Southern Nevada commercial real estate in high demand
LAS VEGAS (KLAS) — As the economy grows in Las Vegas, more and more companies are interested in commercial and industrial spaces.
The commercial and industrial real estate market has increased by 25% since the start of the pandemic and less than 2% of available buildings are empty.
Uncommons is one of many new commercial real estate projects popping up in the Southwest Valley near 215 and Durango.
The new mixed-use office and retail area is not even open yet and the first office phase is already let.
Tom Van Betten of Matter Real Estate says many businesses are looking for unique spaces with more to offer.
He also added that sports betting company Draft Kings, a sports betting company, is considering leasing space from Uncommons for its North American headquarters.
“We’re starting to see companies from California, industrialists who’ve been from California for a long time, but an office, we’re now starting to get a lot of inquiries, even from tech companies, thinking of moving from the bay to Las Vegas and asking questions about our space,” Van Betten said.
Brian Kruger of Coldwell Banker shed some light on the industrial sector.
He says vacancy rates are low and more buildings are being built for later this year, but many projects are pre-let.
Van Betten also told 8 News Now that the second phase of the Uncommons project is currently under construction and is approximately 20% pre-let.
The first tenants are expected to enter the first phase of Uncommons at the end of June.
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