Southern Nevada commercial real estate in high demand

Southern Nevada commercial real estate in high demand

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LAS VEGAS (KLAS) — As the economy grows in Las Vegas more businesses are taking an interest in commercial and industrial spaces.

The commercial and industrial real estate market is up 25% since the pandemic started and less than 2% of available buildings are sitting empty.

Uncommons is one of many new commercial property projects moving into the southwest valley near 215 and Durango.

The new mixed-use office and retail area is not even open yet and the first phase of office space is already leased.

Tom Van Betten with Matter Real Estate says many companies are looking for unique spaces with more to offer.

He also added that sports betting company Draft Kings, a sports betting company, is planning to lease out space at Uncommons for its North American headquarters.

“We are starting to see companies from California, industrial they have been coming from California for a long time, but an office, we now start to get a lot of inquiries, even tech companies, thinking about moving from the bay area to Las Vegas and asking us about our space,” Van Betten said.

Brian Kruger from 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 of the projects are pre-leased.

Van Betten also told 8 News Now the second phase of the Uncommons project is now under construction and is about 20% pre-leased.

The first tenants are expected to move into the first phase of Uncommons in late June.

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