The Las Vegas Valley is still a unique location to build commercial real estate and invest in business properties. Over the last 20 years the area has consistently grown and flourished, and opportunities are still available for those investors who are able to “strike while the iron is hot”. Here are a few reasons that now may be that time.
1. Room to Grow
Many large metropolitan areas throughout the United State have limited options for commercial real estate infrastructure to grow beyond their current capacity. One of the more attractive aspects about the Las Vegas Valley, however, is that there is still room to build. New developments in neighborhoods and cities as such as Downtown, North Las Vegas, Henderson, and the Industrial Corridor are primed for new development and are readily accessible to the Las Vegas strip and the airport. Once these areas are maximized, existing investment will become more competitive and lucrative making this area a particularly timely opportunity.
2. Incentives to Build
Las Vegas is an area that is hard to beat for industry when compared to nearby areas, such as Los Angeles and San Diego. Less expensive but still vital, areas of Las Vegas are welcoming commercial real estate to come and build new properties. The City of Las Vegas also works with developers to offer incentives for larger spaces and businesses to induce them to move. Real estate brokers and property management teams can help assess incentives to take advantage of and any tax breaks that might be on offer for developers.
3. Various Industries Welcome
Las Vegas is no longer just about entertainment and tourism. There are many and varied commercial industries that have made the decision to invest here. Industries, such as professional services, call centers, warehousing, distribution, manufacturing, and research companies have all found their place in the area in recent years and there is still ample availability for even further diversification.
4. The Infrastructure is Ready
Many areas have already been parceled out and zoned for commercial build outs and are waiting for future investors to make the available space a reality for industry. Faraday Future and Switch for example are just two companies who are currently making major infrastructure investments in the Las Vegas Valley. The area is already primed for others to follow suit.
Working with real estate brokers and local property management firms is key to ensure that properties are zoned and marketed to the right potential businesses and Las Vegas area commercial property management teams are ready and willing to help local and remotely based investors manage their current, and future, properties in the Las Vegas Valley.