Las Vegas, Nevada

Regional Analysis

Southern Nevada posted a strong 2016 (so far), recovering from the Great Recession and laying the foundations for economic expansion.  With a national recession in the near future unlikely, we think Southern Nevada’s economy will continue to grow through 2017 and 2018.

Unemployment in the Las Vegas-Paradise MSA stood at 5.5 percent as of October 2016, down from 6.4 percent in October 2015.  The national unemployment figure was 4.9 percent in October 2016, down from 5.0 percent in October 2015.  The national labor force participation rate dropped to 62.8 percent in October 2016, but was 0.4 points higher than in October 2015.

(Source:  Las Vegas Quarterly – Q4 2016 – Colliers International)

Local Area Analysis

Deer Springs Crossing is located in North Las Vegas where nearly 100,000 to over 220,000 people, respectively, live within just three and five miles of the property.  Additionally, within a 1, 3 and 5 mile radius, this area has been projected to grow by 2.2% over the next 5 years indicating a strong future for this submarket.  Furthermore, the average household income within a 1-mile radius is $81,193 which is one of the highest income demographics in the valley.  Clearly, Deer Springs Crossing’s zoning for general commercial use is well positioned for success.

(Source:  Presenting Deer Springs Crossing – Newmark Grubb Knight Frank – February 2017)

Retail Market Analysis

The City of Las Vegas is located at the northern tip of the Las Vegas Valley and is known for being one of Nevada’s fastest growing cities.  North Las Vegas is approximately 100.48 square-miles and features a friendly atmosphere and a considerable amount of development opportunities.  Traditionally, manufacturing and distribution companies have dominated the local North Las Vegas market, however, the North Las Vegas market is becoming more diversified.  High-tech businesses, solar and green technology companies, and custom manufacturing facilities are moving or expanding their operations to North Las Vegas.

Deer Springs Crossing is located in a submarket that has many positive influences including residential construction, industrial development and job growth in the immediate area.  All indications are that the market has recovered from the downturn of 2007/2008, retail demand has increased, and the full development of this project will occur in the near term.

(Source:  Presenting Deer Springs Crossing – Newmark Grubb Knight Frank – February 2017)

For an extraordinary look at the historical growth in Las Vegas since 1972 as seen from a NASA satellite, click here:

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