessor, Cheyenne Business Park LLC. The reported average rent equals 74 cents per square foot.
January 16, 2015
Southern 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.
January 15, 2015
Southern 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.
August 5, 2014
Southern 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.
August 4, 2014
Southern 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.