Another sign that we are on the mend is that home builders have begun building again at a rapid pace to keep up with demand for non-short sale / REO properties. As everyone knows, retail follows residential; as the master-planned communities grow again, we will see stabilization of the existing retail inventory.

GlobeSt.com: Any signs that the retail market will follow as the jobs and housing market come back?

Brady: Certainly. The Las Vegas market needs that resident population base to support your day-to-day consumer retail such as grocery stores, clothing, entertainment, etc. – that which is largely off the Strip and near residences. But, it also depends on the visitor base which appeals to the higher end shopper.

As an example, Fashion Show Mall, which is located on Las Vegas Blvd. across from the Wynn and owned by GGP, has seen record sales numbers recently. Stores there are reporting annual sales of $1,100 per square foot. That number is a high watermark for the industry … in the best of times, the property's high number was $1,000 per square foot in annual sales.

GlobeSt.com: As we all know, Las Vegas has some major development projects in progress or in the works, which again trickles down to the retail sales market. Can you tell me what is happening?

Brady: We are seeing billions of dollars of investment capital being poured into the resort corridor. This is a flashing neon sign that we are finally going in the right direction. There are so many examples of capital being invested in the area.

In March this year, the Malaysia-based Genting Group announced a new design for the defunct Echelon property. Its Resorts World Las Vegas project will include 3,500 rooms, 500,000 square feet of convention space on the 87-acre site which is expected to open in 2016.

MGM Resorts International and AEG announced plans for a 20,000-seat arena, as well as, a $300 million capital investment in renovations and new construction of properties located in Las Vegas.

Caesars Entertainment announced the plans for the Gansevoort Las Vegas, a boutique resort and casino at the cost of $185 million. This is in addition to $500 million the company is investing in The Linq, untold dollars in the opening of Nobu Hotel at Caesars Palace, and renovations of The Quad (formerly Imperial Palace).

The Las Vegas Convention and Visitors Authority unveiled plans for the Las Vegas Global Business District, a $2.5 billion dollar multi-phased development, giving the current Las Vegas Convention Center its first expansion in more than a decade.

The hotel formerly known as The Sahara will be rebranded in 2014 as the SLS Las Vegas. The former Lady Luck will be rebranded downtown as the Downtown Grand later this year.

GlobeSt.com: Any other development news that is significant?

Brady: So it can better accommodate the growing numbers of national and international travelers, McCarran International Airport just finished the expansion of Terminal 3 at the cost of $2.4 billion dollars. Some other attractions to keep visitors entertained include the recent opening of The Smith Center for the Performing Arts, The Mob Museum, and the Neon Museum. Also, Hakkasan Las Vegas just opened at MGM Grand, the largest nightclub in the world. The cost is estimated at $100 million for the five-story 80,000-square-foot venue.

All of this development news should cause a trickle down effect upon our exceedingly high unemployment rate.

GlobeSt.com: What does this mean to retail investment opportunities in Las Vegas?

Brady: The ratio of sales per square foot in the resort industry continues to expand and the suburban retail market should follow close behind. The saturization of retail product in the valley will follow the example set by the resort industry – older product will be pushed out by the newer construction and nicer developments. Retail investors will have to take a hard look at tear down opportunities and consider redevelopment strategies.

In anticipation of the CMBS loans that are coming due in the next 1-3 years that are most likely unfinanceable, coupled with a low supply of retail projects for sale, demand should continue to increase and further propel the adage “Cash Is Still King” in the Las Vegas market.