Commerce Real Estate Solutions 3rd Qtr 2010 Retail Report

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Commerce Real Estate Solutions 3rd Qtr 2010 Retail Report

  1. 1. Retail3RD QUARTER REPORT 2010
  2. 2. 2 Retail Market Overview RETAIL MARKET INDICATORS Change since Current 3Q09 3Q10 Vacancy 12.99% Lease Rates (FSG) $1.63 NNN Net Absorption* 402,311 Construction N/A *The arrows are trend indicators over the specified time period and do not represent a positive or negative value. (e.g., absorption could be negative, but still represent a positive specified trend over a period.) NATIONAL AND STATE EMPLOYMENT AND UNEMPLOYMENT OVERVIEW The recession, which is said to have started in December 2007 and ended in June 2009, continues to hit the national unemployment rate, which is currently 9.6%. This unemployment rate is a 28 year high for the country and equals to roughly 15 million unemployed workers that are now drawing unemployment insurance benefits. In August, 27 states recorded unemployment rate increases. The highest regional jobless rates were in the Western part of the country, while the Northeast recorded the lowest rates. In May, Nevada took over the top spot from Michigan for the nation’s highest unemploy- ment rate, at 14.4%. The states with the next highest rates were Michigan, 13.1 % and California at 12.4 %. The Las Vegas economy continues to be adversely impacted by its high employment rate,currently 14.7%,affecting all major sectors,including gaming,con- struction, financial and real estate. The recession will most likely be a “jobless recovery.” AT A GLANCE Vacancy Rates Fall - Overall vacancy rates dropped during the quarter to 12.99%.This is a 0.65% fall from 2nd quarter 2010 and a raise from a year ago at 12.74%, 3rd quar- ter 2009. Anchorless Strip product type is showing the highest vacancy rates at 20.19%. Vacancy decreases this quarter could be the result of a market correcting itself from the overbuilding of product we witnessed a couple of years ago, since no new product has come online. However, back to school spending, wavering consumer confidence and still rising unemployment may prove this to be just a blip of market improvement, with declines to make a comeback after the holiday shopping season. Rents fall again - As Landlords are faced with a “Tenant” market, they are seeing many retailers renegotiating for lower rents and asking for more concessions as their leases come up for renewal. Negotiations like these and more up-front incentives help stabilize and even lower the overall average lease rates. Currently, the Las Vegas mar- ket is showing annual averages lease rates at $1.63 per square feet (psf).This is a drop from last quarter at $1.74 psf and higher of a drop from a year ago when rates where at $1.92 psf. Unknown Outlook for Las Vegas - The economic outlook is starting to go on a posi- tive track with vacancy and net absorption both showing decreasing numbers. There are, however, still concerns on the still rising unemployment rates for Las Vegas,which is the highest in the country and how it will continue to affect the Las Vegas economy. Unemployment ticked up to 14.7% is an in- dication that the market has not bottomed.
  3. 3. 3 Retail Market Overview Since World War II there have been a total of 11 recessions and in the most recent recessions before the 2007 recession, job growth lagged long after the recession. In fact it took several years for the unemployment rate to return back to prerecession levels. Employ- ment growth is critical to future economic growth and the return to a healthy commercial market which may take several years to accomplish. One positive outlook for the retail sector is that we are starting to see improvement in taxable sales in Clark County. In July, Clark County witnessed a 5.5% increase of taxable sales. Taxable sales in Clark County have increased year-over-year in 3 out of the last 5 months, including consecutive gains of 5.5% and 3.8% in July and August, the two latest months for which we have data. These are the first gains since August 2008. This increase in taxable sales could be a sign that consumer confidence is return- ing and positive spending is happing. This should start to lower vacancy rates and help unemployment numbers to drop. LAS VEGAS RETAIL MARKET Vacancy By end of the quarter vacancies finally showed some improve- ment from the long four year run of rising vacancy rates. The Las Vegas retail market has approximately 7.22 million square feet of vacant product, which equates to a 12.99% vacancy factor. Above- average vacancies were noted in the Henderson (24.55%), North Las Vegas (18.32%), and East (16.76%) submarkets. By product type Strip Centers (20.19%) and Neighborhood Centers (13.08%) retail buildings posted the highest vacancies at the end of the quar- ter. Nellis at 10.24% and Central West at 8.77% posted the lowest vacancy rates. Net absorption, the measure of space leased from one reporting period to the next, for the 3rd quarter showed an improvement again, at 402,311 sf. This is the first time we have seen a positive net absorption number since 3rd quarter 2008.The Green Valley submarket showed the greatest amount of positive absorption with over 135,527 sf for the quarter while the East submarket posted the least amount with -32,658 sf of negative ab- sorption. The retailers that are pulling through the recession have enjoyed the wide array of occupancy choices. The old time saying “location, location, location” really means something right now to the retailers that can make the move to a more premier location as space opens up and rental rates are lowered and become more affordable. ECONOMIC INDICATORS National 2009 2010F 2011F GDP Growth -2.4% 3.1% 3.9% CPI Growth -0.3% 1.8% 2.1% Consumer Spending Growth -0.6% 2.3% 3.1% Rental Sales -0.63% 6.0% 5.7% Regional Household Income $54,299 $59,038 $65,000 Population 1,952,000 1,956,900 1,964,700 Unemployment 12.10% 14.7% 15.0% Source: Moody’s | Economy.com -1% 1% 3% 5% 7% 9% 11% 13% 15% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Las Vegas – 14.7% Nevada – 14.4% US – 9.6% Unemployment rates 3Q10 Retail: Retail Employment vs Vacancy Rate (%) 20,000 40,000 60,000 80,000 100,000 Q 308 Q 408 Q 109 Q 209 Q 309 Q 409 Q 110 Q 210 Q 310 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Retail: Clark County Taxable Sales and Vacancy Rate (%) $10,000,000,000 $20,000,000,000 $30,000,000,000 $40,000,000,000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Clark County Taxable Retail Sales Overall Vacancy Rates
  4. 4. 4 Retail Market Overview Pricing (Average Asking Rents) Average asking rents witness another decline to $1.63 per sf/mo NNN during 3rd quarter 2010.This is the lowest asking lease rate that we have seen since 2004 when the rate was $1.62 per sf/mo NNN. Lease rates continue to drop as landlords compete for a limited num- ber of users. The low rental rates could be playing a role in the new leasing momentum that we are starting to witness, helping retailers into spaces they could not afford before. Elevated tenant improve- ment allowances and free rent concessions are also impacting returns for landlords and ultimately lenders.We expect this trend to continue throughout the rest of 2010 as inventory levels remain elevated. Every submarket in the Las Vegas valley showed asking rental rates decline with the highest declines in Southwest submarket at $1.71 sf/FSG from $1.92 sf/FSG and North Las Vegas and Summerlin with both a $0.19 difference in asking lease rates from last quarter. The smallest changes in rates were noticed in the Henderson, Cen- tral West and Northwest submarkets where the asking lease rates re- mained stable. Note: the average asking rates do not take in consideration free rent & rental concession. Retail: Quarterly Absorption (SF) (4,000,000) (3,000,000) (2,000,000) (1,000,000) - 1,000,000 2,000,000 Q 306 Q 406 Q 107 Q 207 Q 307 Q 407 Q 108 Q 208 Q 308 Q 408 Q 109 Q 209 Q 309 Q 409 Q 110 Q 210 Q 310 Retail: Inventory (SF) and Vacancy Rate (%) 30,000,000 35,000,000 40,000,000 45,000,000 50,000,000 55,000,000 60,000,000 Q 306 Q 406 Q 107 Q 207 Q 307 Q 407 Q 108 Q 208 Q 308 Q 408 Q 109 Q 209 Q 309 Q 409 Q 110 Q 210 Q 310 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Quarterly Inventory Overall Vacancy Rates Retail Space Vacancy Rates Central West, 8.77% East, 16.76% Henderson, 24.55% Nellis, 10.24% North Las Vegas, 18.32% Northwest, 10.55% Southwest, 13.19% Summerlin, 10.46% Central East, 14.01% Green Valley, 11.05% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% Q209 Q309 Q409 Q110 Q210 Q310 Retail Vacancy Rates by Product Type Community Centers Neighborhood Centers Anchorless Strip Retail: Quarterly Asking Lease Rates $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 Q 307 Q 407 Q 108 Q 208 Q 308 Q 408 Q 109 Q 209 Q 309 Q 409 Q 110 Q 210 Q 310 Retail: Yearly Rental Rates $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
  5. 5. 5 Retail Market Overview New Supply (Completions) and Market Demand Developers have halted many projects resulting in no new con- struction completions during Third quarter. With the continued hesitation of developers to build product, due to scarce construc- tion financing and weak rents, we also don’t expect much of the planned product to come online any time soon. Future new supply levels will continue to shrink as market corrections are underway. It may take another five years for the housing market to become stable, credit to start flowing and employment to become active again before any rise in construction numbers. For a smart recov- ery, the retail market needs to solve the imbalance of supply and demand by allowing existing vacant space to be absorbed and wait out this business cycle before any major growth should happen. Outlook As fall weather approaches so does the seasonal changes to the Retail market. While we hope the worst is over, we still are cau- tions of the slight improvement that we have witnessed during 3rd quarter 2010. During the quarter we may have experienced a tem- porary improvement in the retail market due to the rise in spend- ing from back-to-school shopping. We are also fast approaching the short lived holiday seasonal consumer spending uptick and vacancy drops as “pop-up” leasing begins with Halloween. Toys- R-Us, Borders, Build-A-Bear and Harry & David are expected to be the mayor players in “pop-up”openings across the nation during this holiday season. Some retailers, who are gaining confidence in the local market, are also said to be using this holiday “pop-up” season to experiment with the vacant locations to see the potential sales volumes and shopper traffic to see if the “pop-up” locations may transition into a permanent locations.This could also result in permanent jobs for some of the holiday workers employed at these “pop-up”locations. Another positive sign on a National retail level comes from the recent announcing for plans of new store open- ings from major department stores. Target plans to open 10 new Retail: Vacancy (%) and Ave. Lease Rates $1.84 $1.71 $1.87 $1.63 $1.46$1.57 $1.41 $1.97 $1.28 $1.51 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% CentralEastCentralW est EastG reen Valley H enderson N ellis N orth LasV egas N orthwest Southwest Sum m erlin $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 “We will have to wait and see if consumer confidence remains positive, with spending levels rising and unemployment starting to improve.”
  6. 6. 6 Retail Market Overview stores by October, JCPenney, plans to open two, and Kohl’s has announced plans to open 21 new stores in 15 states. The question now for the Las Vegas Market is to wait and see is if the holiday season will just produce a temporary recovery or will it start to produce a true recovery in the coming year. We will have to wait and see if consumer confidence remains positive,with spending levels rising and unemployment starting to improve. This will help vacancy to really drop as retailers begin to expand into 7.2 million square feet of current vacant space in the market. Even with these positive indicators we still expect to see a slow recovery. With more than 50 big box retailers closing up shop since 2007 and Sakes de- partment stores still exiting the Nevada market, it will take time to fill these vacant spots. However, as consumers are watchful of their spending habits and are looking for values, we are hopeful that dis- count retailer’s such as, Ross, Wal-Mart, TJMax, Burlington Coat Factory, and Hobby Lobby, to name a few, will take charge and help lease up some of the vacant big box space and start to really turn the retail market around in the next three to four years. RULES FOR MARKET REVIEW Only existing properties, for lease >=20,000 square feet are included in the market reviews TYPE Regional Mall. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Enclosed Mall Regional Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >= 350,000 Sf Community Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >= 100,000 And <= 349,999 Sf Neighborhood Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >= 50,000 And <= 99,999 Sf Anchorless Strip. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . <= 49,999 Sf Freestanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Freestanding Las Vegas Retail Overview 2005-2010 YTD 7.40% 3.90% 12.99% 4.31% 3.71% 13.02% 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 2005 2006 2007 2008 2009 2010 $1.75 $1.92 $2.04 $2.15 $1.85 $1.63 44.50 48.73 50.06 50.40 55.88 55.61 Year Ave Lease Rate Base * Sf Millions SquareFeet 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Vacancy Built Vacant Inventory Vacancy 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.
  7. 7. 7 Retail Market Overview No. of Existing Under Const. Planned Net Gross New Bldgs. SF SF SF SF Rate Absorption Spaced Supply Low High Weighted Avg. Central East Community Centers 20 3,341,495 - - 424,980 12.72% 33,248 57,286 - $0.50 $3.00 $1.52 Freestanding 6 232,766 - - - 0.00% - - - Neighborhood Centers 6 492,815 - - 113,492 23.03% (14,260) 4,485 - $0.90 $3.75 $1.68 Anchorless Strip 40 1,497,230 - - 241,007 16.10% 16,820 54,346 - $0.50 $3.00 $1.37 Total 72 5,564,306 - - 779,479 14.01% 35,808 116,117 - $0.50 $3.75 $1.51 Central West Community Centers 29 4,980,163 - - 393,702 7.91% (26,001) 53,626 - $0.65 $3.23 $1.33 Freestanding 6 512,437 - - 1,200 0.23% - - - $1.00 $1.60 $1.46 Neighborhood Centers 17 1,300,033 - - 131,117 10.09% (7,609) 5,271 - $0.60 $2.50 $1.42 Anchorless Strip 41 1,458,720 - - 197,887 13.57% 46,375 52,231 - $0.50 $2.50 $1.05 Total 93 8,251,353 - - 723,906 8.77% 12,765 111,128 - $0.50 $3.23 $1.28 East Community Centers 16 2,532,242 - - 462,836 18.28% (43,794) 31,901 - $0.50 $3.50 $1.44 Freestanding 2 77,234 - - - 0.00% - - - Neighborhood Centers 2 181,777 - - - 0.00% - - - Anchorless Strip 12 402,940 - - 72,549 18.00% 11,136 16,020 - $0.50 $2.00 $1.36 Total 32 3,194,193 - - 535,385 16.76% (32,658) 47,921 - $0.50 $3.50 $1.41 Green Valley Community Centers 33 7,442,783 - - 615,019 8.26% 132,239 196,262 - $1.00 $4.00 $1.86 Freestanding 3 263,856 - - 26,974 10.22% - - - $1.00 $1.00 $1.00 Neighborhood Centers 22 2,055,795 - - 288,505 14.03% 17,135 37,782 - $1.00 $4.00 $1.86 Anchorless Strip 27 834,058 - - 240,802 28.87% (13,847) 23,843 - $0.75 $3.00 $1.51 Total 85 10,596,492 - - 1,171,300 11.05% 135,527 257,887 - $0.75 $4.00 $1.57 Henderson Community Centers 10 1,954,454 - - 500,392 25.60% 84,099 95,523 - $0.50 $4.00 $1.68 Freestanding - - - - - - - - Neighborhood Centers 3 295,539 - - 8,442 2.86% 1,376 1,376 - $2.00 $2.50 $2.25 Anchorless Strip 7 347,623 - - 128,753 37.04% (13,582) - - $0.50 $3.50 $1.98 Total 20 2,597,616 - - 637,587 24.55% 71,893 96,899 - $0.50 $4.00 $1.97 Nellis Community Centers 8 1,235,823 - - 72,682 5.88% 17,049 18,649 - $0.85 $2.55 $1.39 Freestanding 2 100,340 - - - 0.00% - - - Neighborhood Centers 11 908,002 - - 125,629 13.84% 8,331 9,878 - $0.50 $3.25 $1.60 Anchorless Strip 16 528,204 - - 85,695 16.22% (12,435) 8,087 - $0.70 $3.50 $1.39 Total 37 2,772,369 - - 284,006 10.24% 12,945 36,614 - $0.50 $3.50 $1.46 North Las Vegas Community Centers 25 4,917,861 - - 779,546 15.85% 4,762 49,804 - $0.50 $3.75 $1.98 Freestanding - - - - - - - - Neighborhood Centers 16 1,444,702 - - 313,403 21.69% 61,226 72,318 - $0.65 $2.75 $1.61 Anchorless Strip 12 435,959 - - 152,787 35.05% 6,249 17,552 - $0.49 $3.50 $1.31 Total 53 6,798,522 - - 1,245,736 18.32% 72,237 139,674 - $0.49 $3.75 $1.63 Northwest Community Centers 17 3,451,348 - - 262,591 7.61% 61,714 70,927 - $0.81 $3.15 $1.84 Freestanding - - - - - - - - Neighborhood Centers 18 702,120 - - 110,358 15.72% 17,179 17,899 - $0.95 $3.25 $2.16 Anchorless Strip 13 366,302 - - 103,761 28.33% 8,770 19,901 - $0.90 $3.25 $1.62 Total 48 4,519,770 - - 476,710 10.55% 87,663 108,727 - $0.81 $3.25 $1.87 Southwest Community Centers 15 4,176,004 - - 563,092 13.48% (14,993) 15,974 - $0.95 $3.50 $1.90 Freestanding - - - - - - - - Neighborhood Centers 10 962,756 - - 50,013 5.19% 209 2,630 - $1.00 $2.55 $1.58 Anchorless Strip 44 1,630,125 - - 280,028 17.18% 31,794 68,292 - $0.50 $4.25 $1.66 Total 69 6,768,885 - - 893,133 13.19% 17,010 86,896 - $0.50 $4.25 $1.71 Summerlin Community Centers 18 3,602,518 - - 360,271 10.00% (19,569) 33,177 - $0.75 $3.50 $2.17 Freestanding - - - - - 0.00% - - - Neighborhood Centers 8 515,641 - - 17,692 3.43% 7,012 7,012 - $0.80 $3.00 $1.83 Anchorless Strip 13 428,398 - - 97,501 22.76% 1,678 11,638 - $1.00 $3.00 $1.52 Total 39 4,546,557 - - 475,464 10.46% (10,879) 51,827 - $0.75 $3.50 $1.84 Las Vegas Total Community Centers 191 37,634,691 - - 4,435,111 11.78% 228,754 623,129 - $0.50 $4.00 $1.71 Freestanding 19 1,186,633 - - 28,174 2.37% - - - $1.00 $1.60 $1.23 Neighborhood Centers 113 8,859,180 - - 1,158,651 13.08% 90,599 158,651 - $0.50 $4.00 $1.78 Anchorless Strip 225 7,929,559 - - 1,600,770 20.19% 82,958 271,910 - $0.49 $4.25 $1.48 Total 548 55,610,063 - - 7,222,706 12.99% 402,311 1,053,690 - $0.49 $4.25 $1.63 Commerce Real Estate Solutions Las Vegas Retail Market Report Q3 2010 Vacancy Asking Rent (NNN) Inventory Vacancy Demand & Supply Pricing
  8. 8. 8 Retail Market Overview
  9. 9. 9 Retail Market Overview COMMERCE | FULL SERVICE COMMERCIAL REAL ESTATE SOLUTIONS Commerce Real Estate Solutions has been among the top commercial real estate bro- kerage firms in the Intermountain West for over 30 years. From our headquarters in Salt Lake City and offices in Provo/Orem, Clearfield and St.George,Utah,Las Vegas, Nevada and Seattle and Bellevue Wash- ington we offer a full range of brokerage services, valuation and consulting, client representation and property/facility man- agement. Our alliance with Cushman & Wakefield extends our reach worldwide. Meeting your real estate objectives is our number one goal at Commerce Real Estate Solutions. Whether you’re looking to lease, own, develop or sell commercial properties, we have the team of professionals to get it done for you. Our seasoned agents are rec- ognized both regionally and nationally for their first-rate performance; and because of their success, they tend to stay with our company longer. The average tenure of Commerce agents is one of the longest in the industry. That means you’re getting an experienced agent when you do business with us. You’re also gaining access to our Information Ser- vices Group,which includes our Geograph- ic Information System (GIS), the industry standard-bearer in mapping, Graphic De- sign and Marketing, and Research. At Commerce we have a complete un- derstanding of the real estate market. Our comprehensive database allows our agents to feel, track and analyze every movement in the industry and to see opportunities as soon as they arise. Combine this with the global resources of Cushman & Wakefield and you get the most innovative and pro- gressive real estate brokerage in the Inter- mountain West: Commerce Real Estate Solutions. Doing business in a brisk and nuanced marketplace is complex and difficult. We can help. Our experience, knowledge, in- novative thinking, networking infrastruc- ture and unmatched service make Com- merce the clear choice for your commercial real estate needs. CUSHMAN & WAKEFIELD Cushman & Wakefield is the world’s largest privately-held commercial real estate servic- es firm. Founded in 1917, it has 231 offices in 58 countries and 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, in- cluding property sales, investment man- agement, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and prop- erty owners, and Consulting Services, in- cluding business and real estate consulting. A recognized leader in global real estate re- search, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwake- field.com. “Cushman & Wakefield is the world’s largest privately-held commer- cial real estate services firm.”
  10. 10. 10 Retail Market Overview Dan HubbardRobin Civish, CCIM Liz Clare, CCIM Todd Manning LAS VEGAS RETAIL TEAM Michael McDay Jacqueline YoungKelli Naziri
  11. 11. 11 Retail Market Overview GIS / MAPPING DEPARTMENT The GIS / Mapping services group provides our agents and clients with the most current information available. Using GIS (Geo- graphic Information Services) allows our cli- ents a unique opportunity to visualize where their property is located. Additional market information includes: Daily traffic count information• Local drive times• Demographic information• Population growth• Major tenants in the region and trade• areas Some clients that have benefited from our mapping / GIS technology are; Wal-Mart, JoAnn’s, Carmax,Toys-R-Us, Discount Tire, Lowe’s Home Improvement, Shoe Carnival, Chase Bank,Staples,PacifiCorp,GSA,Intel, Fidelity Investments,Social Security Admin- istration, Salt Lake City School District and JP Morgan Bank. RESEARCH DEPARTMENT The Commerce Real Estate Solutions Re- search team is charged with tracking the Utah, Nevada and Seattle commercial real estate markets and providing current market information. With access to industry data- bases and prime real estate tools,the research team is well-equipped to support the infor- mation needs of the local offices. The Las Vegas researcher tracks leasing ac- tivity for 182 million square feet of office, medical office, industrial and retail proper- ties. In addition to tracking local properties, the research team prepares quality market reports and research economic and demo- graphic trends. Working in tandem with the other office specialty support groups such as mapping, graphic design and marketing, the Research team strives to provide timely and quality information to enable Commerce professionals to better serve their clients. MARKETING DEPARTMENT The graphic design department at Commerce Real Estate Solutions employs eight full time graphic designers. Each of our designers has a number of years of experience. Chris Valentin, the design director, has been with Commerce Real Estate Solutions for over fourteen years, and along with Matt Liapis, who has taught graphic design and mapping at the University of Utah. Our Las Vegas of- fice consists a team of two well trained and professional designers with a combined 12 plus years of experience. The founding principal behind the design department is “to provide our agents with whatever materials necessary to successfully market their projects”. This resource allows us to vividly show the retail prospect why they need to be located in a certain segment of town. This department uses the latest in Adobe design programs, and is integrated with our mapping and research departments. WEB:WWW.COMRE.COM Commerce Real Estate Solutions was at the forefront in the use of the World Wide Web by commercial real estate firms and has maintained a web site for over ten years. All of our commercial properties are listed and searchable by use,size,price,and location. In addition to commercial properties, our Web site has agent profiles, information about Commerce Real Estate Solutions of- fices throughout the intermountain west, a company history, and links to valuable in- formation including a link to the Cushman and Wakefield Web site. The Web site also has downloadable copies of all our Market Reviews dating back to 1996. “Commerce Real Estate Solutions is a regional real estate firm with international ties, dedicated first and foremost to our cli- ents. With the industry’s premier professionals, and industry leading technology, our mission is to exceed our clients’ expec- tations through service excellence.”
  12. 12. Commerce Real Estate Solutions 3800 Howard Hughes Parkway, Suite 1200 Las Vegas, NV 89169 702-796-7900 (T) 702-796-7920 (F) www.comre.com ©2010,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. Some aerial photography by DigitalGlobe or Aerials Express.

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