In the Summer 2016 U.S. Multifamily Market Outlook by research firm Ten-X, Las Vegas is number 5 on a list of top-five “buy” markets. Las Vegas ranks behind Orlando, Phoenix, Atlanta and Fort Lauderdale.
They used several criteria to identify the top buy markets, including market-wide projected net operating income, vacancy improvement, rent growth and valuations through 2018.
Las Vegas had a citywide vacancy rate of 4.2 percent in the first quarter of 2016, and Ten-X is forecasting a decline to 3.8 percent for 2019 — a decrease of 40 base points. Rent growth, which measured 3 percent in the first quarter of 2016, was also projected to rise through 2019 — from an $890 rental average to $1,020, a 14.6 percent jump.
Las Vegas is ahead of the national projections on rental rates, where a 3.6 percent annual gain is expected nationally through 2018. However, that number is expected to sink to 1.4 percent annual growth, with a predicted cyclical downturn in 2019.
Forecasts on the national scene also look healthy, as demand continues its six-year-surge, the report stated. The national vacancy rested at 4.5 percent, indicative of a high-demand market. Though reflective of a construction boom, the report also noted an increase of 10 base points every quarter since the first half of 2015.
The Greater Las Vegas Association of Realtors will have new headquarters by the fall of 2017.
The planned 30,000-square-foot, two-story structure will house classrooms large enough to seat 300 members. Construction is slated to begin in January 2017.
The new building will be near Interstate 215 at Sunset Road and Rainbow Boulevard. GLVAR’s current location is at 1750 E. Sahara Ave., between Eastern Avenue and Maryland Parkway.
The building will focus on achieving Leadership in Energy Environment Design (LEED) certification.
Omar Lopez – (702) 580-0000
Las Vegas Commercial