Las Vegas Commercial Real Estate

Las Vegas Office and Commercial Space Overview

Las Vegas is an international hub for entertainment, glamor, and adventure. A mecca for tourism and gaming, Las Vegas is also home to over half a million full-time residents who live and work in this ultimate desert oasis. There’s no shortage of opportunities for companies operating in manufacturing, retail, tourism, finance, nightlife, and entertainment. And with over 42 million visitors last year spending over $35 billion dollars in the city, Las Vegas continues to be ripe with opportunities for the enterprising business owner.

Compared to other west coast cities, Las Vegas boasts nearly 500 vacant properties well below market value of a comparably-sized city. At $23 per square foot/year and 890 square feet available on average, there’s never been a better time to explore your opportunities at opening your first physical location - or expanding into a larger, more beneficial space.

Economy of Las Vegas

Las Vegas’ economy is booming following the 2008/2009 recession, which saw a significant downturn in tourism activity and job losses that followed as a result. Median household income is below the state average of $53,000, which could be attributed to the number of high-income households who reside outside the city limits.

Apart from the massive influence of the tourism and entertainment industries, which brought in $35 billion dollars in revenue in 2016, Las Vegas is also home to major construction, hospitality, business administration, healthcare, finance, and hotel and accommodation companies,.

The University of Nevada - Las Vegas is also a major contributor to the job market and an educated workforce throughout the region.

Trends of Las Vegas

The Las Vegas Strip is a one-of-a-kind, universally-recognized attraction, but the city’s downtown region has been undergoing a dramatic revival over the last 20 years. Beginning with the Fremont Street Experience in 1995, downtown Las Vegas has been reborn as a trendy, hip attraction with plenty of opportunities for business, culture, and adventure.

Recently, a private development group has launched the Downtown Project, which aims to revitalize the city’s downtown core despite a lack of public financing toward development. Since 2012, the organization has provided over $200 million in real estate investments, but their efforts go beyond commercial real estate development. Small business, education, and technology partnerships have flourished in the region since the group’s inception.

In major Las Vegas news, the NFL’s Oakland Raiders are relocating to the city in 2020, bringing billions of dollars in real estate construction and investments to the Russell Road/Polaris Avenue area east of the Strip. While still in early stages, the site is expected to bring - as with similar modern stadium designs - major mixed-use building constructions in the near term.

Furthermore, the city’s effort to expand the Las Vegas Convention Center District will add almost 1.5 million square feet of commercial and convention space to an already highly popular meeting spot for major industries.