The Newsroom - 2008 SORTED CHRONOLOGICALLY: Q1

The Latest News…
City Center West sells for $34.5 million

The five-story steel-and-glass Class A office building near Summerlin is 97 percent leased

April 29, 2008 - JB Matteson has acquired City Center West at 7201 W. Lake Mead Blvd. in Las Vegas for $34.5 million, or $325 per square foot, from an investment entity led by the Weston Family Group LLC of Santa Barbara, Calif. The 105,968-square-foot Class A office building is 97 percent leased. CB Richard Ellis' Christina Roush and Kevin Shannon handled the transaction, which had a 6.5-percent capitalization rate.

The Pauls Corp. of Denver built the building in 1998. The five-story, steel-and-glass structure that neighbors Summerlin has a palm-lined entrance. City Center West was sold three years ago for $30 million or 13 percent less than its most recent purchase price. The building's anchor tenant is radio station operator Citadel Broadcasting Corp., which occupies 14,000 square feet. Other tenants are First American Title, AG Edwards and Safeco, which together occupy 12,219 square feet.

Class A space had the lowest vacancy rate at 9 percent of all Las Vegas office types in the first quarter, Applied Analysis, a Las Vegas financial consultancy, reports. Class A space also had the highest average rents at $2.78 per square foot.

"The Las Vegas office market continues to be impacted by the favorable conditions experienced during the 2005 and 2006 time frame," Applied Analysis principal Brian Gordon said. "Pricing, or effective pricing, will be the release valve for many building owners as the competitive landscape increases."

JB Matteson is a Redwood City, Calif.-based real estate investment, development and management company. Its portfolio includes multifamily, office, retail and mixed-use properties throughout the Western United States. Its Las Vegas assets include the 326-unit Reflections at the Lakes apartment complex at 2601 S. Grand Canyon Drive and the 480-unit Entrata Di Paradiso apartments at 2701 N. Rainbow Blvd. Both properties were... Read More >>
VIEW 2008 ARTICLES BY QUARTER:  Q1 >>
Applied Analysis has compiled economic and business news of note that affect the Las Vegas Valley, Southern Nevada and the nation as a whole.
Below are select articles courtesy of various local and national sources listed chronologically for 2008.

NAI Horizon shutters office
Author: T. Illia, Las Vegas Business Press Date: 04.29.08
NAI Horizon, the valley's third-largest commercial real estate brokerage, recently closed its 35-person office in Las Vegas. The firm's 14,000-square-foot local offices were inside Marnell... Read More >>

Apartment Sales Drop Off, Prices Hold
Author: B. Miller, GlobeSt.com  Date: 04.28.08
LAS VEGAS-The 288-unit Villa Serena Apartments in Henderson, NV recently sold for $35.85 million, one of very few apartment sales in the region during the first quarter of the year. Sentinel Real Estate Corp... Read More >>

Market Stats: Vegas Industrial Vacancy Keeps Rising
Author: B. Miller, GlobeSt.com  Date: 04.23.08
LAS VEGAS-Depending on who you ask, the availability of industrial space in the Las Vegas Valley increased by between 17- and 120-basis points during the first quarter to somewhere between 6.1%... Read More >>

Record-High Vacancy in Vegas Retail: 5%
Author: B. Miller, GlobeSt.com  Date: 04.20.08
LAS VEGAS-Vacancy in the retail market here jumped to 5% in the first quarter from 3.8% at the end of the year, according to a new report from Applied Analysis, a locally based business research... Read More >>

Riding out the recession
Author: H. Smith, Las Vegas Business Press  Date: 04.15.08
One thing Jeremy Aguero has learned as a research analyst is that tomorrow looks a lot like today. He examined four periods of economic downturns in Las Vegas, including the past 12 months... Read More >>

ON THE VERGE OF VANISHING
Author: T. Illia, Las Vegas Business Press  Date: 04.15.08
The Verge, a planned mid-rise residential project in downtown Las Vegas, now appears to be on the verge of disappearing. Developer Verge Living LLC first announced plans for a $135 million... Read More >>

Immigrants boost economy — but how much?
Author: T. Pratt, Las Vegas Sun  Date: 04.14.08
Roberto Alvarez sits after services at Ebenezer Christian Church last month in Las Vegas. Alvarez has three brothers in the construction business who, like many immigrants in the area, are out of work... Read More >>

HOUSING: 'Feeding frenzy' in Las Vegas
Author: H. Smith, Las Vegas Review-Journal  Date: 04.08.08
More than half of Las Vegas home sales in March were foreclosures or short sales, the president of Greater Las Vegas Association of Realtors said Monday. The association reported 1,478 escrow closings... Read More >>

Corus faces high exposure from local condo loans
Author: T. Illia, Las Vegas Business Press  Date: 04.07.08
Corus Bankshares, a Chicago-based lender responsible for $360 million in Las Vegas condominium-project loans last year, now faces high financial risk from the market's dramatic downturn. The firm... Read More >>

VEGAS EXODUS
Author: T. Pratt, Las Vegas Sun  Date: 04.06.08
Alejandro Salazar slumps into a cushioned seat halfway into the bus, looks out from under a baseball cap and thinks about a future more than a thousand miles away. He came to the Las Vegas... Read More >>

Officials address valley's issues
Author: H. Smith, Las Vegas Review-Journal  Date: 04.04.08
Even in these troubled economic times, Las Vegas is not a bad place to live, one of the city's top promoters said Thursday at Las Vegas Perspective, a forum sponsored partly by the Las Vegas Review... Read More >>

Gibbons plans government overhaul
Author: M. Ball, Las Vegas Review-Journal  Date: 04.04.08
Gov. Jim Gibbons said Thursday that he hopes soon to form a commission to examine the state budget and root out government inefficiency and waste. Speaking at a presentation on the economy... Read More >>

Las Vegas Experiences Slowest Population Growth in 10 Years
Author: Channel 8, Las Vegas New Eye Witness News Date: 04.03.08
The 2008 Las Vegas Perspective, which compiles data about Clark County and its residents, was released on Thursday. Although the average Las Vegas family made more money in 2007, the cost... Read More >>

Less spending, more bites
Author: P. Coolican, D. Schwartz, Las Vegas Sun  Date: 04.03.08
Gov. Jim Gibbons and other anti-tax crusaders have long asserted that Nevada’s budget shortfall will not require real spending cuts. Rather, the deficit will merely cut into the 16.8 percent spending.... Read More >>

Nevada’s Retail Market
Author: T. Illia, Las Vegas Business Journal  Date: 04.02.08
Nevada’s population boom and resilient economy have kept retail demand high, despite a statewide housing downturn. The state economy was home to 1.29 million jobs in the final quarter of 2007... Read More >>

Residential Realities
Author: L. Montel, Las Vegas Business Journal  Date: 04.01.08
What’s happening with the residential real estate market? Is the constant barrage of media doom-and-gloom right on target or over the edge? Both ends of the state are experiencing the affects... Read More >>

March meekness: Gaming stocks sustain losses
Author: H. Stutz, Las Vegas Review-Journal  Date: 04.01.08
March was not a good month for the stock prices of casino companies and slot machine makers. All 10 of the gaming stocks charted by Las Vegas-based financial consultant Applied Analysis... Read More >>

Monster Cable Leases 230,000-SF Warehouse
Author: B. Miller, GlobeSt.com  Date: 03.10.08
LAS VEGAS-Monster Cable Products Inc. has leased 229,320 sf of warehouse and distribution here from ProLogis for its national distribution center, according to CB Richard Ellis, which represented... Read More >>

Beltway business boom
Author: H. Smith, Las Vegas Review-Journal  Date: 03.05.08
Crown Ltd. is the latest in a handful of gaming companies that have purchased or leased office space along the Las Vegas Beltway in the southwestern Las Vegas Valley, creating a core... Read More >>

QUITTING TIME
Author: T. Illia, Las Vegas Business Press  Date: 03.03.08
Pinnacle Las Vegas has called it quits. The proposed $740 million condominium-hotel project at Tropicana Avenue and Cameron Street, across from The Orleans, has pulled the plug... Read More >>

NEVADA ECONOMY: Strip boom, Job Seeker's Boon
Author: J. Robison , Las Vegas Review-Journal  Date: 03.02.08
Las Vegas has become so average. The 5 percent job growth that gave the city the nation's fastest-growing economy in 2005 and 2006 has evaporated, with a meager 0.8 percent job-creation... Read More >>

Gaming sector caught in market skid
Author: H. Stutz, Las Vegas Review-Journal  Date: 03.01.08
Volatility continued to plague gaming industry stocks in February. Just two of the seven casino operators tracked for an index compiled by Las Vegas financial consulting firm Applied Analysis reported... Read More >>

Leaving Las Vegas, for the Suburbs
Author: M. Villiano, New York Times  Date: 02.29.08
WHEN Bob Carson set out last year to find a second home in the Las Vegas area, his list of must-haves was short but sweet. A house in the Red Rock Country Club neighborhood of Summerlin... Read More >>

Shared Vision = Acquisition
Author: V. Miller, Las Vegas Business Press  Date: 02.25.08
A troubled economy usually means businesses look for ways to scale back, but one local company is expanding its holdings. Research firm Applied Analysis has acquired Pacific Northwest boutique design... Read More >>

Apartment rent growth slows
Author: T. Illia, Las Vegas Business Press  Date: 02.25.08
Southern Nevada's apartment market continues to be impacted by the for-sale housing market as well as an expected employment growth slowdown, reports Applied Analysis, a Las Vegas-based... Read More >>

Office Vacancy Rising as Supply Outstrips Demand
Author: B. Miller, GlobeSt.com Date: 02.20.08
Las Vegas-Office vacancy in the Las Vegas valley is on the increase. Depending on which firm crunches the numbers, office vacancy rose during the fourth quarter to somewhere between 12%... Read More >>

Southern Nevada's Economy Stays Flat
Author: H. Smith, Las Vegas Review-Journal  Date: 02.20.08
Southern Nevada's economy is performing a "high-wire balancing act" between a strong push of big investment spending along the Strip and the drag of falling residential construction... Read More >>

DEVELOPMENT: LV land prices rise in quarter
Author: H. Smith, Las Vegas Review-Journal  Date: 02.19.08
Land values in Las Vegas rose 21.8 percent during the fourth quarter to an average of $1.51 million an acre for 452 acres sold compared to the previous year's quarter... Read More >>

Cosmopolitan progress continues as financing remains uncertain
Author: T. Illia, Las Vegas Business Press  Date: 02.19.08
Cosmopolitan Resort & Casino is still a bustling, lively construction site with moving machinery and workers coming and going. Yet, the $3 billion megaresort project last month... Read More >>

Vacancy rates for industrial property rise across valley
Author: H. Smith, Las Vegas Review-Journal  Date: 02.19.08
Industrial vacancy in Las Vegas has been creeping up steadily in Las Vegas since 2006, but landlords, developers and tenants are "cautious yet optimistic" about the market... Read More >>

Harrah's responds to slowdown with labor reductions
Author: A. Knightly, Las Vegas Review-Journal  Date: 02.16.08
Harrah's Entertainment has laid off workers and reduced hours at many of its properties around the country, citing the slowing economy, the company confirmed Friday... Read More >>

Pinnacle high-rise project faces class action lawsuit
Author: T. Illia, Las Vegas Business Press  Date: 02.11.08
Pinnacle Las Vegas was recently slapped with a class action lawsuit by frustrated buyers. The proposed $740 million condo-hotel development at Tropicana Avenue and Cameron Street... Read More >>

Valley land values rise in 2007

 Author: T. Illia, Las Vegas Business Press  Date: 02.11.08
Las Vegas Valley vacant land values still increased at the end of 2007, despite a housing market downturn and softening economy, reports Applied Analysis, a local business advisory firm... Read More >>

Economic survival a focus at Preview 2008

 Author: H. Smith, Las Vegas Business Press  Date: 02.11.08
Amateur night is over and only the pros are going to survive in Las Vegas, real estate observer Richard Lee said last week at Preview Las Vegas 2008, the annual economic forecasting forum staged... Read More >>

Condo-hotel project faces class action lawsuit
Author: T. Illia, Las Vegas Review-Journal  Date: 02.10.08
Pinnacle Las Vegas was recently slapped with a class action lawsuit by frustrated buyers. The proposed $740 million condominium-hotel development at Tropicana Avenue and Cameron... Read More >>

BY CRANES ON LANE, ECONOMY WILL GAIN
Author: H. Stutz, Las Vegas Review-Journal  Date: 02.10.08
In Washington, D.C., leaders have been discussing economic stimulus packages, trying to figure out ways to jump-start the nation's sagging financial picture and calm fears of a recession... Read More >>

LV biz experts predict 2008 to be tough year

Author: R. Velotta, In Business Las Vegas Date: 02.08.08
Richard Lee just wasn't himself last week. The vice president and director of public relations of First American Title Co. of Nevada who has spoken enough times at the annual Preview Las Vegas... Read More >>

Moulin Rouge gets help
Author: B. Spillman, Las Vegas Review-Journal  Date: 02.08.08
An investment firm with more than $4 billion in assets will take on one of the most vexing casino projects in Las Vegas, a revival of the long-defunct Moulin Rouge... Read More >>

REAL ESTATE: Home prices to recover late in LV
Author: J. Robison, Las Vegas Review Journal  Date: 02.06.08
Las Vegas benefited more than most of the nation from a run-up in home prices in 2004 and 2005. Now, it's suffering more than other markets as values drop. Southern Nevada will arrive late to... Read More >>

Valley retail rents climb in 2007
Author: T. Illia, Las Vegas Business Press  Date: 02.05.08
Southern Nevada's population boom has fueled steady retail demand and expansion resulting in higher asking rents in 2007, reports Applied Analysis, a Las Vegas-based business advisory firm... Read More >>

The Boulevard Formula
Author: H. Stutz, Las Vegas Business Press  Date: 02.05.08
In Washington, D.C., leaders have been proposing economic stimulus packages, trying to figure out ways to jump-start the nation's sagging financial picture and calm fears of a recession... Read More >>

Chamber: See no downturn, hear no downturn
Author: A. Berzon, Las Vegas Sun  Date: 02.02.08
This was the mood Thursday when members of the Las Vegas Chamber of Commerce gathered for their annual cheerleading rally — this year, in the face of a worsening economy: Richard Lee... Read More >>

Casino-stock index declines during January

Author: H. Stutz, Las Vegas Review-Journal  Date: 02.02.08

Downward pressure, brought about by decreased revenues in some gambling markets and shaky investor confidence, continued to affect the average daily stock prices of gaming companies... Read More >>

Housing described as valley's top issue
Author: H. Smith, Las Vegas Review-Journal  Date: 02.01.08
Without a doubt, the biggest issue facing Southern Nevada this year will be the housing market and foreclosure crises, a local research analyst said Thursday at Preview Las Vegas 2008... Read More >>

Rate cut a 'psychological boost'
Author: B. Wargo, In Business Las Vegas  Date: 02.01.08
The Federal Reserve's three-quarter of a percentage point cut in interest rates has dropped mortgage rates to their lowest level since 2004 and buoyed hopes it will give some sort of boost to... Read More >>

Local Business Struggles to Hang on in Las Vegas Economy
Author: M. Duran, Las Vegas NOW  Date: 01.31.08
The immediate economic future does not look promising for valley business owners. Local experts say it'll be at least another year before businesses start to recover from the economic slow down... Read More >>

Retail market still thriving

Author: H. Smith, Las Vegas Review-Journal  Date: 01.30.08
Despite higher construction and land costs, retail development in Las Vegas continued to flourish in the fourth quarter with 5.8 million square feet under construction, CB Richard Ellis brokerage firm... Read More >>

Vacancy rates climb in local office market
Author: H. Smith, Las Vegas Business Press  Date: 01.22.08
A year-end market review from Commerce CRG showed a 12.4-percent vacancy rate on 44.7 million square feet of existing office space in Las Vegas, up from 11.5 percent in mid-year 2007... Read More >>

BUSINESS SURVEY: PESSIMISM PERSISTS

Author: J. Robison, Las Vegas Review-Journal  Date: 01.20.08
POLL RESULTS: Asked of Review-Journal/Las Vegas Business Press readers in an online survey. ECONOMIC FORECAST Some economists are worried about the economy, with some suggesting the... Read More >>

DEVELOPMENT: Project on Strip suffers setback

Author: A. Knightly, Las Vegas Review-Journal  Date: 01.17.08
The tightening lending market is jeopardizing the ownership of a multibillion-dollar hotel-condominium development under construction on the Strip. The owner of the $3 billion Cosmopolitan confirmed... Read More >>

Vegas Casino Project Facing Foreclosure
Author: R. Nakashima, Yahoo Finance  Date: 01.16.08
LAS VEGAS (AP) -- Nevada's foreclosure crisis claimed a high-profile victim on Wednesday as investment bank Deutsche Bank filed a notice of foreclosure on the $3 billion Cosmopolitan Resort.. Read More >>

Three Construction Plays Set for a Knockdown
Author: N. Yulico, TheStreet.com  Date: 01.14.08
If the economy really is deteriorating as many fear, then there are numerous sectors poised to take even more hits. In particular, firms with peripheral exposure to the real estate market... Read More >>

Real Estate and Development

 Author: B. Wargo, In Business Las Vegas  Date: 01.11.08
Although the Las Vegas housing market struggled with a downturn in 2007, commercial development, even though it slowed, remained a bright spot for the local economy.  What does 2008 have... Read More >>

Office space standing vacant amid housing woes

Author: H. Smith, Las Vegas Review-Journal  Date: 01.11.08
The fallout from Las Vegas' troubled housing market has trickled into the office sector, pushing up vacancy rates as mortgage lenders, title companies and other real estate-related businesses... Read More >>

Lofty Gambles
Author: McGraw Hill Construction  Date: 01.10.08
Since the opening of SoHo Lofts in 2006, numerous high-rise condominium projects such as Newport Lofts, Juhl, Streamline and Stanhi are reinvigorating the once fallow grounds of... Read More >>

'BULLISH' ON 2008: SNHBA chief exudes optimism
Author: Las Vegas Review-Journal  Date: 01.06.08

Local home builder Michael "Mick" Galatio, the 2008 president of the Southern Nevada Home Builders Association, said declining home prices last year and continuing low interest rates make... Read More >>

Gaming Index Loses Ground, Gains New Players
Author: B. Miller, GlobeSt.com  Date: 01.03.08
LAS VEGAS-An index that tracks the daily average share price of 11 publicly traded gaming-related companies posted its second consecutive monthly decline following six consecutive monthly gains... Read More >>

Gaming stocks end 2007 on downswing
Author: H. Stutz, Las Vegas Review-Journal  Date: 01.01.08
Stock prices of the major casino operators and slot machine makers closed 2007 on a down trend in December following a similar tumble in November. Concerns about the expanding Macau gambling... Read More >>
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