Las Vegas commercial real estate is back on the rise. After a dreadful recession, that left the city in the dust, the economy has restored. Projects that had been left unfinished are now starting to open. Many more projects are in the process of being built.
The first exciting new project is Downtown Summerlin. The construction stopped in 2008 when funding was cut off. It is back on and everyone is excited for it to be finished. The first phrase should be complete and ready to open by October.
Downtown Summerlin will utilize about 400 acres of land. Downtown Summerlin is said to be “one of the most strategically located real estate developments in the country.”
During the recession many buildings were left without tenants. The city is coming back to life as tourists flood Las Vegas and the economy improves. John Matt Stater, research manager for brokerage Colliers International, stated, “Las Vegas kind of went through this frozen period. Over the last year we really got the blood pumping now, and things are moving fast.”
A recent deal was struck between Blackstone Group to buy the Cosmopolitan for $1.73 billion. The casino cost $3.9 billion and hasn’t been able to make a profit since its opening in 2010.
Las Vegas was the center of the housing market boom in 2006. Houses were being bought left and right. Unfortunately, the economic took a turn for the worse causing the market to crash and burn. The jobless rate had also climbed as high as 14.6 percent in Las Vegas. More houses than ever before were being foreclosed upon. Since then the housing market has climbed an outstanding 46 percent. Many investors are buying up the foreclosed homes.
The Bureau of Labor Statistics revealed that in April our unemployment rate had dropped over seven percent since 2008. There has also been a huge increase in tourists to Las Vegas.
During the recession the vacancy rate for businesses was at 26 percent, this being the second worst in the US. Las Vegas was only marginally second to Dayton, Ohio. Commercial real estate in Las Vegas is finally back on its feet and doing better than ever. Las Vegas is expanding dramatically and will feature new and exciting casinos, restaurants, bars and hotels.
MGM has plans to further dominate the Las Vegas strip. The Park is scheduled is open in 2016 and will be located in between Monte Carlo and New York New York. The Park will feature a variety of upscale restaurants and trendy bars.
Caesars Entertainment has also been claiming more of Las Vegas Boulevard. In 2014, it opened both the Linq and the Cromwell.
In order to effectively buy commercial real estate, there are many specific laws and issues to be aware of. A commercial real estate attorney can also help you in the process of buying a business. The process consists of a lot of paperwork that the average person may not understand. An attorney at Simon Law, LLC can ensure that you are purchasing your property and business legally and everything is done properly. For more information about business or commercial real estate, contact 702.451.7077.