LAS VEGAS MARKET IN GROWTH PHASE
In the Las Vegas commercial arena, developers are hoping to reverse the Valley’s shortage of industrial space and lure tenants from outside the market by starting or completing construction on a million square feet of speculative warehouse and distribution space, according to Jennifer Robison of the Las Vegas Review-Journal.
And that may just be the start, with as much as 5 million square feet of industrial development in the planning stages (mostly in warehouse and distribution space), said John Stater, Research and Geographic Information Systems Mgr. at Colliers International. That would add about 10 percent to a current warehouse and distribution inventory of roughly 50 million square feet.