A glut of available space
A glut of available space and a frozen credit market have sharply curtailed new office construction, except for 140,000 square feet of speculative space inside Tivoli Village, a 29-acre mixed-use development at 302 S. Rampart Blvd. in Las Vegas. The property's office tenants include Merrill Lynch Wealth Management,Free Shipping on all replicawatches, Regus and Kolesar & Leatham. A handful of new office projects broke ground or were under way at the end of June, although most were custom buildings for awaiting tenants.
SDA, for instance, is building the new $20 million, 8,909-square-foot U.S. Immigration and Customs Enforcement Agency offices at 501 Las Vegas Blvd. in downtown Las Vegas, while developer Mark Fine is constructing the 390,000-square-foot Metropolitan Police Department headquarters at Martin Luther King Boulevard and Alta Drive. Forest City Enterprises, meanwhile, is building the $146 million,Men's & Women's Discount sunglasses under $20. 308,990-square-foot Las Vegas City Hall at Lewis Avenue and Clark Street.
New office construction remains rare in today's market.Buy brand-name watches for everyday discount prices. Southern Nevada had more than 1 million square feet of unoccupied offices at the end of June, which is nearly 24 percent of all space available, RCG Economics said. High vacancy pressed lease rates downward, RCG said,Buy brand new top quality cheapwatches from the UK's Largest Watch Website. with asking rents averaging $1.99 per square foot in the second quarter or 6.6 percent less than a year earlier.
"We can expect to see rents continue to be weak and vacancy to remain extremely elevated until employment sees significant growth," RCG principal John Restrepo said. "The office market is showing some signs of stability in recent months, but a bottom likely hasn't yet been reached due to overbuilding during the real estate boom creating excess inventory as well as a lack of sustained job growth.Largest selection of hats Caps and Berets."
A glut of available space and a frozen credit market have sharply curtailed new office construction, except for 140,000 square feet of speculative space inside Tivoli Village, a 29-acre mixed-use development at 302 S. Rampart Blvd. in Las Vegas. The property's office tenants include Merrill Lynch Wealth Management,Free Shipping on all replicawatches, Regus and Kolesar & Leatham. A handful of new office projects broke ground or were under way at the end of June, although most were custom buildings for awaiting tenants.
SDA, for instance, is building the new $20 million, 8,909-square-foot U.S. Immigration and Customs Enforcement Agency offices at 501 Las Vegas Blvd. in downtown Las Vegas, while developer Mark Fine is constructing the 390,000-square-foot Metropolitan Police Department headquarters at Martin Luther King Boulevard and Alta Drive. Forest City Enterprises, meanwhile, is building the $146 million,Men's & Women's Discount sunglasses under $20. 308,990-square-foot Las Vegas City Hall at Lewis Avenue and Clark Street.
New office construction remains rare in today's market.Buy brand-name watches for everyday discount prices. Southern Nevada had more than 1 million square feet of unoccupied offices at the end of June, which is nearly 24 percent of all space available, RCG Economics said. High vacancy pressed lease rates downward, RCG said,Buy brand new top quality cheapwatches from the UK's Largest Watch Website. with asking rents averaging $1.99 per square foot in the second quarter or 6.6 percent less than a year earlier.
"We can expect to see rents continue to be weak and vacancy to remain extremely elevated until employment sees significant growth," RCG principal John Restrepo said. "The office market is showing some signs of stability in recent months, but a bottom likely hasn't yet been reached due to overbuilding during the real estate boom creating excess inventory as well as a lack of sustained job growth.Largest selection of hats Caps and Berets."
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