With a history rich in adventure and tourism, the Las Vegas landscape has changed over the years. It is no longer just a mecca for entertainment, but also is a target for commercial businesses who are migrating to take advantage of the metropolitan areas. For those looking to invest in Las Vegas Valley’s commercial real estate, here are some aspects that make Las Vegas distinctive, and how a local property management firm can help navigate the investment process.
1. Doing Business in an Ever-Changing Environment
In the last 20 years, the Las Vegas Valley has changed from primarily a tourism destination, to a booming location for developers and businesses alike. The area is welcoming to commercial property development and has significant room to grow within both the northern and southern regions of Las Vegas. While many back-room commercial properties are current satisfied residents, there are also many other industries vying for space in the region. By constantly re-evaluating what type of availability exists in Las Vegas, property management firms can make sound recommendations on commercial space to marry business and location successfully.
2. Different Needs of Individual Businesses
Las Vegas commercial properties run the gamut from casinos, convention centers, shopping areas, manufacturing, distribution and research. With so many different investment options, sometimes it can be hard for commercial property owners to understand all of the nuances that pertain to their specific development and the types of commercial industries that can be housed. Local community property management firms evaluate the needs of investors and ensure that the most specific, profitable location is chosen.
3. Having the Edge of Competitive Customer Service
A commercial property management firm will give your properties an edge when it comes to word-of-mouth for spaces that are easy to rent and manage. With developments throughout the Valley, commercial spaces often have intense competition for leaseholders and consequently, reliable, knowledgeable owners have more opportunities to attract the right tenant fit. This can be facilitated with a strong property management team that is ahead of the curve with knowledge, technology, people and processes.
4. Challenges of Large Infrastructure in a Desert
Commercial businesses in new territories, such as North Las Vegas, have specific challenges surrounding zoning, the provision of utilities and ease of access etc. Government and developers need to work together to incorporate the specific needs of each industry. Property managers can partner with developers from the beginning to the end to ensure that the right needs will be met for commercial properties, regardless of their long-term use or zoning needs.
The Las Vegas Valley will continue to grow and evolve in to the future, bringing new challenges to developers. By having a knowledgeable property management team on the ground in the Las Vegas area, non-local investors will have a competitive advantage within the local market. Having a team that can assess local needs and trends, ensures that an evolving real estate portfolio in Las Vegas can move efficiently and continually re-calibrate over time.