Las Vegas CRE Market Slowly Improving
NuWire Investor reports: The fortunes of Las Vegas’ commercial real estate industry have taken a turn for the better.
Sales of commercial properties in Las Vegas jumped 16% in the first half of 2010 compared with the same period last year, according to global commercial property research firm Real Capital Analytics (RCA) in a new report. Across the five commercial property sectors, sales totaled $158 million.
However, the number of deals shrank by 36% in the first half of 2010 compared with the same period of 2009, to a total of seven. That indicates that individual sales are larger by dollar volume — a healthy sign, according to RCA.
The largest share of the spending so far this year occurred in the retail sector, where investors spent $105 million in two deals. Investors also spent $18 million for industrial properties, in a single deal. Meanwhile, three multifamily sales in Las Vegas totaled $11 million in the first half.
The further the global economy moves from the recent recession, the stronger the commercial real estate recovery will be, says Dan Fasulo, managing director at RCA. “The first half of 2009 is going to wind up being the low point with regard to transactions.”
Barring another nationwide or global economic slowdown, the commercial real estate market and other financial markets are expected to continue on a path to recovery, says Fasulo. The number of transactions is expected to rise in 2011 and 2012, he adds.
View the full article on NuWire Investor: Las Vegas CRE Market Slowly Improving
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Posted by: Nina Turner