Southern Nevada more and more is becoming a place where out-of-state businesses want to relocate and operate, and the Las Vegas commercial leasing in the second quarter of this year is an indication of that, according to the Palmeri – Wainwright tenant representative team of Cushman & Wakefield/Commerce’s Las Vegas office.
That’s because Nevada is a right-to-work state and compensation is low, because utility rates are competitive and flexible and because Las Vegas is easy to get to, a release by the company said.
“The surge in leasing activity in the second quarter is an example of the increase of interest for commercial real estate in the Las Vegas area,” said Dan Palmeri, senior director of the Cushman & Wakefield/Commerce Las Vegas office.
He pointed to a pair of recent transactions that illustrate the trend.
One is B and I Federal Bank’s second branch in the U.S. (the first was San Diego), a new 24,178 square-foot lease at 9205 West Russell Road, suite 400 in Las Vegas. The other is a corporate relocation by Walls & Associates, Ltd. – a new 11,400 square-foot lease at 709 N. Valle Verde Court in Henderson.
“This has been an ongoing trend for several quarters now, so we anticipate seeing continued growth throughout the rest of the year,” Palmeri said.
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