Tenant Representative Team Notes Strong Leasing Activity for Commercial Real Estate in Las Vegas
LAS VEGAS, Aug. 4, 2016 – The second quarter of 2016 has seen strong and steady leasing activity, according to the Palmeri – Wainwright tenant representative team of Cushman & Wakefield/Commerce’s Las Vegas office. Due to Southern Nevada’s large-scale scale commercial real estate with easy access to logistics, flexible and competitive utility rates, and low workers’ compensation rates in a right-to-work state, Las Vegas has become an increasingly desirable place for businesses to relocate.
The two notable transactions that highlight the movement in Las Vegas were:
- A new 11,400 square-foot lease for Bergman Walls & Associates, Ltd. at 709 N. Valle Verde Court in Henderson. This is a corporate relocation for the architecture firm.
- A new 24,178 square-foot lease for B and I Federal Bank at 9205 West Russell Road, suite 400 in Las Vegas. The bank opened their second bank branch in the country, following the first location in San Diego, California.
“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. “This has been an ongoing trend for several quarters now, so we anticipate seeing continued growth throughout the rest of the year.”
The Palmeri – Wainwright tenant representative team is dedicated to the long-term success of their clients and have represented 13 tenants in nearly 69,000 square feet or space during the second quarter.
The team specializes in exclusively representing tenants with their leasing, relocating, expansions, or purchasing new buildings or starting a build to suit. Combined, the team has more than 16 years of commercial real estate market experience and has completed more than 300 transactions valued over $700 million.