Incredibly, commercial real estate is finally coming back to life here in our hometown of Las Vegas, Nevada. Office space vacancy fell for the first time in nearly 2 years and office leasing activity in the Las Vegas Valley has increased according to new reports.So, for the time being at least, the "free fall" that has been happening in the commercial real estate sector appears to have stopped. Plus, signs of life are also appearing in major construction, which has been asleep for the past couple of years. The developers of Tivoli Village have acquired 23 more acres of land, hopefully signaling a new phase of large scale construction on the western side of the city.
According to Cathy Jones, president of Sun Commercial Real Estate:
“I believe they are going to expand their retail and entertainment development across the street."The analysts and experts, however, state the obvious: a slight rebound in the Las Vegas commercial real estate market certainly doesn't mean that the city's economy has recovered. Far from it in fact. Pretty much everyone knows that the Great Las Vegas Recovery won't begin until the jobs show up, consumer confidence improves, and our millions and millions of yearly visitors begin to spend more money during their vacations.
Learn some mo': Commercial market shows gains after months of free-fall
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