Las Vegas Business Real Estate - Las Vegas Commercial Real Estate

Las Vegas is known to have a business-friendly environment. Not the least of the reasons for this is the affordable commercial real estate prices, affordable business real estate leasing prices and the affordable pricing of homes for workers. A worker's salary goes a lot further with the favorable Las Vegas Cost of Living Comparison so workers are satisfied with salaries that they could not live on in areas with higher-priced real estate.

Starting a Business in Las Vegas is much more affordable for entrepreneurs, not only as a result of the favorable tax structure in the State of Nevada, but also because Las Vegas commercial real estate prices and Las Vegas business leasing costs are more affordable than they are in nearby states like California.

As evidence of the growth of business in the Las Vegas Valley, in Clark County, Nevada in 2002 there were 713 commercial building permits issued. These buildings are valued at over $700,000,000.

The Las Vegas business office real estate market as of 2002 showed vacancy rates which produced reasonable prices for leasing Las Vegas office property:

Class "A" Office Properties
  
Total rentable square feet
Vacant square feet
Percent vacant 		5,356,528
457.884
8.55%
Class "B" Office Properties  
Total rentable square feet
Vacant square feet
Percent vacant 		16,307.817
2,483,766
15.23%
Class "C" Office Properties  
Total rentable square feet
Vacant square feet
Percent vacant 		3.516,864
565,145
16.07%
Source: Applied Analysis 4th Quarter 02

The industrial market segment of Las Vegas business real estate shows an 11.42% vacancy rate including distribution, manufacturing and research and development facilities.

Major industrial parks make up a major portion of Las Vegas business real estate. Major industrial parks include APEX with 21,000 acres and tenants including Chemstar, Georgia Pacific, and Mirant.

The strong Las Vegas business real estate market is supported by the explosion in retail sales in Las Vegas. Between 1993 and 2002, retail sales in Las Vegas grew by 268.1%. This compares to the national retail sales growth rate during the same time period of 46.6%.

Source: Nevada Department of Taxation and U.S. Bureau of Labor