Las Vegas Real Estate Blog: March 2007

Wednesday, March 14, 2007

Strip projects seen as saviors of sagging construction sector

Nearly $30 million in construction projects on the Strip will carry Las Vegas through the next couple years of slowed construction in the residential market, economic analyst John Restrepo said Tuesday at a presentation for the Nevada Contractors Associat

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Global Commercial Real Estate Investment Rose 38% in 2006

Jones Lang LaSalle, a real estate money management and service firm released its latest
global real estate capital report this week. It recorded global real estate investment of $682 billion in 2006, a surge of 38% over 2005, and nearly double 2003 volumes.

The U.S. remained the largest investment destination of cross-border transactions with 23% of the total global real estate transactions by value, followed by the United Kingdom (18%), Germany (18%) and France (8%).

In the U.S. , cross-border investment increased in nine of the nation's top 10 markets by volume in 2006, except in Los Angeles where economic recovery concerns linger. Manhattan experienced the largest yearly gains with total investment of $37.3 billion and, of that, cross-border investments more than tripled to $14.8 billion.

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Summerlin Hospital plans $100 million expansion to 450-bed capacity

When Summerlin Hospital Medical Center expanded one of its original towers by 90 beds in 2004, officials predicted it would take five years for the new facility to reach capacity. Within five months, the beds were full, said Tim Hingtgen, CEO and managing

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Residential housing in Las Vegas slows while the Strip continues to build

Yesterday our friend John Restrepo spoke to the Nevada Contractors Association. Among his comments were these facts and figures:

Over the next 15 years the Las Vegas Valley population is projected to increase by 53 percent to nearly 3 million people.
McCarran International Airport is very near its passenger capacity, transporting 48 million passengers in 2006 (an impressive average of 4 million a month).
Vacant land went from $367,000 an acre in 2004 to $597,000 by the end of last year; and he says it's not going back down where it used to be.
Construction jobs in Las Vegas are at a level about twice the national average, accounting for 12 percent of employment.
Las Vegas enjoys a 6 percent job growth rate, also twice the national average.

He did share some not-so-optimistic news: like the fact that construction job growth seems to have peaked in 2003 and has been slowing since, and residential building permits peaked in 2005 and are expected to return to levels seen in 2003. Still, $30 million in current construction projects along Las Vegas Boulevard should carry us through amid the slowed residential construction, Restrepo said.