LAS VEGAS
INSIDER
A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS
Photo by I. C. on Reshot
APRIL 2020
FACEBOOK.COM/COLLIERSLV
TWITTER.COM/COLLIERS_LV
TABLE O F CO NTE NTS 4
LAS VEGAS RESEARCH
7
COLLIERS IN THE NEWS
8
FEATURED LISTINGS
10
NEW OFFICE UPDATE
11
UPCOMING EVENTS
12
FEATURED DEALS
14
BY THE NUMBERS
16
2020 Q1 LAS VEGAS MARKET RESEARCH REPORT
17
DIRECTORY
LAS VEGAS N E VA D A
NEVADA STAY-AT-HOME ORDER EXTENDED TILL MAY 15 READ MORE ON PAGE 16
50
th
ANNIVERSARY
EARTH DAY
APRIL 22nd
Written By John Matt Stater
TO BE
DETERMINED… Here is the most honest thing you’ll probably read concerning the impact of the COVID-19 pandemic and the resulting business closures on the economy: “I don’t know”. I honestly do not know what is going to happen to the local economy as a result of the business closures enacted by Governor Sisolak in March. I also do not know what is going to happen to the national economy as a result of the many business closures enacted by governors over the past couple months. I do not know, and nobody else knows either. That lack of knowledge is frightening, which is why people are trying to fill the void with all sorts of predictions. Nobody will go to sporting events or concerts anymore … just like people stopped attending mass gatherings after the Black Plague and Spanish Flu? Businesses are going to take less office space because people are going to work from home … except they’ll also require a bigger footprint because desks will be spaced further apart? People have learned to love e-commerce and food delivery … which is why everyone seems so desperate to get out of their houses?
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// APRIL 2020 //
Over the past few weeks, I have heard numerous “experts” weigh in on what could happen due to these closures, but almost all of those statements were made based on what happened during previous downturns in the economy. Previous downturns were caused, in general, by two different causes. The first cause of many recessions, especially in the past, was manufacturers producing too much of one or multiple products. Inventories
built up, so the factories closed down their assembly lines, laid off their workers and the towns where those factories were located suffered a spike in unemployment. Since the workers were not getting paid, they spent less money, putting retail jobs in jeopardy. Eventually, inventories would draw down, the factories would be re-opened, and the recession would end. This is not exactly what is happening now.
The other big cause of recessions is bad investments. When numerous risky investments suddenly fall apart all at once, the financial system seizes up. Artificially high spending slows down, people lose their jobs, etc. The Great Recession was such an event. These financial recessions take a long time to work through – much longer the aforementioned manufacturing recessions. This is not exactly what is happening now.
What is happening now may never have happened before. In 2020, we do not have a grassroots recession wherein the individual actions of millions of consumers and producers, borrowers and lenders, converge into a reversal or slowdown of the economy. By most measures, the economy looked like it was going to be pretty strong this year. Instead, a healthy economy in 2020 was put on hold by state governments to stem the rate of infections caused by COVID-19.
Rather than people having a lack of money to spend, or a lack of desire to spend it, people are not being permitted to consume and produce as they otherwise would. That creates a very unique situation.
The largest drop in GDP growth after a pandemic occurred after the 2009 Swine Flu pandemic, but was caused by the Great Recession, not the pandemic. Pandemic Year
Deaths
% Pop
Growth Before
Growth After
1918
675,000
0.64%
18.2%
14.4%
1957
116,000
0.07%
5.0%
5.1%
1968
100,000
0.05%
7.9%
7.7%
2002
0
0.00%
5.3%
4.9%
2009
12,469
0.00%
4.1%
1.9%
2020
49,754*
0.00%
4.6%
?
Past pandemics had very different impacts on the economy. Looking at annual GDP numbers before and after previous pandemics, we see a mixed bag. Growth after the 1918 pandemic was lower than growth before, but that pandemic also coincided with the First World War, and affected working age men more than most other pandemics. Major events were restricted during the Spanish Flu pandemic, but only the sick were quarantined. Obviously the cessation of much economic activity in the United States in 2020 is going to have an impact, but how much of an impact and what kind of impact is only a guess. Small businesses are closed, but many are receiving help from the government. Millions of Americans are unemployed,
but are receiving unemployment that, in some cases, is more than they made while they were working. Strange times indeed. Will people go back to spending money as they did before the closures or will they hoard their money? Will people change their daily activities temporarily or permanently? Great questions, with as yet no answers. The most fundamental piece of data we need right now is not economic. We must know how deadly COVID-19 is to the population as a whole. Those tests are being conducted, but there is much more
to do before we really know the answer. Early estimations were that 1.1% of people who caught COVID-19 would die from it. That is significantly more than die from influenza each year, and thus the resulting business closures. More recent estimates have reduced that percentage, but they are still just estimates based on small studies. If we ultimately discover that COVID-19 is not much more deadly than the flu, it seems reasonable that people will go back to doing things more or less as they had before. If it is found to be much more serious, then people will change their behavior to adapt to the greater danger.
// COLLIERS INTERNATIONAL LAS VEGAS //
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Continued from Page 5
The economy has suffered a terrible shock, but it is an artificial shock whose long-lasting impacts are as yet to be seen. Many states are now in the process of re-opening
But now is not the time for predicting of the future, but rather for dealing with the present.
their economies, and they will be
layouts, manufacturers who produce masks and other items needed as we re-open the economy. Other businesses will need to sublet space or otherwise close – retailers, wholesalers, businesses that rely on
valuable test cases to see how things
The best thing brokers can do now is
might proceed elsewhere. Southern
to advise their clients on how best to
Look for opportunities to serve
Nevada, with its reliance on tourism
weather this storm, and to keep their
both expanding tenants
and convention business, is, once
thinking adaptable as we move into
again, on the front lines facing the
the post-pandemic phase of the
recessionary forces arrayed against
economy. Some businesses will
can come out of this
the country. Our community will
need to expand as a result of
pandemic in as good
probably be hurt worse than many
the pandemic – e-commerce,
of shape as possible.
other communities, just as we were
specialty contractors needed
during the Great Recession.
to revamp retail and office
O U R FI RST E VE R DIGITAL
tourism and convention business.
and landlords facing new vacancies, and we
B R O KE R ME E T I NG
WHAT A SUCCESS! WE’RE LOOKING FORWARD TO SEEING EVERYONE’S FACES IN PERSON SOON.
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// APRIL 2020 //
COLLIERS IN THE NEWS WHO MADE THE PLANE
Retail Broker from Colliers International Las Vegas Discuss Landlord/Tenant Negotiations Fox5 - April 22 READ MORE
2020 SALES AWARD TRIP MARCH 5–9, 2021 FAIRMONT KEA LANI IN MAUI
- DAN DOHERTY - PAUL SWEETLAND “Colliers International | Las Vegas Announces New Industrial Brokerage Team Led by Experienced Industry Leader”
C O N G R AT U L AT I O N S A N D W E LC O M E A B OA R D !
Nevada Business Magazine - March 25 READ MORE
“Colliers International | Las Vegas Brokers Recognized By Global Association For Real Estate Transactions”
DAN DOHERTY
CREConfidential - March 30 READ MORE
// COLLIERS INTERNATIONAL LAS VEGAS //
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Photo by Matthias Mullie on Unsplash
FEATURED LISTINGS Photo by Alive Coverage Photo by Alive Coverage/Sipa USA/AP Images
Photo by Marina Monroe from Pexels
±49.12 Acres Interstate-15 at Sloan Michael Stuart •
Parcel 1 — ±28.79 Acres — $7,200,000
•
Parcel 2 — ±6.89 Acres — $2,550,000
•
Parcel 3 — ±3.44 Acres — $600,000
6400 South Eastern Avenue Chris Clifford, Steve Neiger, CCIM and Brett Rather •
$150,000 Pads for Ground Lease
•
±704—±12,635 SF available for lease
•
New ownership with major property renovations coming soon!
±2.50 Acres South of Silverado Ranch Boulevard Along Edmond Street Steven Haynes
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// APRIL 2020 //
•
Zoning: R-E (Rural Estates Residential)
•
Land Use: RS — Residential Suburban (8-10 units per acre)
•
Asking price: $1,000,000
Photo by Miguel Cortes on Reshot
4620 Eaker Street Jerry Doty, Paul Sweetland, SIOR, Chris Lane, CCIM and Dan Doherty, SIOR •
±58,162 SF situated on ±2.86 acres
•
Industrial facility for sale
•
Secured yard space
6744 Spencer Street Eric Molfetta, MBA and Amanda Irving •
±19,540 SF warehouse/office space for sale
•
Zoning: MD
•
Located in an Opportunity Zone
5845 & 5865 South Valley View Boulevard Alex Stanisic, Lauren Willmore, Dean Willmore, SIOR and Mike Willmore
APRIL FEATURED LISTINGS
•
±4,987 SF — ±7,410 SF
•
Multi-tenant building/multi parcel industrial property
•
Located in an opportunity zone
// COLLIERS INTERNATIONAL LAS VEGAS //
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NEW OFFICE
UPDATE
APRIL 2021 DELIVERY
Detail of Entry, Amenity Space, Central Kitchen & Large Conference Room
MILESTONES • Design Development is complete • Furniture Dealer has been selected – Henriksen Butler A palette of finishes has been narrowed down to complete our aesthetic.
• Construction Documents are underway
Did You Know?
Emerald is the birthstone of May
M AY 2020 5
MONTHLY RETAIL MEETING 8:30am – May 19th (David Grant to send Zoom link)
MEMORIAL DAY OFFICE CLOSED May 25
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MONTHLY INVESTMENT MEETING 9:00am – May 26th (Grant Traub to send Zoom link)
MONTHLY OFFICE MEETING 9:00am – May 27th (Taber Thill to to send Zoom link)
MONTHLY INDUSTRIAL MEETING 9:00am – May 28th Call in: 712 770 4703 Access code: 121737 BIRTHDAY CELEBRATION 2:30pm – Main Conference Room May 28th
LAS VEGAS RESEARCH Available Now – Q1 2020 Las Vegas Economic Report
// COLLIERS INTERNATIONAL LAS VEGAS //
11
3960 Howard Hughes Parkway, Suite 150 | Las Vegas, NV 89169 | United States | w w w.colliers.com/lasvegas
FEATURED DEALS APRIL 2020
Industrial Sale A sale to LIT-Acquisitions, LLC. The ±83,125 square foot industrial property is located at 845 Pilot Road in Las Vegas. The transaction amount was $12,100,000. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the seller, West Las Vegas Venture LLC.
Office Lease A lease to Westwood Professional Office. The ±36,251 square foot office property is located in Beltway Business Park at 5725 Badura Avenue in Las Vegas. Brian Riffel, SIOR and Tyler Jones of Colliers International represented the tenant.
Industrial Lease A lease to Best Buy Stores, L.P. The ±15,582 square foot industrial property is located in Arrowhead Commerce Center (Bldg. 13) at 6255 South Sandhill Road, Suite 600 800 in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the landlord, KTR LV IV LLC.
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// APRIL 2020 //
NORTH LAMB BOULEVARD
W AY VA N NO DO
Land Sale
NEXUS WAY
15
A sale to Quiktrip Corporation. The ±12.61 acre land parcel is located at the Northwest corner of North Lamb Boulevard and Nexus Way (APN: 123-30-801-003). The transaction amount was $5,735,000.00. Michael Stuart and Mike Mixer, SIOR of Colliers International represented the seller, Tomo JD LLC.
Industrial Lease A lease to Marquez Brothers Nevada, Inc. The ±23,322 square foot industrial property is located in Arrowhead Commerce Center (Bldg. 10) at 3650 East Post Road, Suite F & G in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the landlord, KTR LV IV LLC.
Industrial Lease A lease renewal to Latium USA Trading, LLC. The ±42,240 square foot industrial property is located in Sunrise Industrial Park at 4601 East Cheyenne Avenue, Suite 115 in Las Vegas. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the landlord, Icon PAC Nevada Owner Pool 3 Nevada, LLC.
APRIL FEATURED DEALS
// COLLIERS INTERNATIONAL LAS VEGAS //
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LAS VEGAS BY THE NUMBERS MARCH 2020 Broker Rankings YTD
OFFICE
6% OTHER
25%
MARCH PROPERTY TYPES
RETAIL
21%
INDUSTRIAL
46% LAND
2%
Sales vs. Lease Revenue
53% - Sales
47% - Lease
67% MONTHLY BUDGET 21% YTD BUDGET 14
// APRIL 2020 //
1. Dan Doherty
23. Alex Stanisic
2. Paul Sweetland
24. Gabe Skerlich
3. David Grant
25. Mike Stuart
4. Chris Clifford
26. Mike Willmore
5. Spencer Pinter
27. Steve Neiger
6. Keith Cubba
28. Brett Rather
7. Jerry Doty
29. Stacy Shapiro
8. Chris Lane
30. Alexia Crowley
9. Brian Riffel
31. Joe Bonifatto
10. Scot Marker
32. Mike Mixer
11. Dean Willmore
33. Tyler Jones
12. Dan Gluhaich
34. Al Twainy
13. Eric Molfetta
35. Jennifer Lehr
14. Taber Thill
36. Sam Newman
15. Patti Dillon
37. Patrick Baker
16. Pat Marsh
38. Chris Bentley
17. George Connor
39. Steve Haynes
18. Brian Fike
40. Jeff Swinger
19. Grant Traub
41. Andrew Kilduff
20. Kara Walker
42. Rebecca Staniec
21. Suzette Lagrange
43. Chris Lobello
22. Chris Connell
44. Amanda Irving
Congratulations!
1
BROKER OF THE MONTH
TOP 11 MARCH 2020
KEITH CUBBA
SENIOR VICE PRESIDENT | NATIONAL DIRECTOR GOLF GROUP
Links For Life Will Be Making A Donation In Keith’s Name To Safenest, Who Is Commited To Ending Domestic Violence In Clark County.
KEITH CUBBA DAN DOHERTY DAN GLUHAICH SCOT MARKER PAUL SWEETLAND
I N S P I R AT I O N A L Q U OT E :
BRIAN RIFFEL
Go as far as you can see; when you get there, you’ll be able to see further.
ERIC MOLFETTA SPENCER PINTER DAVID GRANT
— Thomas Carlyle
JERRY DOTY
MARCH 2020 ANNIVERSARIES
CHRIS LANE
TABER THILL
2002
18 Years
BRIAN RIFFEL
2002
18 Years
SUZETTE LAGRANGE
2005
15 Years
CHRIS LANE
2010
10 Years
AL TWAINY
2012
8 Years
JOE BONIFATTO
2012
8 Years
ELIZABETH CARDONA
2019
1 Year
37
TOTAL DEALS FOR THE MONTH OF MARCH
// COLLIERS INTERNATIONAL LAS VEGAS //
15
LAS VEGAS N E VA D A
Gov. Sisolak announces extension STAY AT HOME directive with initial easing of restrictions A P R I L 2 9, 2 0 2 0
Today, one day before Governor Steve Sisolak rolls out his Nevada United: Roadmap to Recovery reopening plan, he announced that he has signed a directive extending a majority of the Stay at Home measures through mid-May, but will be easing some restrictions starting on May 1, 2020. Nevada will continue to remain under the Stay at Home order, but this new directive signed today will allow Nevadans expanded outdoor and recreational activities and provide some relief for our small business owners. These changes include:
All retail businesses will be allowed to operate under curbside commerce models, similar to curbside pickup currently allowed for restaurants and eateries. This now includes curbside for retail cannabis dispensaries
The loosening of restrictions listed will become effective on Friday, May 1, 2020. All other directives currently in effect will be extended through May 15, or until the state meets the necessary criteria set forth last week and consistent with the White House guidelines to demonstrate the state is making sufficient progress to slow the spread of COVID-19. If the State continues in a positive direction and meets the criteria, the start of the next phase could begin earlier than May 15. At that time, a Phase 1 directive will be issued.
NOW AVAILABLE FOR DOWNLOAD
Drive-in services are now permitted for places of worship, as long as congregants stay in a vehicle and maintain at least 6 feet of social distance from people not in their household.
Relaxing restrictions on outdoor activities, including golf, pickleball, and tennis, as long as they do it safely and in a way that prevents the spread of COVID-19.
16
// APRIL 2020 //
2020 Q1 LAS VEGAS MARKET RESEARCH REPORT
// REACH OUT TO THE LAS VEGAS OFFICE //
LAS VEGAS PHONE DIRECTORY INDUSTRIAL
LAND
Dan Doherty
+1 702 836 3707
Steven Haynes
+1 702 836 3727
Jerry Doty
+1 702 836 3735
Mike Stuart
+1 702 836 3739
Ryan Hendershot
+1 702 836 3751
Tyler Jones
+1 702 836 3754
Suzette LaGrange
+1 702 836 3799
Chris Lane
+1 702 836 3728
Pat Marsh
+1 702 836 3741
Sam Newman
MEDICAL OFFICE Alexia Crowley
+1 702 836 3778
Stacy Shapiro
+1 702 836 3762
VALUATION SERVICES
HOTEL/RESORT
Richard Koldewyn
+1 702 836 3738
Heidi Meidenbauer
+1 702 836 3726
+1 702 836 3724
Evan Ranes
+1 702 836 3749
Alyssa Parks
+1 702 836 3755
Brandon Roper
+1 702 836 3734
Chase Pavlov
+1 702 836 3731
Angel Vidal
+1 702 836 3775
Spencer Pinter
+1 702 836 3776
Brian Riffel
+1 702 836 3773
Danielle Scarano
+1 702 836 3747
Alexander Stanisic +1 702 836 3742 Paul Sweetland
+1 702 836 3750
Gabe Telles
+1 702 836 3758
Kara Walker
+1 702 836 3705
Dean Willmore
+1 702 836 3763
Mike Willmore
+1 702 836 3748
Lauren Willmore
+1 702 836 3730
Mike Mixer
INVESTMENT SERVICES Patrick Baker
+1 702 836 3703
Joe Bonifatto
+1 702 836 3729
Brian Fike
+1 702 836 3744
Amanda Irving
+1 702 836 3732
Eric Molfetta
+1 702 836 3756
Gabriel Skerlich Grant Traub
+1 702 836 3708
Chris Connell
+1 702 836 3709
Patti Dillon
+1 702 836 3790
Andrew Kilduff
+1 702 836 3718
Megan McInerney
+1 702 836 3700
Rebecca Staniec
+1 702 836 3792
Taber Thill
+1 702 836 3796
+1 702 836 3789
PROPERTY MANAGEMENT Erica Aulino
+1 702 836 3745
Valerene Corbin
+1 702 836 3761
Jennifer Kennedy
+1 702 836 3772
Breanna Lara
+1 702 836 3753
Christine Norberg
+1 702 836 3704
Angelina Scarcelli
+1 702 836 3768
GOLF COURSE Keith Cubba
OFFICE
+1 702 836 3777
+1 702 836 3733
STAFF
MULTI-FAMILY Christopher Bentley
+1 702 836 3779
Shalonda Hughes
+1 702 836 3765
Jeffrey Swinger
+1 702 836 3764
Nicole Cauilan
+1 702 836 3706
Sara Johansson
+1 702 836 3771
Gina Jones
+1 702 836 3783
Brianna Maldonado
+1 702 836 3701
Matt Stater
+1 702 836 3781
Chris Sutton
+1 702 836 3721
RETAIL Chris Clifford
+1 702 836 3746
George Connor
+1 702 836 3786
RECEIVERSHIP
Dan Gluhaich
+1 702 836 3757
Christopher LoBello +1 702 836 3714
David Grant
+1 702 836 3785
Jennifer Lehr
+1 702 836 3736
Scot Marker
+1 702 836 3782
Steve Neiger
+1 702 836 3760
Brett Rather
+1 702 836 3794
Al Twainy
+1 702 836 3725
// COLLIERS INTERNATIONAL LAS VEGAS //
17
400 offices in 68 countries on 6 continents
MARKET CONTACT: Mike Mixer Executive Managing Director
+1 702 735 5700
ANZ: 54 United States: 159 Canada: 48 Latin America: 20
mike.mixer@colliers.com John Stater Research & GIS Manager
+1 702 836 3781
john.stater@colliers.com
Asia Pacific: 45 EMEA: 114 COLLIERS INTERNATIONAL | LAS VEGAS
$3.5 billion in annual revenue 2 billion square feet under management 18,000+ professionals and staff
3960 Howard Hughes Parkway, Suite 150 Las Vegas, Nevada 89169 | USA +1 702 735 5700 www.colliers.com/lasvegas
ABOUT COLLIERS INTERNATIONAL Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. Š 2020 Colliers International. The information furnished has been obtained from sources we deem reliable and is submitted subject to errors, omissions and changes. Although Colliers Nevada, LLC has no reason to doubt its accuracy, we do not guarantee it. All information should be verified by the recipient prior to lease, purchase, exchange or execution of legal documents.
