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Report: Rents To Rise for Vegas Sectors

LAS VEGAS-A newly released report calls for rents to continue rising for industrial and multifamily properties here while office and retail rents remain at current levels.

By Brian K. Miller | Updated on March 28, 2007

LAS VEGAS-A new market forecast for Las Vegas by Burnham Real Estate calls for asking rents to rise for industrial and multifamily properties in 2007 while office and retail rents remain at current levels.

David Jewkes, managing director of Burnham Real Estate’s Las Vegas office, believes the synergy being created with new mixed-use development in high-profile projects is transforming Las Vegas from the “entertainment capital of the world” to the “retail capital of the world.”

“Over the next two years, we expect low retail vacancy rates to continue and asking rents to remain stable with modest increases in prime locations and high traffic core locations,” he said. Currently, retail vacancy stands at 3.5% with average asking rents at $1.91 per sf per month.

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