Restrepo Consulting Group

News

Las Vegas' retail vacancy rate was 2.9% in the first quarter, the lowest it has been in three years.

2005 Press Releases

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Housing Affordability in Valley is Getting Worse, Quickly

October 23, 2005 - Based on its ongoing research and its economic and demographic data monitoring, Restrepo Consulting Group LLC (RCG) reports that the rapid price increases seen in the valley’s housing market should be a major area of concern for local governments and the business community. Restrepo has tracked several hundred economic, real estate and demographic indicators for Southern Nevada on a monthly, quarterly and annual basis for the last 17 years and housing affordability data and trends are an
important component of this tracking.

Commercial Rents Lag in the 3rd Quarter

October 23, 2005 - With the recent release of their 3rd quarter 2005 speculative commercial market surveys, Las Vegas-based economics consulting firm Restrepo Consulting Group LLC (RCG) and Las Vegas’ top commercial brokerage firm Colliers International (CI) announce that average rents in the valley’s three commercial markets have remained relatively flat the since the 1st of 2001, despite healthy demand.

An Increasingly Healthy For Office Market in the 3rd Quarter

October 5, 2005 - With the release of their 3rd quarter 2005 speculative office market survey today, Las Vegasbased
advisory firm Restrepo Consulting Group LLC (RCG) and Las Vegas’ top commercial brokerage firm Colliers International (CI) announce that the Las Vegas Valley office market grew by nearly 675,000 square feet during the 3rd quarter. The market grew to 30 million square feet in 1,315 buildings. Vacant
space totaled 2.8 million square feet, reflecting a vacancy rate of 9.4%. Demand (net absorption) during Quarter 1 was a positive 1.2 million square feet, nearly double 2nd quarter absorption. At the end of the 3rd quarter, there were also 1.6 million square feet of office space under construction and 4.6 million square feet of planned space.

Retail Vacancy Moves Up Slightly

October 5, 2005 - With the release of their 3rd quarter 2005 retail market survey today, Las Vegas-based advisory firm Restrepo Consulting Group LLC (RCG) and commercial brokerage firm Colliers International (CI) noted that the Las Vegas Valley for-lease anchored retail market grew by nearly 108,000 square feet during the 3rd quarter to just over 35 million square feet in 224 buildings. Vacant space totaled 1.7 million square feet, reflecting a vacancy rate of 3.5%. Demand (net absorption) during Quarter 3 was a positive 542,799 square feet. At the end of the Quarter 3, there were 4.2 million square feet of forward supply.

Industrial Property Market Becomes Supply-Constrained in the 3rd Quarter

October 5, 2005 - With the release of their 3rd quarter 2005 for-lease industrial market survey today, Las Vegas-based advisory firm Restrepo Consulting Group LLC (RCG) and Las Vegas’ top commercial brokerage firm Colliers International (CI) noted that the Las Vegas Valley industrial inventory grew by nearly 403,000 square feet during the 3rd quarter of the year. The market grew to 87 million square feet in 3,427 buildings. Vacant space totaled 4.6 million square feet, down from the 2nd quarter resulting in a vacancy rate of 5.3 %. Demand (net absorption) during Quarter 3 was only 617,000 square feet, because of a lack of available space. The market is essentially at full occupancy. At the end of Quarter 3, there were nearly 3.6 million square feet of industrial space under construction and 3.7 million square feet of planned space. This should relieve this great supplied-constrained market.

Employment to Permit Ratio

October, 2005 - With year-over-year job growth increasing, the Clark County Employment/Permit (“E/P”) ratio reached 1.46 in October, 2004 from .83 at the end of 2003. Employment grew by 47,500 during the 10-month period, while on the supply side 32,156 housing permits were issued. In essence, the valley’s housing market continues to break all records driven by strong economic fundamentals. The housing market is very strong.

Industrial Property Market Notes Strong Second Quarter

June 13 , 2005 - With the release of their second quarter 2005 industrial market survey today, Las Vegas-based advisory firm Restrepo Consulting Group LLC (RCG) and Las Vegas’ top commercial brokerage firm Colliers International (CI) noted that the Las Vegas Valley speculative industrial inventory grew by nearly 1.2 million square feet during the second three months of the year. The market grew to 86.6 million square feet in 3,399 buildings. Vacant space totaled 4.8 million square feet (down by 2 million square feet from Quarter 1, resulting a vacancy rate of 5.5 %, two points below the first quarter. Demand (net absorption) during Quarter 2 was a positive 3 million square feet. At the end of the quarter, there were 2 million square feet of industrial space under construction and 2.9 million square feet of planned space, almost half of the first quarter estimate.

An Increasingly Healthy For Office Market in the Second Quarter

June 13 , 2005 - With the release of their second quarter 2005 speculative office market survey today, Las Vegas-based advisory firm Restrepo Consulting Group LLC (RCG) and Las Vegas’ top commercial brokerage firm Colliers International (CI) noted that the Las Vegas Valley speculative office inventory grew by over 435,000 square feet during the second three months of the year. The market grew to 29.3 million square feet in 1,250 buildings. Vacant space totaled 3.3 million square feet, reflecting a vacancy rate of 111.3%. Demand (net absorption) during Quarter 1 was a positive 727,070 square feet. At the end of the first quarter, there were 1.6 million square feet of office space under construction and 4.1 million square feet of planned space.

Healthy Q1 For Office Leasing Industry

April 15 , 2005 - With the release of their first quarter 2005 speculative office market survey today, Las Vegas-based advisory firm Restrepo Consulting Group LLC (RCG) and Las Vegas’ top commercial brokerage firm Colliers International noted that the Las Vegas Valley speculative office inventory grew by nearly 800,000 square feet during the first three months of the year. The market grew to 28.9 million square feet in 1,240 buildings. Unoccupied space totaled 3.5 million square feet, reflecting a vacancy rate of 12.2 %. Demand (net absorption) during Quarter 1 was a positive 665,000 square feet. At the end of the first quarter, there were 1.2 million square feet of office space under construction and 4.6 million square feet of planned space.

Available Retail Space Declines

April 11 , 2005 - With the release of their first quarter 2005 retail market survey today, Las Vegas-based advisory firm Restrepo Consulting Group LLC (RCG) and commercial brokerage firm Colliers International noted that the Las Vegas Valley speculative retail inventory grew by over 331,000 square feet during the first three months of the year to 35 million square feet in 222 buildings. Unoccupied space totaled 1.8 million square feet, reflecting a vacancy rate of 4.8 %. Demand (net absorption) during Quarter 1 was a positive 399,000 square feet. At the end of the first quarter, there were 2.9 million square feet of forward supply -834,400 under construction and 2.1 million square feet of planned space.

An Increasingly Healthy Office Market in the 4th Quarter Reports Positive Numbers

March 14 , 2005 - With the upcoming release of their 4th quarter 2005 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 3.9 million square feet of industrial space was added to the Valley’s industrial market in 2005, bringing the total inventory to 88.4 million square feet in 3,505 buildings. In the 4th quarter, alone, the market added nearly 1.2 million square feet. Vacant space in the 4th quarter totaled 4.1 million square feet, resulting in a vacancy rate of 4.7%, the lowest recorded since RCG and CI began tracking industrial activity in 1999.

An Increasingly Healthy Office Market in the 4th Quarter Reports Positive Numbers

Jan. 13, 2005 - With the upcoming release of their 4th quarter 2005 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 2.5 million square feet of new space were added
to the Las Vegas Valley’s office market in 2005, of which 560,500 were added in the 4th quarter. Thevacancy rate has now declined for four consecutive quarters, from the 12.1% recorded in Q4, 2004, to 8.7% in the Q4, 2005.

Retail Market Picking Up Steam

Jan. 13, 2005 - With the upcoming release of their 4th quarter 2005 retail market survey, Las Vegas-based advisory firm Restrepo Consulting Group LLC (RCG) and commercial brokerage firm Colliers International (CI) noted that the Las Vegas Valley for-lease anchored retail market grew by nearly 734,000 square feet in 2005, to a total of 35.4 million square feet. This represents an increase of 2%, and is less than 2004’s completions of 1.5 million square feet. That said, the amount of retail space under-construction and planned to begin construction within the next 12 months increased considerably in 2005 to 5.7 million square feet, from 3.8 million square feet at year-end 2004. Most of this space is located in the North Las Vegas and Northwest submarkets.

An Increasingly Healthy Office Market in the 4th Quarter Reports Positive Numbers

Jan. 13, 2005 - With the upcoming release of their 4 th quarter 2005 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 2.5 million square feet of new space were added to the Las Vegas Valley’s office market in 2005, of which 560,500 were added in the 4th quarter. The vacancy rate has now declined for four consecutive quarters, from the 12.1% recorded in Q4, 2004, to 8.7% in the Q4, 2005.