2008 Las Vegas Outlook/Strong Momentum Vegas Construction Aloft

摘要

Despite concerns over housing market Conditions in the Las Vegas Valley and their impact on commercial markets, the industrial, office and retail markets in the Valley have performed well during the first three quarters of 2007-character-ized by healthy, but more important, sustainable growth. Significant momentum exists to keep the Valley's commercial markets relatively sound through 2007 and into 2008. Absorption was strong at the beginning of 2007 but has since lessened with 449,400 sq ft being absorbed in Q3. This was down from the 1.2 million sq ft absorbed in Q2, 2007, and from 1.6 million sq ft in Q3, 2006. While demand for industrial space remains high with year-to-date absorption totaling almost 3.5 million sq ft, it lagged the 4.4 million sq ft of new completions added to the Valley so far in 2007.