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2Q11 Las Vegas Office Market Report

2Q11 Las Vegas Office Market Report

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2 Q11 Market Beat Office Lv 2 Q11 Market Beat Office Lv Document Transcript

  • MARKETBEATLas VegasOffice RepORt 2Q11expanded MaRket cOVeRage RepORt www.cOMRe.cOMAT A GLANCE National and State Employment and• Overall vacancy rates decreased slightly from 23.46 percent in the first quarter to Unemployment Overview the current rate of 23.28 percent. Nevada is showing signs of a• Developers have halted any new de- stabilizing market. Tourism has velopment based on the current funda- increased, visitor volume is mentals of limited to no financing, high up, conventions are up and we vacancy and reduced tenant demand at now have former Mayor Oscar lower effective rates. Goodman working part time with the Convention Authority• Average asking rental rates in the Las to promote Las Vegas. Things Vegas office market are at $1.95 per are looking up for the Las Vegas square foot per month (psf/mo) full Market. We should not see any service gross (FSG). This is a decrease more major jumps in the labor from last quarter rental rates of $2.00 market like we have seen in the psf/mo (FSG). past few years. We may however, still see a wave effect of job growth quarter by quarter,• The economic outlook is starting to for the next few years. The market may see job growth one quarter and then losses the next show signs of stabilization, as net ab- quarter, but no big jumps. The Department of Employment, Training and Rehabilitation sorption is in the positive for the first (DETR) reported that “Through the first five months of 2011, job levels in Nevada are time since 2008. essentially unchanged from the same period in 2010, down by just 0.1 percent. To put that in perspective, at the height of the recession in Nevada, in 2009, job losses came in at 9.1• Tourism has increased, visitor volume is percent. These results are certainly consistent with the “stable” theme evident in many of up, conventions are up and we now have our recent assessments of Nevada’s labor market.” The construction industry lost 1,500 former Mayor Oscar Goodman working jobs at the end of 2010; however throughout 2011 it has recovered 1,400 jobs. Due to the part time with the Convention Authority re-opening of a casino in Reno, the leisure and hospitality industry added 900 jobs. The to promote Las Vegas. professional and business sector saw another job loss of 1,100 jobs, adding to 2,100 jobs lost in 2011. The Center for Business and Economic Research (CBER) at UNLV reported that they “expect little change in future job growth through the first half of 2011.” The national unemployment rate is currently 9.1 percent, a rise from 8.8 percent we witnessed last quarter. This unemployment rate is equal to roughly 13.9 million unemployed workers that are now drawing unemployment insurance benefits. In May, Stats on the Go Average Lease Rates Average Sale Prices User I nvestment Rent Vacancy Change since: 500,000 $35.00 25.0% 450,000 Current 1Q11 2Q10 23.0% 400,000 $28.00 21.0% Office Vacancy 23.28% 350,000 19.0% 300,000 $21.00 17.0% Lease Rates $1.95 (FSG) psf/yr msf 250,000 15.0% 200,000 $14.00 13.0% Net Absorption* 335,700 150,000 11.0% 100,000 $7.00 9.0% New Supply 204,500 50,000 7.0%*The arrows are trend indicators over the specified time period and do notrepresent a positive or negative value. (e.g., absorption could be negative, but 0 $0.00 5.0%still represent a positive trend over a specified period.) 2Q10 3Q10 4Q10 1Q11 2Q11 2008 2009 2010 2011F 2012F Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q1122 states recorded unemployment rate increases, however 27 total market). Net absorption, the measure of space leased fromstates posted jobless rates significantly lower than the national one reporting period to the next, for the second quarter, showedrate. The highest regional jobless rates were again in the Western a positive increase once again from a -23,097 sf in first quarter topart of the country, while the Northeast recorded the lowest rates. 162,577 sf during second quarter. This is the first time since thirdNevada continues to show the highest unemployment rates in the quarter 2008, when net absorption was 457,505 sf, that the Lasnation and has been in the double-digits for the past 28 months. Vegas office market has seen a positive net absorption number.The last time we were in the double-digits for this length of time Gross space leased followed suit with positive growth, growingwas in 1980 and that only lasted for 15 months straight. The states from 907,528 sf during first quarter 2011 to 923,628 sf of grosswith the next highest rates were California at 11.7 percent and space leased in the second quarter 2011. The Southwest submarketRhode Island at 10.9 percent unemployment rates. North Dakota showed the greatest amount of positive change in absorption withreported the lowest jobless rate, 3.2 percent, followed by South over 181,102 sf for the quarter, while the Airport submarket postedDakota and Nebraska, 4.8 and 4.1 percent, respectively. Nevada the least amount with -41,116 sf of negative absorption.also held the record this quarter as the state with the largest over-the-month unemployment rate decrease, which shows a good sign Professional Office: Quarterly Vacancy 6% 1% 8% 8% 8%of stabilization. 25% .4 5% .3 .2 .1 .0 23 23 23 23 23 .0 9% 0% 23 1% 3% .7 .5 .1 20 20 .8 20 19 20% 0% 8% 0% .3 .9 .8 17 16 16 0% 15% 6% .8 8% 14 .6 5% 15% .1 13% 13 13 .4 12 11% Las Vegas – 12.4% Nevada – 12.1% 10% 9% US – 9.1% 7% Unemployment rates 2Q11 5% 5% 3% 0% 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 1 1 1% 20 30 40 10 20 30 40 11 21 31 41 11 21 10 20 30 40 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q -1% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Professional Office: Quarterly Absorption (SF) 1,000,000 800,000 600,000Las Vegas Market Overview 400,000 200,000 -Office Market (200,000) (400,000)Vacancies (600,000) (800,000)The office vacancy rate saw a slight decrease during the second (1,000,000)quarter to 23.28 percent, in comparison to 23.46 percent in the first 7 8 8 7 7 8 8 9 9 9 9 0 0 0 0 1 1 30 40 10 20 30 40 11 21 31 41 11 21 30 40 20 10 20 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Qquarter. The Central West submarket has replaced the Downtownsubmarket with the lowest vacancy rate. Currently, the Central Professional Office: Inventory (SF) and Vacancy Rate (%)West submarket has a vacancy rate of 18.18 percent. Downtown 50,000,000 25%is not far behind with a vacancy rate of 18.71 percent and the 45,000,000 20%Southwest submarket is at 20.93 percent. The high vacancy ratesin the Northwest (42.5 percent), Southeast (25.87 percent) and 40,000,000 15%Airport (24.54 percent) submarkets are driven by weak tenant 35,000,000 10%demand and marginal stability, combined with lease concessions, 30,000,000 5%defaults and downsizing. Vacancy rates by class types all haveshown decreases during the quarter with Class A decreasing to 25,000,000 0% 7 7 7 8 8 0 8 8 9 9 9 9 0 0 0 1 1 30 40 10 20 30 40 11 21 31 41 11 21 20 40 10 30 2033.42 percent from 34.74 percent, Class C showing a decrease Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Quarterly Inventory Overall Vacancy Ratesin vacancy rates to 22.10 percent from 22.38 percent, and ClassB office space showing another increase to 22.09 percent from21.99 percent. Available sublease space showed another huge gain Note: Due to reclassifications of, and adjustments to, data betweenfrom fourth quarter at 212,189 sf, first quarter at 329,384 to the reporting periods, the commercial market data for the latest quartercurrent total of sublease space of 421,467 sf (1.01 percent of the may not necessarily be comparable to a previously reported quarter. Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q11 Professional Office: Office Employment vs Vacancy Rate (%) Office Owner User Sales: User Sales (SF) and Average Price Per Bldg (SF) ($) 350,000 25% 300,000 $300.00 23.28% 23.08% 250,000 $250.00 325,000 20% 20.79% 200,000 $200.00 300,000 17.30% 15% 150,000 $150.00 275,000 10.88% 13.22% 10% 100,000 $100.00 250,000 50,000 $50.00 5% 225,000 - $0.00 7 7 7 8 8 9 8 8 9 9 9 0 0 0 0 1 1 20 30 40 10 20 30 40 11 21 31 11 21 30 10 41 200,000 0% 20 40 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 6 7 8 9 0 1 40 40 41 21 40 40 Owner user sales sf Average Price Per Bldg sf Q Q Q Q Q Q Professional Office Submarket - Direct vs Sublease Vacancy 50.00% Office Investment Sales: Investment (SF) and Average Price Per Bldg (SF) ($) 45.00% 800,000 $450.00 40.38% 40.00% 700,000 $400.00 35.00% 30.00% 600,000 $350.00 25.87% 25.00% 23.92% 24.54% 23.28% $300.00 21.32% 20.93% 21.56% 500,000 18.71% 20.00% 18.18% $250.00 15.00% 400,000 $200.00 10.00% 300,000 $150.00 5.00% 1.75% 0.00% 0.45% 1.28% 1.25% 0.99% 0.90% 0.69% 0.00% 1.01% 200,000 $100.00 0.00% Las Vegas Northwest Downtown Central East Central West West Southwest Airport Southeast North Area Total 100,000 $50.00 Vacacny % 40.38% 18.71% 23.92% 18.18% 21.32% 20.93% 24.54% 25.87% 21.56% 23.28% - $0.00 0.00% 0.45% 1.28% 1.25% 1.75% 0.99% 0.90% 0.69% 0.00% 1.01% 7 8 7 7 8 8 8 9 9 9 9 0 0 0 0 1 1 Sublease % 20 30 40 10 20 30 40 11 21 31 41 11 21 30 40 20 10 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Investment sales sf Average Price Per Bldg sf Professional Office: Building Class With the growth of building sales, lease rates are expected to Class C remain low for many more years to come. By second quarter 2011, the market reported average asking rents of $1.95 sf/FSG, Class B a drop from the first quarter of $2.00 sf/FSG rate. The current asking lease rate is higher however, than the rate we witnessed Class A in second quarter 2010 at $1.89 sf/FSG. Landlords are starting to level off with price adjustments and still with high concessions, Class A Class B Class C lease rates are stabilizing but are still lower than the rates we have Sublease SF 8 3,15 0 23 8 ,8 4 3 99 ,4 7 4 Vacancy 1 ,4 47 ,93 5 3,4 92 ,3 2 3 4,78 4 ,5 82 seen in the past. Six out of the nine submarkets showed asking rental rate decreases. Existing SF 4,331,526 15,808,103 21,640,196 The highest decrease was in the Northwest submarket at $1.73 sf/Pricing (Sales and Average Asking Rents) FSG from $2.36 sf/FSG. Two submarkets that saw an increase in asking rental rates were the North submarket to $2.01 sf/FSGWith the growth of bank owned / foreclosed properties that have from $1.87 sf/FSG and the West submarket to $2.02 sf/FSG fromcome on in the market, we are also starting to see a growth in $1.91 sf/FSG.office building sales. Starting in fourth quarter 2010, there was atotal of 676,240 sf of inventory sold. This is the largest amount of Average asking rents by class from the Top Tier Class A segment,sold product since fourth quarter 2007. The start of 2011 is also showing $2.80 sf/FSG to the Lower Tier Class A building ratesshowing positive sales results. During first quarter 2011, there dropping to $2.50 sf/FSG. Also above the average asking rates inwas a total of 372,088 sf of sold inventory with an average price the valley were Top Tier Class B buildings that reported averageper building sf of $168.26; and second quarter is showing even asking rents of $2.16 sf/FSG. Pricing for properties that are belowbetter numbers with 506,200 sf of sold inventory with an average the market average are in the Lower Tier Class B buildings atprice per building sf of $164.40. Compared to first quarter 2010’s $1.82 sf/FSG and Class C properties at average rates from $1.56127,269 sf of inventory sold, the current numbers show the sf/FSG (Top Tier C) to $1.48 sf/FSG (Lower Tier C). Please Note:improvement. This is a great time for investors or owner users the average asking rates do not take into consideration free rentto invest in office properties in the Las Vegas market due to the and rental concessions. Actual lease rates are found to be 10-30quality inventory and current asking prices. percent lower than the published asking lease rates. Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q11• Full Service Gross (FSG): A lease requiring the owner to pay all operating expenses, such as cleaning, maintenance and repairs, utilities, insurance and ad valorem taxes. Professional Office Submarket - Rates $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Las Vegas Northwest Downtown Central East Central West West Southwest Airport Southeast North Area Total FSG Rate $1.73 $2.07 $1.88 $1.65 $2.02 $1.97 $1.92 $2.35 $2.01 $1.95 MG Rate $1.70 $1.33 $1.17 $1.17 $1.43 $1.74 $1.41 $1.80 $1.63 $1.49 NNN Rate $1.24 $1.58 $0.93 $1.07 $1.33 $1.31 $0.97 $1.29 $0.92 $1.18 As vacancy rates have seen a rise in the medical specialty, it hasMedical Office Market also been hit hard in the retail sector over the past few years. OneSimilar to general office complexes around Las Vegas, for medical trend that is to be watched in the coming years is the trend ofoffices, the past years have been filled with challenges from rising turning vacant retail space into medical uses. With retail locationsconstruction costs and overbuilding of the medical condos in offering ideal parking, good visibility and signage, and shoppingcertain submarkets. A slowdown of an employed workforce in the centers now at a much more affordable rate, it could be an optionLas Vegas market has caused medical care to be too expensive for for medical office users. If this trend of using retail space asmost or not a necessity. This has caused a slowdown in medical medical does catch on, the Las Vegas market may not see anyprofessionals needing additional medical office space in the Las new medical construction for many years.Vegas area. This ripple effect of slowdowns has had a significantimpact causing vacancies to rise in the medical office product type. $3.00 Medical Office Submarket - RatesOut of 11,348,368 sf of medical office space there is currently $2.502,151,264 sf of vacant space which equates to an 18.96 percent $2.00vacancy rate. In the past, the Southwest submarket had been thehot location to build medical offices, with two major hospitals $1.50opening up fairly close to each other. This over-building of $1.00medical offices in the southwest area has caused this submarket to $0.50have the highest vacancy rate of 26.78 percent for many months. $0.00 No rthwe s t Do wnto wn C e ntra l Ea s t C e ntra l We s t S o uthwe s t Airpo rt S o uthe a s t No rth La s Ve ga sThe submarkets with the lowest vacancy rates are the North Las We s t Are a To ta l F S G R a te $ 1.75 $ 0.00 $ 1.18 $ 1.88 $ 1.43 $ 1.90 $ 1.50 $ 2.36 $ 1.69 $ 1.71Vegas area with only 3.35 percent vacancy and the Central West M G Ra te NNN Ra te $ 1.41 $ 1.36 $ 0.00 $ 0.00 $ 1.13 $ 1.17 $ 1.37 $ 1.39 $ 1.44 $ 1.57 $ 1.90 $ 1.42 $ 1.50 $ 0.99 $ 1.33 $ 1.42 $ 1.63 $ 0.79 $ 1.46 $ 1.26with 10.46 percent vacancy. Commerce / Cushman & Wakefield Las Vegas Office Market Report Q2 2011 Medical Buildings Inventory Vacancy Demand & Supply Pricing No. of Existing Under Const. Planned Vacancy Net Space Gross Space New Sub Asking Rent Bldgs. SF SF SF SF Rate Occupied Leased Supply Lease Low High W Avg. (FSG) Northwest 77 2,086,597 - - 265,418 12.72% (14,081) 19,770 - 4,631 $0.85 $2.25 $1.75 Downtown 2 29,985 - - - 0.00% - - - - Central East 52 1,872,055 - - 399,266 21.33% 19,154 30,044 - 8,668 $0.62 $1.65 $1.18 Central West 70 1,776,921 - - 185,909 10.46% (29,550) 1,605 - 5,454 $0.80 $2.00 $1.88 West 46 1,532,909 366,684 23.92% (82,392) 2,618 - - $0.70 $2.25 $1.43 Southwest 53 1,550,080 - - 415,085 26.78% 10,281 12,737 - 1,769 $0.60 $2.25 $1.90 Airport 8 82,043 - 11,308 13.78% 9,239 9,239 - - $0.99 $1.85 $1.50 Southeast 93 1,926,111 - - 491,146 25.50% (9,836) 6,985 - 2,200 $0.65 $2.80 $2.36 North 14 491,667 - - 16,448 3.35% - - - - $0.50 $1.15 $1.69 Total 415 11,348,368 - - 2,151,264 18.96% (97,185) 82,998 - 22,722 $0.50 $2.80 $1.71 Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q11Building sales are expected to continueto grow and there has not been a bettertime to invest in the Las Vegas market Medical Office Submarket - Rates Outlook $3.00 $2.50 Recovery is starting. The office specialty will still need to be $2.00 cautious, as the Las Vegas economy as a whole continues to be impacted by high unemployment rates and consumer/company $1.50 activity, causing vacancies to remain elevated. In a report $1.00 produced by UNLV’s CBER, it was stated that the local economy $0.50 will not pick up until we see robust growth in hiring. According to $0.00 No rthwe s t Do wnto wn C e ntra l Ea s t C e ntra l We s t We s t S o uthwe s t Airpo rt S o uthe a s t No rth La s Ve ga s Are a To ta l the survey, with only 10 percent of businesses anticipated to hire F S G R a te M G Ra te $ 1.75 $ 1.41 $ 0.00 $ 0.00 $ 1.18 $ 1.13 $ 1.88 $ 1.37 $ 1.43 $ 1.44 $ 1.90 $ 1.90 $ 1.50 $ 1.50 $ 2.36 $ 1.33 $ 1.69 $ 1.63 $ 1.71 $ 1.46 more workers, the recovery will be very slow for the Las Vegas NNN Ra te $ 1.36 $ 0.00 $ 1.17 $ 1.39 $ 1.57 $ 1.42 $ 0.99 $ 1.42 $ 0.79 $ 1.26 area. We are optimistic that the bottom is near and compared to last year, vacancy is not rising and lease rates are not falling as fast or as far as we were witnessing. Some early signs of stabilization Professional Medical Office Submarket - Direct vs Sublease Vacancy 40.00% may come from the growth from the federal government, health 35.00% care sector, and energy and clean technology companies needing 30.00% 25.00% 23.92% 26.78% 25.50% office space. Building sales are expected to continue to grow and there has not been a better time to invest in the Las Vegas market 21.33% 18.96% 20.00% 15.00% 12.72% 10.46% 13.78% as sales prices remain at low levels. This growth in sales will 10.00% 3.35% also continue to put downward pressure to keep lease rates low. 5.00% 0.00% 0.22% 0.00%0.00% 0.46% 0.31% 0.00% 0.11% 0.00% 0.11% 0.00% 0.20% While lease rates remain low, Class A and B buildings will be Las Vegas Northwest Downtown Central East Central West West Southwest Airport Southeast North Area Total ideal for tenants, due to the affordability of this product type. This will however cause Class C buildings to struggle to gain tenants Vacacny % 12.72% 0.00% 21.33% 10.46% 23.92% 26.78% 13.78% 25.50% 3.35% 18.96% Sublease % 0.22% 0.00% 0.46% 0.31% 0.00% 0.11% 0.00% 0.11% 0.00% 0.20% causing upward pressure on vacancy rates for this product type for a while. Medical Office: Quarterly Vacancy Performance by Product Type & Classification 6% .920% 3% 18 3% .8 0% 17 .3 0% .918% 17 1% 6% While broader market trends are clear, providing the basic break- 16 .3 8% 7% 16 .6 .6 2% 2% 0% .1 1% 15 15 1% 8%16% .8 15 .9 .6 .5 14 .2 .1 .0 14 14 14 out of the office product types, it is important to understand 14 14 1414% 0% .3 4% the performance of detailed key sectors within the commercial 1112% .0 1010%8% office market. At Cushman & Wakefield, Commerce, we know6% the importance of updating the classification of buildings as4% the market grows older. We have taken the steps to start with a2%0% new classification process. As a team, we have separated and reclassified all office buildings in a “Tier” format. The Tier format 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 1 1 20 30 40 10 20 30 40 11 21 31 41 11 21 30 40 10 20 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q11 Commerce / Cushman & Wakefield Las Vegas Office Market Report Q2 2011 Professional Buildings Inventory Vacancy Demand & Supply Pricing No. of Existing Under Const. Planned Vacancy Net Space Gross Space New Sub Asking Rent Bldgs. SF SF SF SF Rate Occupied Leased Supply Lease Low High W Avg. Northwest (FSG) Class TTA 1 187,410 - - 187,410 100.00% - - - - Class LTA 1 126,915 - - 108,390 85.40% - - - - $1.75 $1.90 $2.03 Class TTB 1 49,532 - - 15,948 32.20% - - - - $1.45 $1.85 $1.69 Class LTB 26 826,279 - - 242,012 29.29% 4,391 8,691 - - $0.75 $2.50 $1.69 Class TTC 75 1,254,170 - - 433,146 34.54% 4,674 39,415 - - $0.40 $2.25 $1.49 Class LTC - - - - - 0.00% - - - - Total 104 2,444,306 - - 986,906 40.38% 9,065 48,106 - - $0.40 $2.50 $1.73 Downtown Class TTA 3 655,254 - - 54,611 8.33% (2,635) - - 6,143 $2.50 $2.95 $2.61 Class LTA 1 103,951 - - 12,123 11.66% - - - - $2.50 $2.75 $2.63 Class TTB - - - - - 0.00% - - - - Class LTB 12 484,895 - - 153,312 31.62% (12,511) 15,554 - 3,126 $1.35 $2.80 $2.18 Class TTC 5 193,602 - - 50,237 25.95% (1,871) - - - $1.20 $1.90 $1.35 Class LTC 38 638,701 - - 118,213 18.51% (4,821) 1,350 - - $0.75 $2.25 $1.60 Total 59 2,076,403 - - 388,496 18.71% (21,838) 16,904 - 9,269 $0.75 $2.95 $2.07 Central East Class TTA 5 995,120 - - 207,294 20.83% (17,024) 8,517 - 54,035 $3.05 $3.55 $3.02 Class LTA 5 387,590 - - 102,882 26.54% 13,139 13,139 - 8,332 $2.65 $3.00 $2.74 Class TTB - - - - - 0.00% - - - - Class LTB 6 529,138 - - 211,766 40.02% 9,896 25,163 - - $0.85 $1.65 $1.24 Class TTC 82 2,736,916 - - 695,677 25.42% (13,537) 41,629 - - $0.32 $1.55 $1.17 Class LTC 49 1,175,494 - - 175,785 14.95% 6,503 14,892 - 12,287 $0.50 $1.50 $1.22 Total 147 5,824,258 - - 1,393,404 23.92% (1,023) 103,340 - 74,654 $0.32 $3.55 $1.88 Central West Class TTA - - - - - 0.00% - - - - Class LTA 1 157,624 - - 4,310 2.73% 14,000 14,000 - 7,291 $2.75 $2.75 $2.18 Class TTB - - - - - 0.00% - - - - Class LTB 62 2,551,369 - - 446,207 17.49% 16,205 71,835 - 66,672 0.75 $1.95 $1.39 Class TTC 132 2,816,605 - - 580,695 20.62% (34,100) 38,042 - 4,929 $0.49 $2.00 $1.37 Class LTC 52 779,961 - - 115,209 14.77% 22,349 25,318 - - $0.35 $2.00 $1.65 Total 247 6,305,559 - - 1,146,421 18.18% 18,454 149,195 - 78,892 $0.35 $2.75 $1.65 West Class TTA 1 143,633 - - 46,777 32.57% - - - 7,349 $2.50 $2.85 $2.58 Class LTA 3 293,255 - - 19,961 6.81% 41,168 41,168 - - $1.95 $2.40 $2.23 Class TTB 15 1,124,268 - - 398,055 35.41% (16,555) 37,402 200,000 5,955 $1.00 $2.50 $2.10 Class LTB 58 1,639,728 - - 199,884 12.19% 21,745 34,864 - 50,549 $0.75 $2.75 $1.75 Class TTC 250 3,371,317 - - 749,103 22.22% (4,847) 25,132 - 55,230 $0.49 $3.00 $2.00 Class LTC 10 237,829 - - 38,239 16.08% 15,070 19,533 - - $0.70 $1.35 $1.43 Total 337 6,810,030 - - 1,452,019 21.32% 56,581 158,099 200,000 119,083 $0.49 $3.00 $2.02 Southwest Class TTA - - - - - 0.00% - - - - Class LTA 2 329,251 - - 174,484 52.99% 59,740 59,740 - - $2.45 $3.25 $2.96 Class TTB 31 1,580,457 - - 401,340 25.39% 2,905 60,118 - 26,894 $1.35 $2.40 $2.28 Class LTB 90 1,688,423 - - 217,077 12.86% 71,762 79,920 - 18,498 $0.70 $2.75 $1.70 Class TTC 86 1,147,481 - - 185,647 16.18% 46,695 52,754 - 2,500 $0.70 $2.32 $1.44 Class LTC 6 115,851 - - 38,886 33.57% - - - - $0.40 $2.75 $1.48 Total 215 4,861,463 - - 1,017,434 20.93% 181,102 252,532 - 47,892 $0.40 $3.25 $1.97 Airport Class TTA - - - - - 0.00% - - - - Class LTA 5 433,464 - - 204,024 47.07% 6,812 6,812 - - $2.25 $2.75 $2.51 Class TTB 16 1,108,964 - - 213,715 19.27% (4,868) 1,575 - 21,498 $0.85 $3.33 $1.69 Class LTB 36 1,748,912 - - 315,574 18.04% (34,478) 31,153 - 23,679 $0.29 $2.35 $1.99 Class TTC 152 1,724,003 - - 497,395 28.85% (8,582) 14,617 - - $0.70 $2.00 $1.47 Class LTC - - - - - 0.00% - - - - Total 209 5,015,343 - - 1,230,708 24.54% (41,116) 54,157 - 45,177 $0.29 $3.33 $1.92 Southeast Class TTA - - - - - 0.00% - - - - Class LTA 4 318,059 - - 187,870 59.07% 13,461 14,745 - - $1.85 $3.05 $2.74 Class TTB 25 1,164,864 - - 365,130 31.35% (33,803) - - - $1.69 $2.95 $2.95 Class LTB 43 1,377,356 - - 390,976 28.39% (31,279) 55,132 - 21,972 $0.90 $2.95 $2.23 Class TTC 311 3,857,311 - - 793,663 20.58% 24,914 69,353 4,500 24,528 $0.45 $2.25 $1.46 Class LTC - - - - - 0.00% - - - - Total 383 6,717,590 - - 1,737,639 25.87% (26,707) 139,230 4,500 46,500 $0.45 $3.05 $2.35 North Class TTA - - - - - 0.00% - - - - Class LTA - - - - - 0.00% - - - - Class TTB - - - - - 0.00% - - - - Class LTB 4 133,918 - - 59,126 44.15% - - - - $1.00 $2.05 $2.25 Class TTC 67 1,325,383 - - 286,734 21.63% (11,941) 2,065 - - $0.50 $2.45 $2.29 Class LTC 18 265,572 - - 25,953 9.77% - - - - $0.70 $1.35 $1.50 Total 89 1,724,873 - - 371,813 21.56% (11,941) 2,065 - - $0.50 $2.45 $2.01 Las Vegas Total Class TTA 10 1,981,417 - - 496,092 25.04% (19,659) 8,517 - 67,527 $2.50 $3.55 $2.74 Class LTA 22 2,150,109 - - 814,044 37.86% 148,320 149,604 - 15,623 $1.75 $3.25 $2.50 Class TTB 88 5,028,085 - - 1,394,188 27.73% (52,321) 99,095 200,000 54,347 $0.85 $3.33 $2.14 Class LTB 337 10,980,018 - - 2,235,934 20.36% 45,731 322,312 - 184,496 $0.29 $2.95 $1.82 Class TTC 1,160 18,426,788 - - 4,272,297 23.19% 1,405 283,007 4,500 87,187 $0.32 $3.00 $1.56 Class LTC 173 3,213,408 - - 512,285 15.94% 39,101 61,093 - 12,287 $0.35 $2.75 $1.48 Total 1,790 41,779,825 - - 9,724,840 23.28% 162,577 923,628 204,500 421,467 $0.29 $3.55 $1.95Please Note: the average asking rates do not take into consideration free rent & rental concessions. Actual lease rates are found to be 10%-30%lower than the published asking lease rates. Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q11will separate out classes in a Top Tier Class and Lower Tier Class. significant 2011 new Lease tRansactiOnsThis will help our clients to better understand, for example, the BUiLding tenant sf BUiLdingnumber of “real” Class A buildings that the Las Vegas area has cLassthat would qualify as Class A in other markets such as Los Angeles freeway Office park/ excelsior Media corp 14,524 cand New York. southtechThe following is the Cushman & Wakefield, Commerce’s Second Valley View surgery west Las Vegas 14,912 MedicalQuarter Market report which highlights market conditions by center surgery center LLcbuilding type and classification. tropicana executive UnLV 19,095 B center Las Vegas Professional Office Market Overview 2000-2011 YTD significant 2011 saLe tRansactiOns 12,000,000 30.00% 11,000,000 10,000,000 23.28% 25.00% BUiLding BUYeR sf pURcHase 23.08% 9,000,000 20.79% pRice 8,000,000 17.30% 20.00% 7,000,000 15.77% 8560 s eastern fRB note 85408560 28,190 $1,600,000 Square Feet Vacancy 14.42% 14.72% 15.28% 6,000,000 13.61% 15.00% 5,000,000 11.59% 11.48% LLc 9.32% 4,000,000 10.00% 3,000,000 777 n Rainbow Blvd Rainbow Business 151,662 $14,000,000 2,000,000 5.00% 1,000,000 center LLc - 0.00% significant 2011 cOnstRUctiOn cOMpLetiOns 18 20 22 21 25 30 48 43 42 41 15 17 ,49 ,02 ,62 ,75 ,24 ,19 ,55 ,97 ,27 ,77 ,78 ,33 Base 6,0 0,8 1,9 2,1 1,7 9,5 1,5 5,4 5,1 9,8 BUiLding MaJOR tenant sf cOMpLetiOn 1,0 7,1 38 95 06 33 86 52 73 59 63 25 31 69Ave. Lease Rate SubAve. Lease Rate DT $2.00 $1.94 $1.88 $1.87 $1.91 $2.03 $1.86 $1.91 $2.34 $2.10 $2.10 $1.95 date $2.27 $2.26 $2.23 $2.16 $2.22 $2.36 $2.27 $2.29 $2.70 $2.33 $2.33 $2.07 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 tivoli Village at Merrill Lynch 200,000 4/1/11 Built Net Absorption Vacant Inventory Vacancy Queensridge Note: Due to reclassifications of, and adjustments to, data between reporting periods, the commercial market data for the latest quarter may not necessarily be comparable to a previously reported quarter.Commerce Classification exceptionally so if an older building, with quality tenants. Building(s) location considered premier with high marketDefinitions: perception standards. Typically higher rent with excellent building finishes, multiple building amenities and high efficiencies. LowerGlossary/Major Market Definitions Tier Class A will have three or more floors and concrete and steelTop Tier Class A: Describes the highest quality office space locally construction.available. The architecture of Class A office structures always Top Tier Class B: Building(s) location considered excellentprioritizes design and visual appeal over cost, and sometimes over within medium market perception standards and is renovated.practicality - a Class A building can be considered a monument Typically lower rent than Class A with good building finishes,and a testament to the success and power of its tenants. Class A: some building amenities, medium efficiencies, and built afterGenerally 100,000 sf or larger (five or more floors), concrete and 2000 with concrete and steel construction.steel construction, built since 1980, business/support amenities,strong identifiable location/access. Most prestigious buildings Lower Tier Class B: Buildings competing for a wide range ofcompete for premier office users with above average rents for office users with average rents for the area. Building finishesthe area. Buildings have high quality standard finishes, state-of- are fair to good for the area and systems are adequate, but thethe-art systems, exceptional accessibility, and suggest a definitive buildings do not compete with Class A at the same price. Theymarket presence. are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, conditionLower Tier Class A: Investment – grade property, well located and facilities. They lack prestige and must depend chiefly on aand offering high-quality space. Good design, above-average lower price to attract tenants and investors. Such buildings offerworkmanship and materials. Well maintained and managed, utilitarian space without special attractions and have ordinary Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q11designs. Lower Tier Class B buildings were built before 2000 Lower Tier Class C: Older, un-renovated and of any size, inwith wood frame and tilt wall construction. average to fair condition. This is basic space in a no-frills olderTop Tier Class C: A classification used to describe buildings building with below–average maintenance and managementthat generally qualify as no-frills, older buildings that offer basic with mixed or low tenant prestige. With inferior elevators andspace and command lower rents or sale prices compared to other mechanical/ electrical systems, Class C Buildings are typically 15buildings in the same market. Such buildings typically have below- to 25 years old but are maintaining steady occupancy.average maintenance and management, and could have mixed Medical: A building is considered medical if greater than 55or low tenant prestige, inferior elevators, and/or mechanical/ percent of its rentable area is occupied by medical tenants.electrical systems. These buildings lack prestige and must depend Full Service Gross (FSG): A lease requiring the owner to paychiefly on a lower price to attract tenants and investors. They are all operating expenses, such as cleaning, maintenance and repairs,15 to 25 years old with wood frame and tilt wall construction and utilities, insurance and ad valorem taxes.are smaller buildings and garden style designs. Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q11Commerce | Full Service Commercial Real Estate SolutionsCommerce Real Estate Solutions 234 Offices in 61 Countrieshas been among the top commercial Europe Austria Belgium Czech Republic Germany Italy Northern Ireland Russiareal estate brokerage firms in the Vienna Bahrain Brussels Bulgaria Prague Denmark Berlin Dusseldorf Frankfurt Bologna Milan Rome Belfast Norway Moscow Scotland Canada Manama Sofia Copenhagen Drammen EdinburghIntermountain West for over 30 Hamburg Kazakhstan Oslo Glasgow Channel Islands England Munich Alberta Manitoba Newfoundland Jersey Birmingham Almaty Stavanger Serbia Calgary Winnipeg St. Johns Greece United States London-City Kosovo Poland Belgradeyears. Edmonton Athens New Brunswick Nova Scotia London-West End Pristina Warsaw Slovakia Alabama British Columbia Moncton Halifax Manchester Hungary Luxembourg Portugal Bratislava Birmingham Vancouver Saint John Thames Valley Budapest Ontario Luxembourg Lisbon Spain Arizona London France Ireland Macedonia Romania BarcelonaFrom our headquarters in Salt Lake Phoenix Newmarket Paris Cork Tempe Skopje Bucharest Madrid Ottawa Dublin Tucson Timisoara Toronto Central The Netherlands Sweden Toronto East Amsterdam StockholmCity and offices in Provo/Orem, California Inland Empire Toronto West Rotterdam Massachusetts Switzerland L.A. Boston Quebec Basel L.A. South Bay Montreal Central GenevaClearfield, Park City and St. George, L.A. West Michigan Montreal Suburban Zurich Marin/Sonoma Cty Detroit Oakland Grand Rapids Turkey Holland IstanbulUtah, Las Vegas, Nevada and Seattle Orange County Sacramento Kalamazoo San Diego - Downtown Lansing San Diego - Eastgate Muskegon Oregonand Bellevue Washington we offer Middle East/Africa San Francisco Minnesota Portland San Jose Minneapolis Walnut Creek Pennsylvania Israel South Africa Syria Minneapolis Suburban Cape Town Damascus Philadelphia Tel Aviva full range of brokerage services, Colorado Missouri Philadelphia Suburban Durban Colorado Springs Lebanon United Arab Emirates Kansas City Pittsburgh Johannesburg Denver Beirut Dubai St. Louis Pretoria Puerto Ricovaluation and consulting, client Connecticut Nevada San Juan Hartford Las Vegas Stamford South Carolina New Hampshire Charleston Asia Pacificrepresentation and property/facility Delaware Manchester Greenville/Spartanburg Wilmington Australia Malaysia New Jersey Tennessee Melbourne Kuala Lumpur District of East Rutherfordmanagement. Our alliance with Chattanooga Columbia Washington, D.C. Edison Knoxville Latin America Sydney China New Zealand Auckland Morristown Memphis Argentina Mexico Beijing Wellington Florida New York Nashville Buenos Aires Ciudad JuarezCushman & Wakefield extends our Ft. Lauderdale Chengdu Albany Texas Guadalajara Pakistan Ft. Myers Brazil Guangzhou Binghamton Mexico City Hong Kong Karachi Jacksonville Austin Manaus Buffalo Monterrey Shanghai Miami Dallas Porto Alegre Philippinesreach worldwide. Corning/Elmira Orlando El Paso Rio de Janeiro Peru Shenzhen Manila Hudson Valley Palm Beach Gardens Houston São Paulo Lima Islandia Fiji Singapore Tampa San Antonio São Paulo-Barueri Ithaca Venezuela India Chile South Korea Georgia Melville, LI Utah Caracas Bangalore BusanMeeting your real estate objectives Atlanta N.Y. Downtown Clearfield/Ogden Santiago Chennai Seoul Savannah N.Y. Midtown Park City Colombia Gurgaon Rochester Provo/Orem Hyderabad Taiwan Hawaii Syracuse (2) Bogota Taipeiis our number one goal at Commerce Salt Lake City Kolkata Honolulu Utica St. George Mumbai – City Watertown Thailand Illinois Mumbai – Suburbs Chicago Westchester County Virginia Bangkok New DelhiReal Estate Solutions. Whether Fredicksburg Chicago Suburban Pune Vietnam North Carolina Lynchburg Hanoi Indiana Charlotte McLean Indonesia Ho Chi Minh City Bloomington Raleigh/Cary Newport News Jakartayou’re looking to lease, own, develop Indianapolis Raleigh/Durham Norfolk/Virginia Beach C&W Global Offices Richmond Japan Kentucky Ohio Tokyo Roanoke AS OF MARCH 2011 Louisville Cincinnatior sell commercial properties, we Cleveland Washington Maine Columbus Bellevue Portland Toledo Seattle Marylandhave the team of professionals to get Oklahoma Wisconsin Baltimore Oklahoma City Milwaukee Bethesda Tulsait done for you. Our seasoned agentsare recognized both regionallyand nationally for their first-rateperformance; and because of their success, they tend to stay with Cushman & Wakefieldour company longer. The average tenure of Commerce agents is Cushman & Wakefield is the world’s largest privately-heldone of the longest in the industry. commercial real estate services firm. Founded in 1917, it has 234That means you’re getting an experienced agent when you do offices in 61 countries and more than 13,000 employees. The firmbusiness with us. You’re also gaining access to our Information represents a diverse customer base ranging from small businessesServices Group, which includes our Geographic Information to Fortune 500 companies. It offers a complete range of servicesSystem (GIS), the industry standard-bearer in mapping, Graphic within five primary disciplines: Transaction Services, includingDesign and Marketing, and Research. tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investmentAt Commerce we have a complete understanding of the real estate management, investment banking, debt and equity financing;market. Our comprehensive database allows our agents to feel, Corporate Occupier & Investor Services, including integratedtrack and analyze every movement in the industry and to see real estate strategies for large corporations and property owners;opportunities as soon as they arise. Combine this with the global Consulting Services, including business and real estate consulting;resources of Cushman & Wakefield and you get the most innovative and Valuation & Advisory, including appraisals, highest and bestand progressive real estate brokerage in the Intermountain West: use analysis, dispute resolution and litigation support, along withCommerce Real Estate Solutions. specialized expertise in various industry sectors. A recognizedDoing business in a brisk and nuanced marketplace is complex leader in global real estate research, the firm publishes a broadand difficult. We can help. Our experience, knowledge, innovative array of proprietary reports available on its online Knowledgethinking, networking infrastructure and unmatched service make Center at www.cushmanwakefield.com.Commerce the clear choice for your commercial real estate needs. Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q11Las Vegas Office Team Keith W. Bassett Dana Berggren, LEED AP, Liz Clare, CCIM Carolyn Curtis, CCIM CCIM Michael Dunn, CCIM, SIOR Bob Hawkins Scott Kendrick Monty Montierth, CCIM Gary Moreria Neil Sorkin Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.
  • MARKETBEAT Las Vegas Office RepORt 2Q11The Las Vegas OfficeGIS / Mapping DepartmentThe GIS / Mapping services group provides our agents andclients with the most current information available. Using GIS(Geographic Information Services) allows our clients a uniqueopportunity to visualize where their property is located. Additionalmarket information includes:• Daily traffic count information• Local drive times• Demographic information• Population growth• Major tenants in the region and trade areasSome clients that have benefited from our mapping / GIStechnology are; Wal-Mart, JoAnn’s, Carmax, Toys-R-Us, DiscountTire, Lowe’s Home Improvement, Shoe Carnival, Chase Bank,Staples, PacifiCorp, GSA, Intel, Fidelity Investments, SocialSecurity Administration, Salt Lake City School District and JPMorgan Bank.Research DepartmentThe Commerce Real Estate Solutions Research team is chargedwith tracking the Utah, Nevada and Seattle commercial real estatemarkets and providing current market information. With access toindustry databases and prime real estate tools, the research teamis well-equipped to support the information needs of the localoffices.The Las Vegas researcher tracks leasing activity for 182 millionsquare feet of office, medical office, industrial and retail The founding principal behind the design department is “to provideproperties. our agents with whatever materials necessary to successfullyIn addition to tracking local properties, the research team prepares market their projects”. This resource allows us to vividly show thequality market reports and research economic and demographic retail prospect why they need to be located in a certain segment oftrends. Working in tandem with the other office specialty support town. This department uses the latest in Adobe design programs,groups such as mapping, graphic design and marketing, the and is integrated with our mapping and research departments.Research team strives to provide timely and quality informationto enable Commerce professionals to better serve their clients. Web: www.comre.com Commerce Real Estate Solutions was at the forefront in the useMarketing Department of the World Wide Web by commercial real estate firms and hasThe graphic design department at Commerce Real Estate Solutions maintained a web site for over ten years. All of our commercialemploys eight full time graphic designers. Each of our designers properties are listed and searchable by use, size, price, andhas a number of years of experience. location.Chris Valentin, the design director, has been with Commerce In addition to commercial properties, our Web site has agentReal Estate Solutions for over fourteen years, and along with profiles, information about Commerce Real Estate SolutionsMatt Liapis, who has taught graphic design and mapping at the offices throughout the intermountain west, a company history, andUniversity of Utah. Our Las Vegas office consists a team of two links to valuable information including a link to the Cushman andwell trained and professional designers with a combined 12 plus Wakefield Web site. The Web site also has downloadable copiesyears of experience. of all our Market Reviews dating back to 1996. Cushman & Wakefield Commerce Real Estate Solutions of Clark County 3800 Howard Hughes Parkway, Suite 1200, Las Vegas, 89169 (702) 796-7900 www.comre.com ©2011, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence.