Las Vegas Insider | May 2020

LAS VEGAS

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MAY 2020

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TA B L E O F

C ON T E N TS 4

THE GOOD AND BAD OF OFFICE

6

FEATURED LISTINGS

9

GROUND WORK IN PROGRESS

10

FEATURED DEALS

12

UPCOMING EVENTS

13

COLLIERS IN THE NEWS

14

BY THE NUMBERS

16

WORK FORWARD >> TOGETHER

READ MORE ON

PAGE 16

FUN FACT!

Saturn is the flattest planet.

Its polar diameter is 90% of its equatorial diameter, this is due to its low density and fast rotation.

THE GOOD AND BAD OF OFFICE

Written By John Matt Stater

When I was little, one of my favorite shows was Hee Haw. I even owned a pair of Hee Haw overalls when I was four years old. Yeah, yeah – make your jokes – I am very comfortable with my love of Hee Haw.

for the upgrades and the extra expenses? Do not ask landlords – they have been frantically trying to collect rent the last couple months, and they are facing a future where their real estate holdings might be less valuable. That might induce even more businesses to try the workfrom-home route, which means more vacant office space, which means cheaper office space, which is both good and bad for demand …

I bring this up because they had a bit on Hee Haw wherein Archie Campbell, playing a barber, would regale his customer with some story. He would start out with a seemingly positive statement, to which the customer would respond, “That’s good.” Campbell would respond to that saying, “No, that’s bad” and follow up with a seemingly bad statement, to which the customer would say, “Oh, that’s bad”.

Archie would then twist it again explaining why it was really good, and so on until they hit the punchline. Thinking about the future of office space is a bit like that sketch.

It is a tough nut to crack, folks. Common sense suggests that the demand curve for office space will bend downwards overall, at least at first.

More people will work from home, but those who work in the office will need more space. Those two trends might cancel each other out, but a more prudent bet is that we will see at least a slight decreased in overall demand for the next couple years, and perhaps permanently. There has been a long term trend of office users using less space per employee for the last decade, and that trend will almost certainly continue.

According to some, physical office space is over.

Now that people can work from home, nobody will want to work in an office again. That’s bad for demand.

But it turns out, lots of people do want to go back to their offices – or else why would we be bothering with re-opening plans? So while some people never want to go to the office again, and some more like the idea of some flexibility in office or home work, many still prefer to go to work in an office. Even better, due to “social distancing” guidelines, those intrepid office workers are going to need more space than they had in the past. That’s good for demand.

But needing more space per worker means spending more money per worker. That will be coupled with spending more money on germresistant surfaces and additional janitorial costs.

That makes office space more expensive. That’s bad for demand.

Of course, having the economy closed for a couple months has not left most businesses flush with cash, so how are they going to pay

Suburban office buildings, because they are located in less dense areas, may fare better than office buildings in dense downtowns. Suburban office is often less expensive, which also helps pay for necessary tenant improvements and increased common area maintenance. In the same vein, Class C garden-style office buildings, due to their lack of elevators and lower rents, may fare better in this environment than Class A office towers. Innovation and increased knowledge about COVID-19 could well intensify or diminish these trends, but they will likely persist to one degree or another.

The proof will be in the post-pandemic leasing trends, which are still a quarter or two away.

Stay tuned.

// COLLIERS INTERNATIONAL LAS VEGAS //

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Photo by Matthias Mullie on Unsplash

Photo by ihtesham ismail on Unsplash

FEATURED LISTINGS Photo by Alive Coverage Photo by Alive Coverage/Sipa USA/AP Images

Photo by Marina Monroe from Pexels

800-818 South Main Street Chris Clifford, Steve Neiger, CCIM and Brett Rather •

Suites ranging between ±6,221 SF — ­ ±14,342 SF

•

Under new ownership for the first time in 20 years

•

Landlord offering tenant improvement allowance and free rent incentives

6713 South Eastern Avenue Alex Stanisic, Lauren Willmore, Dean Willmore, SIOR and Mike Willmore •

±37,384 SF office/warehouse building

•

Light Industrial (M-D) zoning

•

Sale price: $5,380,000

1965 Pama Lane Brian Riffel, SIOR and Tyler Jones

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// MAY 2020 //

•

±11,500 SF — ±29,500 SF available for lease

•

±0.37 acres for additional trailer parking

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Lease rate: $0.87 PSF NNN

Lake Mead Plaza Alexia Crowley, CCIM •

±16,350 SF on ±1.17 acres office/medical office buildings

•

4 buildings total on 3 separate parcels

•

Sale price: $2,150,000

Pearl Court Industrial Center - 3649 East Post Road Spencer Pinter •

±20,079 SF freestanding building for lease

•

Situated on ±1.40 acres

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Ready for immediate occupancy

3250 East Sahara Avenue Grant Traub, SIOR and Chris Connell, SIOR

MAY FEATURED LISTINGS

•

±27,281 SF showroom and service building

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Situated on ±4.20 acres

•

Offering price: $6,250,000

// COLLIERS INTERNATIONAL LAS VEGAS //

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GROUND WORK IN PROGRESS FOOTING LAYOUT OF THE BUILDING TO BEGIN OVER NEXT TWO WEEKS

APRIL 2021 D E L I V E RY

MILESTONES Design Development is complete Furniture Dealer has been selected – Henriksen Butler Construction Documents are underway

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// MAY 2020 //

New GIS App

ENSURING A SAFE WORK ENVIRONMENT Enhanced and increased cleaning practices of the entire office.

Reconfigured floorplans for SMART Distancing.

Established restrictions for common areas.

Building landlord or management collaboration to understand new protocols for access, cleanliness and air filtration.

Restaurant Bytes Colliers GIS is excited to introduce Restaurant Bytes, our proprietary selfservice application enabling Colliers professionals access to visualize and report on Restaurant Trends data. Restaurant Trends is a research company that tracks individual location sales of major quick-service (QSR) and full-service (FSR) restaurant chains in the United States (187,000 locations within over 550 chains). This tool is available to everyone at Colliers with no license requirement or cost.

- Generate detailed, Colliers-branded reports with Restaurant Trends’ location data - Query locations by a variety of spatial input methods such as radius rings or drive time polygons around a location, custom polygons and standard geographies - Filter data on a map and reports by field within the data such as sales, type of restaurant and specific chains - Print Colliers branded maps of Restaurant Trends data

Procured masks for all professionals, which are mandatory in our workplaces.

Industrial Fundamentals Remained Relatively Healthy

Developed new protocols, checklists and instructional signage to ensure implementation and compliance.

The COVID-19 pandemic took center stage at the end of the first quarter, hitting the U.S. economy hard. During the

LAUGHING

six weeks to the end of April, 30.3 million initial jobless claims

IS GOOD FOR

was some good news for the industrial sector, however, as a

THE HEART AND CAN INCREASE BLOOD FLOW BY 20 PERCENT.

were filed, pushing the unemployment rate close to 20%. There strong Q4 2019 and beginning of Q1 2020 helped mitigate some of the impact to industrial properties.

CONTINUE READING

// COLLIERS INTERNATIONAL LAS VEGAS //

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Photo by Scott Webb on Unsplash

FEATURED DEALS MAY 2020

Photo by capnsnap on Unsplash

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AY W K R

Land Sale A sale to PDC Reno/LV/PHX LPIV, LLC. The ±38.84 acre land parcel is located at the corner of Bermuda Road and St. Rose Parkway (APN: 191-03-301-006) in Henderson. The transaction amount $25,627,500.00. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the buyer.

Industrial Lease A lease to Anixter, Inc. The ±22,000 square foot industrial property is located in Arrowhead Commerce Center (Bldg.

9) at 6180 South Pearl Street, Suite D 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 I LLC.

Medical Office Sale A sale to Mia Aesthetics LV Realty, LLC. The ±7,569 square foot medical office property is located in Smith Surgery Center at 8871 West Sahara Avenue in Las Vegas. The transaction amount was $2,600,000.00. Stacy Shapiro, CCIM and Alexia Crowley, CCIM of Colliers International represented the seller, Smith Building, LLC.

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// MAY 2020 //

Industrial Sale A sale to MNSCO, LLC. The ±4,127 square foot industrial property is located at 4876 Cecile Avenue in Las Vegas. The transaction amount was $485,000.00. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the seller, Old English, LLC.

Office Sale A sale to Lifeline Health Services. The ±1,335 square foot office property is located in Quail Park II at 601 South Rancho Drive, Suite D29 in Las Vegas. The transaction amount was $300,000.00. Kara Walker, CCIM and Suzette LaGrange, CCIM of Colliers International represented the seller, Rudy Property Management, LLC.

S

.

Industrial Lease LAMB BLVD.

LA

VE

S GA

VD BL

MAY FEATURED DEALS

A lease to One Solution LLC. The ±103,000 square foot industrial property is located at 3450 North Lamb Boulevard, Suite 120 in Las Vegas. Eric Molfetta, MBA of Colliers International represented the tenant.

// COLLIERS INTERNATIONAL LAS VEGAS //

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WHO MADE THE PLANE

2020 SALES AWARD TRIP MARCH 5–9, 2021 FAIRMONT KEA LANI IN MAUI DAN DOHERTY, SIOR PAUL SWEETLAND, SIOR DAVID GRANT*

CHRIS LANE, CCIM*

JERRY DOTY*

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 ! *Made the plane in April

DAN DOHERTY

MONTHLY RETAIL MEETING 8:30am – June 16th (David Grant to send Zoom link)

June 2020

MARK YOUR CALENDARS

12

// MAY 2020 //

SIOR LUNCH ZOOM CALL June 10th NAIOP BREAKFAST ZOOM CALL June 18th FIRST DAY OF SUMMER June 20th HAPPY FATHER’S DAY June 21st

MONTHLY INVESTMENT MEETING 9:00am – June 23rd (Grant Traub to send Zoom link)

MONTHLY OFFICE MEETING 9:00am – June 24th (Taber Thill to to send Zoom link)

MONTHLY INDUSTRIAL MEETING 9:00am – June 25th Call in: 712 770 4703 Access code: 121737 BIRTHDAY CELEBRATION 2:30pm – Main Conference Room June 25th

COLLIERS IN THE NEWS

The Notes: Mike Mixer – SIOR Awards (article featured in Las Vegas Sun) VegasInc - May 11 READ MORE

The Notes: CoStar Group Awards/Telles Industrial Team (article featured in Las Vegas Sun) VegasInc - May 04 READ MORE

MIKE WILLMORE Associate

WILLMORE INDUSTRIAL TEAM

Do you have a dedicated office space at home?

Show us your Office Space! – I don’t! I’ve been working from the office through the whole shutdown!

Are you an early bird or night owl? Why? – Definitely a night owl. It’s easier for me to stay up late than get up early.

What’s your number one tip for combating distractions when working from home? – Noise-cancelling headphones.

You’re going to sail around the world, what’s the name of your boat? – “Seas the Day”

TAG, YOU’RE IT! Pick the broker you want to answer next month’s newsletter questions.

NO TAG BACKS!

TYLER JONES Las Vegas Strip Land Auction Las Vegas Review Journal - May 02 READ MORE

FUN FACT! Instant noodles may be considered as an inexpensive food item today, but the fact is that they were once sold as luxury item.

// COLLIERS INTERNATIONAL LAS VEGAS //

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LAS VEGAS

BY THE NUMBERS APRIL 2020 Broker Rankings YTD

OFFICE

3%

OTHER

16%

RETAIL

8%

APRIL PROPERTY TYPES

LAND

INDUSTRIAL

17%

56%

Sales vs. Lease Revenue 79% - Sales

21% - Lease

57% MONTHLY BUDGET 24% YTD BUDGET

1. Dan Doherty

25. Alexia Crowley

2. Paul Sweetland

26. Chris Connell

3. David Grant

27. Alex Stanisic

4. Spencer Pinter

28. Gabe Skerlich

5. Keith Cubba

29. Michael Willmore

6. Chris Clifford

30. Steve Neiger

7. Jerry Doty

31. Brett Rather

8. Chris Lane

32. Joe Bonifatto

9. Brian Riffel

33. Tyler Jones

10. Scot Marker

34. Al Twainy

11. Dean Willmore

35. Steve Haynes

12. Dan Gluhaich

36. Ryan Hendershot

13. Mike Stuart

37. Jennifer Lehr

14. Eric Molfetta

38. Sam Newman

15. Pat Marsh

39. Andrew Kilduff

16. George Connor

40. Gabe Telles

17. Taber Thill

41. Patrick Baker

18. Patti Dillon

42. Chase Pavlov

19. Mike Mixer

43. Chris Bentley

20. Brian Fike

44. Jeff Swinger

21. Grant Traub

45. Rebecca Staniec

22. Kara Walker

46. Chris Lobello

23. Suzette Lagrange

47. Amanda Irving

24. Stacy Shapiro

14

// MAY 2020 //

APRIL 2020 ANNIVERSARIES

31

TOTAL DEALS FOR THE MONTH OF APRIL

MATT STATER

1996

24 Years

KEITH CUBBA

2005

15 Years

ANGELINA SCARCELLI

2013

7 Years

CHRIS CLIFFORD

2016

4 Years

STEVE NEIGER

2016

4 Years

BRETT RATHER

2016

4 Years

TOP 11

MEGAN MCINERNEY

2019

1 Year

APRIL 2020

Congratulations!

DAN DOHERTY

1

BROKER OF THE MONTH

DAN DOHERTY, SIOR EXECUTIVE VICE PRESIDENT | INDUSTRIAL DIVISION

Dan’s Broker of the Month donation will be going to the Ronald McDonald House.

I N S P I R AT I O N A L Q U OT E :

PAUL SWEETLAND MIKE STUART MIKE MIXER KEITH CUBBA SPENCER PINTER JERRY DOTY CHRIS LANE DAVID GRANT STACY SHAPIRO ALEXIA CROWLEY

“We May Encounter Many Defeats But We Must Not Be Defeated.”

— Maya Angelou

// COLLIERS INTERNATIONAL LAS VEGAS //

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TAKE AN INSIDE LOOK AT WHAT IT TAKES TO

WORK FORWARD >> TOGETHER

WORKING REMOTE SERIES

Amid uncertainty, Amid uncertainty, everchanging perspectives and constant

everchanging perspectives constant chaos; one thing has remained chaos; one thing has remained true and consistent and for Colliers – true and consistent for Colliers – we know we know What it Takes to Work Forward >> Together.

What it Takes to Work Forward >> Together.

A series of personal and thought-provoking stories from our

A series of personal and thought-provoking stories from our leaders, brokers and to Work Forward >> Together in the “new normal of the professionals highlighting What it Takes COVID-19 pandemic.” to Work Forward >> Together in the “new normal of the COVID-19 pandemic.” leaders, brokers and professionals highlighting What it Takes

VIEW FULL PROJECT

VIEW FULL PROJECT Work Forward » Together Services Regardless of work environment — from manufacturing facility to lab or leased office space — it will be important to customize planning to meet the specific needs of your situation. Our commercial real estate experts build custom workplace solutions to help occupiers and investors proactively prepare their space for a safe and healthy return to the workplace.

FACEBOOK/TWITTER

VISIT WEBSITE

Back-to-Business Primer Designed by a cross-functional committee of Colliers’ key subject matter experts — serves as a practical, succinct checklist of activities and considerations for landlords and tenants as they prepare to reopen their physical workspaces and buildings.

D OW N LOA D P R I M E R

16

// MAY 2020 //

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LAS VEGAS

PHONE DIRECTORY INDUSTRIAL

LAND

MEDICAL OFFICE

Dan Doherty

+1 702 836 3707

Steven Haynes

+1 702 836 3727

Alexia Crowley

+1 702 836 3778

Jerry Doty

+1 702 836 3735

Mike Stuart

+1 702 836 3739

Stacy Shapiro

+1 702 836 3762

Ryan Hendershot

+1 702 836 3751

Tyler Jones

+1 702 836 3754

Suzette LaGrange

+1 702 836 3799

Chris Lane

+1 702 836 3728

Richard Koldewyn

+1 702 836 3738

Pat Marsh

+1 702 836 3741

Heidi Meidenbauer

+1 702 836 3726

Sam Newman

+1 702 836 3724

Evan Ranes

+1 702 836 3749

Brandon Roper

+1 702 836 3734

Angel Vidal

+1 702 836 3775

Alyssa Parks

+1 702 836 3755

Chase Pavlov

+1 702 836 3731

Spencer Pinter

+1 702 836 3776

Brian Riffel

+1 702 836 3773

Danielle Scarano

+1 702 836 3747

Alexander Stanisic +1 702 836 3742

HOTEL/RESORT Mike Mixer

+1 702 836 3777

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

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

Keith Cubba

Chris Connell

+1 702 836 3709

MULTI-FAMILY

Patti Dillon

+1 702 836 3790

Christopher Bentley

+1 702 836 3779

Andrew Kilduff

+1 702 836 3718

Shalonda Hughes

+1 702 836 3765

Megan McInerney

+1 702 836 3700

Jeffrey Swinger

+1 702 836 3764

Rebecca Staniec

+1 702 836 3792

Taber Thill

+1 702 836 3796

+1 702 836 3789

GOLF COURSE +1 702 836 3733

OFFICE

VALUATION SERVICES

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

STAFF

RECEIVERSHIP Christopher LoBello +1 702 836 3714

RETAIL Chris Clifford

+1 702 836 3746

George Connor

+1 702 836 3786

Dan Gluhaich

+1 702 836 3757

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

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

400 offices in 68 countries on 6 continents

MARKET CONTACT: Mike Mixer, SIOR 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.