{"id":1004322413,"date":"2019-05-20T01:36:58","date_gmt":"2019-05-20T09:36:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004322413"},"modified":"2019-05-20T01:36:58","modified_gmt":"2019-05-20T09:36:58","slug":"how-to-play-it-smart-in-las-vegas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/how-to-play-it-smart-in-las-vegas\/","title":{"rendered":"How to Play It Smart in Las Vegas"},"content":{"rendered":"
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Carol Cline-Ong, Co-Founder & CEO, MDL Group. Image courtesy of MDL Group<\/em><\/p><\/div>\n

The Las Vegas office market continues to pick up steam. As some new properties have opened<\/a> in the past year, vacancy is falling and rents are rising across the metro. National investors are taking note: In the previous 12 months, 46 percent of the 3 million square feet of office deals involved buyers from outside the state, according to Yardi Matrix.<\/p>\n

Locally based MDL Group has kept its ear to the ground for the last 30 years in Las Vegas, managing a 1 million-square-foot office portfolio across six submarkets. Carol Cline-Ong, the company\u2019s co-founder & CEO, spoke with Commercial Property Executive<\/em> about what\u2019s on the horizon for this growing market.<\/p>\n

What is the most important aspect for an investor to consider before entering the Las Vegas market?<\/strong><\/p>\n

Cline-Ong:<\/strong> There is not any one, single aspect that investors consider when looking towards the Las Vegas market.  Several components that are part of the decision process likely include an investor\u2019s current area of expertise, available product, expected return on investment and holding period, as well as job and population growth in various sectors of the valley and product type.<\/p>\n

(Furthermore), Nevada\u2019s lower taxes and cost of living bode well for our continued growth and investment returns. Property values continue to increase from increasing replacement costs, rental rates and decreasing vacancies. Nevada is diversifying to include elements like professional sports to our already international attraction of gaming, conventions and tourism.<\/p>\n

Overall access to and from our city (is another aspect). Our airport, convention venues and overall hospitality (market) are top notch. Access around the valley continues to evolve with robust conversations around \u201cwhat\u2019s next,\u201d to move people efficiently from one destination to another.  <\/p>\n

What steps can an owner or asset manager take to minimize a property\u2019s vacancy and increase retention?<\/strong><\/p>\n