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2006
Press Releases
2006 |
2005 | 2004
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2000-
Valley Retail Market Receives Some Very Needed Space
July
19,
2006 - With
the upcoming release of their 2nd quarter 2006 retail
market survey, Las Vegas-based advisory firm Restrepo
Consulting Group LLC (RCG) and commercial brokerage
firm Colliers International (CI) noted that some
of the anchored retail space the Las Vegas Valley
desperately needed was delivered. Completions totaled
264,070 square feet, up from Q1, 2006 which saw no
completions. Inventory now stands at 35.5 million
sf. Forward supply, the amount of retail space under-construction
and planned to begin construction within the next
12 months, reached a substantial 6.6 million sf,
up by 40% from the 4.6 million sf recorded in Q2,
2005. Most of this forward supply space was located
in the North Las Vegas and Southwest submarkets.
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Office Market Shows Strength in 2nd Quarter but Supply may Increase Too Fast
July
19, 2006 - With
the upcoming release of their 2 nd quarter 2006 speculative
office market survey, Las Vegas-based advisory firm
Restrepo Consulting Group LLC (RCG) and Las Vegas’ top
commercial brokerage firm Colliers International (CI)
announce that 1,018,036 square feet of new space was
added to the Las Vegas Valley’s office market
in the 2 nd quarter of 2006. This brings the total
inventory to 32.4 million square feet during the 2
nd quarter. Demand for office space was strong enough
to absorb much of this new supply, resulting in only
a moderate increase in the vacancy rate. The horizon
is less secure, since forward supply, the amount of
office space under-construction and planned to begin
construction within the next 12 months, stands at 7
million sf. At the last four quarters’ average
quarterly absorption, it would take almost 13 quarters,
or about 3.25 years, to absorb all the available and
forward supply space, if it all were built. This doesn’t
include space for lease in the office-condo market,
which has 2,810,000 sf. This could lead to increased
vacancy rates late in 2006 and into 2007.
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Vacancy in the Industrial Market Declines Again
July
19, 2006 - With
the upcoming release of their 2 nd quarter 2006 industrial
market survey, Las Vegas-based advisory firm Restrepo
Consulting Group LLC (RCG) and Las Vegas’ top
commercial brokerage firm Colliers International (CI)
noted that 820,000 square feet of for-lease industrial
space was added to the Valley’s industrial market
in the 2 nd quarter of 2006, bringing the total inventory
to 89.9 million square feet.
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The Valley’s Retail Market
Desperately Needs More Space
May
16 , 2006 - With
the upcoming release of their 1st quarter 2006 retail
market survey, Las Vegas-based advisory firm Restrepo
Consulting Group LLC (RCG) and commercial brokerage
firm Colliers International (CI) noted that there was
no new for-lease anchored retail space added to the
Las Vegas Valley so far into 2006. Inventory stands
at 35.4 million sf. However, forward supply, the amount
of retail space under-construction and planned to begin
construction within the next 12 months, reached a substantial
5.7 million square feet, up by 90% from the 3 million
square feet recorded in Q1, 2005. Most of this space
was located in the North Las Vegas and Southwest submarkets.
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Office Market Remains Strong
in 1st Quarter But Could See Turbulence in 2006 &
2007
April
21 , 2006 - With
the upcoming release of their 1st quarter 2006 speculative
office market survey, Las Vegas-based advisory firm
Restrepo Consulting Group LLC (RCG) and Las Vegas’
top commercial brokerage firm Colliers International
(CI) announce that 240,000 square feet of new space
were added to
the Las Vegas Valley’s office market in the 1st
quarter of 2006. This brings the total inventory to
31.4 million. Forward supply, the amount of office space
under-construction and planned to begin construction
within the next 12 months, stands at 7 million sf. At
2005’s average quarterly absorption, it would
take about almost 12 quarters, or about 3 years, to
absorb all the available and forward supply space, if
it all were built. This could lead to increased vacancy
rates in 2006 and 2007.
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Vacancy in the Industrial Market
Continues to Drop
April
17, 2006 - With
the upcoming release of their 1st quarter 2006 for-lease
industrial market survey, Las Vegas-based advisory firm
Restrepo Consulting Group LLC (RCG) and Las Vegas’
top commercial brokerage firm Colliers International
(CI) noted that 1.8 million square feet of industrial
space was added to the Valley’s industrial market
in the 1st quarter of 2006, bringing the total inventory
to 89.3 million square feet.
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