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The Newsroom - 2004 |
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Real Estate: Valley's office market buoys during second
quarter
August
6, 2004 - The office market rebounded during the second
quarter with 10.1 percent vacancy rate, a 1.5 percent
improvement over last year, reports Applied Analysis, a Las
Vegas-based economic research firm. The market grew to 32.1
million square feet in 1,093 buildings with 478,000 square
feet of new additions and 410,000 square feet of net
absorption.
"Vacancy rates have receded significantly from one year ago,
moving away from a troubling upward trend," says Jason Salmon,
Applied Analysis' director of real estate services.
"The
market continues to quietly gather steam despite rooted
concerns regarding world affairs, which have actually helped
to quell the verve and dash for hasty building."
At quarter's end, there was 1.9 million square feet of office
space under construction, plus 4.9 million square feet planned
for development, including a new seven-acre office project at
the northwest corner of Interstate-215 and Town Center Drive
in Summerlin by Mark L. Fine & Associates.
"From July 2003 to March 2004, nearly two hundred new jobs a
month were created in Summerlin," says Fine. "The business
community in Summerlin is as thriving and active as the
residential community."
The northwest was one of the valley's strongest submarkets in
the second quarter, with a 9.5 percent vacancy rate, while
downtown was the weakest with a 21.5 percent vacancy, says
John Restrepo, principal of Restrepo Consulting Group LLC, a
Las Vegas-based economic research firm.
New projects such as East Canyon Plaza, The Park at Warm
Springs, Willow Creek at Siena and Anthem Professional
Business Park all came online in the second quarter.
Class A product continues to have the lowest vacancy at 5.3
percent, while Class B has the highest at 11.7 percent, reports Applied Analysis. Asking rates improved slightly,
reaching $1.89-per-square-foot triple-net, a 3-cent increase
from a year ago.
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Our
Services |
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Applied Analysis provides professional services in urban
economics, market analysis, financial advisory services,
information technology and hospitality/gaming consulting
services.
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Our
Information |
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Reliable data is the foundation of any solid analysis.
We are the market leader in information and research. We
track economic, development and fiscal trends, and
publish the area's most comprehensive office, industrial
and retail market survey.
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Our
Clients |
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Applied Analysis has a broad client base, including both
public entities and private companies. We exceed our
clients' expectations by taking the time to listen to
their goals and then committing the time, resources, and
know how to help them find success.
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