LAS VEGAS INSIDER | Dec em ber 2 016
1
KICKOFF MEETING Awards Ceremony, 2016 review, a look forward to 2017 SHOPPES FORUM
JAN
18
CAESARS PAL ACE
1-4 PM
LUNCH AND BEVERAGES PROVIDED RSVP TO COURTNEY.GOFFSTEIN@COLLIERS.COM OR X3710 BY JANUARY 16
FACEBOOK.COM/COLLIERSLV
TWITTER.COM/COLLIERS_LV
TABLE OF CONTENTS: KICK OFF MEETING DETAILS 2 LAS VEGAS RESEARCH - EXPANSION 4 2016 HOLIDAY PARTY 6
FEATURED DEALS 7 FEATURED LISTINGS 8 COLLIERS HOLIDAY ANGELS 9
OFFICE HAPPENINGS 9–13 DIRECTORY 14
M I K E’ S Q U OTE O F TH E M O NTH
CHEER S TO A PR O S PE R O U S 2 0 17
“A New Year’s resolution is something that goes in one Year and out the other. May all your troubles last as long as your New Year’s resolutions!” Mike Mixer
LAS VEGAS INSIDER | Dec em ber 2 016
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LAS VEGAS RESEARCH
FROM
RECOVER Y TO EXPANSION Southern Nevada posted a strong 2016 (so far), recovering from the Great Recession and laying the foundations for economic expansion. With a national recession in the near future unlikely, we think Southern Nevada’s economy will continue to grow through 2017 and 2018.
YEAR AGO
CURRENT
934.3
947.0
Visitor Volume YTD (Oct 2016)
35.7 MM
36.5 MM
Gaming Revenue YTD (Oct 2016)
$7.9 BB
$8.0 BB
$28.4 BB
$29.5 BB
90.7%
91.3%
Jobs (1000s) (Oct 2016)
Taxable Sales YTD (Sep 2016) Commercial Occupancy (Q4-16)
Unemployment in the Las VegasParadise MSA stood at 5.5 percent as of October 2016, down from 6.4 percent in October 2015. The national unemployment figure was 4.9 percent in October 2016, down from 5.0 percent in October 2015. The national labor force participation rate dropped to 62.8 percent in October 2016, but was 0.4 points higher than in October 2015. Since October 2015, total employment in Southern Nevada increased by 12,700 jobs, fewer than the 30,800 jobs that were added between October 2014 and October 2015. While 2014 was the strongest year of job recovery for Southern Nevada since the end of the Great Recession, 2015 posted solid growth as well. On a year-over-year basis, the majority of new jobs created in Southern Nevada were in construction (+8,500 jobs), education and health services (+5,000 jobs) and retail (+2,800 jobs). Job expansions were also experienced in the transportation and warehousing (+1,600 jobs), financial activities (+600 jobs), other services (+600 jobs), government (+400 jobs), manufacturing (+300 jobs) and wholesale (+300 jobs) sectors. Job losses occurred in professional and business services (-5,300 jobs), information (-1,500 jobs) and leisure and hospitality (-600 jobs). In 2015, job growth was dominated by the leisure and hospitality and construction sectors. In 2017, it appears to be spread among the trade, transportation and construction (which is good for industrial and retail real estate), health care and the government and education sectors. While the current construction employment of 61,300 jobs lags well behind the 111,300 construction jobs the Valley had in August of 2006, it has expanded quite a bit since the low of 34,800 construction jobs in early 2012. The industrial and multifamily sectors continue to be the key real estate stimulators of new construction in the Valley, though infrastructure really remains the king in terms of construction job creation in Southern Nevada. Important infrastructure projects are planned to continue for the next year at least, Project Neon being foremost among
them. The coming years will also see construction of new master-planned communities in Henderson, the Northwest and North Las Vegas, the ResortsWorld resort on the Las Vegas “Strip” and well as additional industrial and multifamily projects. Population growth, a key driver of Southern Nevada’s economy for the past century, may be improving in 2016. According to data provided by the Nevada Department of Motor Vehicles, the average number of out-of-state driver’s licenses turned in each month was 5,130 in 2015. So far in 2016, the average was 5,894 per month, higher than the last peak of 5,481 per month experienced in 2013. While this is still well below levels seen in the years prior to the Great Recession, it is a welcome improvement. The Valley’s improving job market might be the key factor in this increase in immigration into Southern Nevada. New home sales in the post-recession period have been slowly improving over the past three years, though they remain below the post-recession peak monthly average of 763 in August 2013. New home sales in 2016 averaged 633 homes per month. The median price for new homes has steadily increased over the past three years, and this might be partially to blame for the low sales. Home sellers cannot generate the profits they need at lower prices, and Southern Nevada buyers are finding these higher prices difficult to pay. As a result, existing home sales have been stronger than new homes sales over the past three years, and occupancy of multifamily properties has been more impressive yet, leading to the recent boom in multifamily development. Visitor volume and gaming revenue continued to improve in Southern Nevada in 2016. Visitor volume is on track to beat visitor volume in 2015, and gaming revenue is ahead of where it was at this point in 2015. Diversification of entertainment in the “Strip” resorts has made gaming revenue less important now than it was in past decades, but it still remains a key sector in Southern Nevada’s economy.
Commercial real estate (i.e. industrial, office and retail) investment sales volume in 2016 reached $1.13 billion in 234 sales totaling 8.1 million square feet at an average price per square foot (ppsf) of $139.78. This is down slightly from 2015. Sale volume growth (yearover-year) in 2016 was 24.1 percent for industrial properties. Sales volume growth was negative 43 percent for single-tenant retail properties, negative 29 percent for shopping centers and negative 28.1 percent for office properties in 2016.
Recovery Index
The recovery index managed seven months of growth from April 2016 to October 2016, and this growth could continue further before entering the usual winter lull. In October 2016, the index reached 103.7, indicating parity with August 2005, early in the boom that preceded the Great Recession. For this reason, we think Southern Nevada’s economy has finally recovered from the Great Recession, and is now in expansion mode. While the economy may have recovered in the broader sense, it is now a different economy than it was a decade ago. Some measures of the local economy have exceeded their 2005 levels, such as gaming revenue (though it remains below its peak in 2007), employment (with the notable exception of construction employment), visitor volume and taxable sales. Two measures, immigration into Southern Nevada and new home sales, remain below 2005 levels. Both have shown improvement over the past few months, and it is possible that higher migration into the region, if it continues, will finally push new home sales closer to its pre-boom levels. High prices for new single-family home may retard this, to the benefit of the multifamily market, which is now experiencing strong development in Southern Nevada. Still, higher migration, approaching the levels seen before the 2005 boom, should help the Valley to continue its expansion.
LAS VEGAS INSIDER | Dec em ber 2 016
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COLLIERS PERKS
HAVE IDEAS FOR A MONTHLY PERK? EMAIL LASGRAPHICS@LVCOLLIERS.COM TO SHARE!
On December 9th, the office enjoyed our annual Holiday Party at TopGolf Vegas. We rented out the Birdie Bar and a set of 6 golf bays and celebrated another successful year! Hal Savar kept the tunes coming as we ate, drank and played all afternoon. A few players even received some “prizes” for their efforts.
FEATURED DEALS
INDUSTRIAL SALE
INDUSTRIAL LEASE
±5,840 SQUARE FOOT INDUSTRIAL PROPERTY A sale to Unique Signs USA, Inc. The ±5,840 square foot industrial property is located in Promontory Corporate Plaza at 4325 West Patrick Lane, Unit 155 in Las Vegas. The transaction amount was $759,200.00. Dean Willmore, SIOR of Colliers International represented the seller, Liu Properties LV, LLC.
±4,110 SQUARE FOOT INDUSTRIAL PROPERTY A lease to Slater Design Studios. The ±4,110 square foot industrial property is located in Hacienda Business Park at 4040 West Hacienda Avenue, Suite 110 in Las Vegas. Brian Riffel and Tyler Jones of Colliers International represented the tenant.
LAND SALE
MEDICAL OFFICE LEASE
±2.05 ACRE VACANT LAND PARCEL A sale to Moh Co Ltd. The ±2.05 acre land parcel is located at the Northwest corner of Rainbow Boulevard and Cougar Avenue (APN: 176-15-701-015) in Las Vegas. The transaction amount was $1,125,000.00. Steven Haynes of Colliers International represented the buyer.
±2,038 SQUARE FOOT MEDICAL OFFICE PROPERTY A lease to Dr. Cheryl Ann Brewer. The ±2,038 square foot medical office property is located in North West Medical Center at 2931 North Tenaya Way, Suite 202 in Las Vegas. Stacy Scheer, CCIM and Andrew Kilduff of Colliers International represented the landlord, 2901-2931 North Tenaya Way Holdings.
RETAIL LEASE ±11,520 SQUARE FOOT OFFICE PROPERTY A lease to Academy of Hair Design, Inc. The ±11,520 square foot retail property is located at 5191 West Charleston Boulevard in Las Vegas. Phillip Dunning, CCIM of Colliers International represented the tenant.
LAS VEGAS INSIDER | Dec em ber 2 016
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FEATURED LISTINGS
4955 SOUTH DURANGO DRIVE
OWENS AVENUE AND MARION DRIVE
CHRIS CONNELL AND GRANT TRAUB
STEVEN HAYNES
•
±1,337 SF - ±3,045 SF Available for Immediate Occupany
•
±1.64 acres of vacant land for sale
•
Frontage along South Durango Drive and West Tropicana Avenue
•
±246’ of frontage along East Owens Avenue
•
Asking $1.50 - $1.65 PSF/Month Modified Gross
•
Las Vegas Zoned R-2
10000 WEST CHARLESTON BOULEVARD
6230 SOUTH DECATUR BOULEVARD
RYAN MARTIN, CCIM, SIOR, TABER THILL, SIOR, & PATTI DILLON
ERIC MOLFETTA, CCIM AND CHRIS ZUNIS
•
•
±71,093 square foot two-story, Class A suburban office building for lease.
±20,000 SF warehouse/showroom/retail space building for lease
•
$2.75/RSF, Full Service Gross
•
±10,000 SF of warehouse space with 22 ft. of ceiling clearance
•
Suites Ranging from ±2,729 – ±8,881 RSF
•
$1.55 PSF, NNN / CAMs- $0.16/SF
4343 NORTH RANCHO DRIVE
3475 & 3515 WEST POST ROAD
CHRIS CLIFFORD, STEVE NEIGER AND BRETT RATHER
GREG PANCIROV, SIOR AND MIKE DE LEW, SIOR
•
±1,625 - ±13,843 SF Space Available
•
±1,765 up to ±3,825 square feet dock high and grade loading
•
Turnkey build out offered for the contiguous ±13,843 SF
•
Centrally Located with Excellent Access to I-15, I-215, “The Strip“
of upstairs office
•
& McCarran Airport
$0.39 - $0.60 PSF NNN
•
200 AMP, 120/208 Volt, 3-Phase Panel per Suite
•
OFFICE HAPPENINGS
THANK YOU TO EVERYONE THAT HELPED TO MAKE OUR HOLIDAY ANGELS SHOPPING SPREE EVENT A SUCCESS. WE HELPED 20 KIDS AND THEIR FAMILIES TO HAVE AN AMAZING HOLIDAY AND IT WOULDN’T HAVE BEEN POSSIBLE WITHOUT YOUR DONATIONS AND YOUR TIME TO HELP FILL THEIR CARTS!
Colliers employees and brokers donated $4,000 and then a very special WalMart patron saw our efforts and contributed an additional $200 to our cause. With the Links for Life Foundation match, that brings our total donation to $8,400. We checked out with enough funds leftover to be able to write a check to the school for $5,000 which will cover the costs of ALL of their after school programs for ALL of their students for the remainder of this school year and the entirety of next school year as well. We made a difference and it was evident on the faces of the children we impacted. Thank you again!
IN THE NEWS PANATTONI BUILDS SPECULATIVE INDUSTRIAL PROJECT http://businesspress.vegas/real-estate/panattonibuilds-speculative-industrial-project?email_ subscriber=yes Q&A: SCOTT GRAGSON – HIGH HOPES FOR LAS VEGAS’ CONSTRUCTION INDUSTRY https://vegasinc.com/news/2016/dec/19/highhopes-for-las-vegas-construction-industry/
The Office Will Be Closed January 2
COLLIERS NAMES NEW EVP https://www.cpexecutive.com/post/colliersnames-new-evp/
LAS VEGAS INSIDER | Dec em ber 2 016
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OFFICE HAPPENINGS
PHILLIP DUNNING, CCIM Associate Vice President Retail Division
Phillip Dunning, CCIM is an Associate Vice President at Colliers International in Las Vegas, Nevada the leading full service commercial real estate firm in Southern Nevada. Phillip specializes in retail real estate with a focus on single tenant net leased assets, restaurant site selection, national tenant representation, retail investments and retail leasing.
Q
If you could only have one food the rest of your life, which food would you choose?
A
Pizza of course. Keep your hands off my Pizza, Traub!
Q
What famous person do other people say you most resemble?
A
Some people say I look like Nicolas Cage. Hopefully when he was younger.
UPCOMING EVENTS CREW LUNCHEON 11:30am Las Vegas Country Club JANUARY 12
NAIOP FORECAST 2017 7:30am The Orleans Hotel & Casino JANUARY 20 BOMA NEVADA’S TOBY AWARDS 5:00pm Four Seasons Hotel JANUARY 21
HAPPY NEW YEAR OFFICE CLOSED JANUARY 2
MARTIN LUTHER KING JR. DAY OFFICE CLOSED JANUARY 16
PREVIEW 7:00am Thomas & Mack Center JANUARY 24
MONTHLY RETAIL MEETING 8:30am Main Conference Room JANUARY 17
MONTHLY OFFICE MEETING 9:30am Main Conference Room JANUARY 25
LAST DAY TO SUBMIT DEALS FOR 2016 JANUARY 5
CCIM LUNCHEON 11:30am Palms Casino Resort JANUARY 25
USGBC BREAKFAST MEETING 7:00am inNEVation Center JANUARY 10 SIOR LUNCHEON 11:30am Maggiano’s at Fashion Show Mall DECEMBER 11
CAMP COLLIERS KICK-OFF MEETING 1:00pm Joe’s Stone Crab JANUARY 18
MONTHLY BIRTHDAY CELEBRATION 2:00pm Main Conference Room JANUARY 26
CONGRATULATIONS AND WELCOME ABOARD
2016 SALES AWARD TRIP March 17–21, 2017 // Mauna Kea Beach Hotel, Big Island, Hawaii
PLANE
Mike Mixer Mike Stuart Scott Gragson Dan Doherty Mike DeLew Tom Naseef Susan Borst
Pat Marsh Taber Thill Ryan Martin Spencer Pinter Dean Willmore Patti Dillon Chris Connell
Grant Traub Scot Marker David Grant Al Twainy Eric Molfetta Greg Pancirov Dan Gluhaich
Vince Schettler* Stacey Scheer* Kara Walker* Suzette LaGrange*
*These brokers qualified for the plane in November
BROKER RANKINGS YTD 2016 1. Dan Doherty
13. David Grant
25. Dan Gluhaich
37. Rebecca Staniec
2. Mike Delew
14. Suzette Lagrange
26. Brian Riffel
38. Patrick McNaught
3. Scott Gragson
15. Kara Walker
27. Garry Cuff
39. Joe Bonifatto
4. Mike Mixer
16. Scot Marker
28. Phillip Dunning
40. George Connor
5. Mike Stuart
17. Patti Dillon
29. Robert Torres
41. Steven Neiger
6. Pat Marsh
18. Grant Traub
30. Chris Lane
42. Brett Rather
7. Dean Willmore
19. Chris Connell
31. Chris Clifford
43. Frank Marretti
8. Susan Borst
20. Eric Molfetta
32. Renae Russo
44. Thomas Olivetti
9. Spencer Pinter
21. Greg Pancirov
33. Andrew Kilduff
45. Eric Tumbleson
10. Ryan Martin
22. Al Twainy
34. Keith Cubba
46. John Kilpatrick
11. Taber Thill
23. Stacy Scheer
35. Steve Haynes
12. Tom Naseef
24. Vince Schettler
36. Chris Lobello
LAS VEGAS INSIDER | D ec em ber 2 016
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OFFICE HAPPENINGS
VEGAS THE NUMBERS: OFFICE
OTHER $4,650
$459,518 30%
0% RETAIL $135,045
LEASE 31%
9%
NOVEMBER
NOVEMBER SALES VS. LEASE
SALES 69%
PROPERTY TYPES
LAND $112,219 7%
INDUSTRIAL $830,282 54%
DESCRIPTION
NOVEMBER ACTUAL
NOVEMBER BUDGET
% NOVEMBER BUDGET
% YTD BUDGET
$1,541,713
$1,068,817
144%
111%
Office Revenue
TOP 10 AGENTS OF THE MONTH NOVEMBER 2016 1. Suzette Lagrange
6. Ryan Martin
2. Kara Walker
7. Taber Thill
3. Mike DeLew
8. Dan Doherty
4. Mike Mixer
9. Phillip Dunning
5. Spencer Pinter
10. Scott Gragson
58
NOVEMBER OFFICE TRANSACTIONS
NOVEMBER 2016 ANNIVERSARIES Mike Mixer
1993
23 Years
Ryan Martin
2006
10 Years
Tom Naseef
2011
5 Years
Jeff Naseef
2011
5 Years
85/15 CLUB Mike Mixer Mike Stuart Scott Gragson Dan Doherty Mike DeLew Tom Naseef Taber Thill Ryan Martin Garry Cuff Pat Marsh Susan Borst Spencer Pinter Dean Willmore Patti Dillon
Dan Gluhaich Stacy Scheer David Grant Scot Marker Grant Traub Chris Connell Al Twainy Greg Pancirov Brian Riffel Eric Molfetta Vince Schettler Suzette Lagrange Kara Walker Phillip Dunning
MERCHANDISE NOW AVAILABLE
http://shop.nhl.com/Vegas_Golden_Knights_Gear
BROKERS OF THE MONTH CO NG RA T UL A T IO NS SUZETTE LAGRANGE
KARA WALKER, CCIM
Senior Vice President Industrial Division
Suzette La Grange joined Colliers International in 2005 following a 10 year career with CB Richard Ellis. She has been involved in office and industrial lease transactions totaling more than 7 million square feet, building sales of nearly 7 million square feet, and the sale of over 400 acres of land. In 2007, she was involved in the portfolio sale of approximately 3.5 million square feet of industrial buildings and land on behalf of DP Partners to ProLogis, a transaction valued at approximately $370 million. The majority of Ms. LaGrange’s real estate experience is in landlord and developer representation.
Senior Associate Industrial Division
Kara Walker, CCIM joined Colliers International Las Vegas as Senior Associate, specializing in Office and Industrial properties in 2015, bringing more than twelve years of diverse experience to her partnership with Senior Vice President, Suzette LaGrange. Kara’s extensive brokerage and marketing background allows their team to successfully promote and service their client’s properties in today’s competitive environment.
Q Q
If you could be any superhero, who would it be and why?
A
The Black Widow. She is beautiful, very smart and knows how to kick-ass! What more could a girl want?
Q A Q A
Q A
What is your favorite summer activity?
Traveling with my husband and two boys anywhere there are mountains, an ATV or two, and it isn’t 110 degrees What is one of the things you have on your “bucket” list?
A
Q A
Q A
To view the Northern Lights from a glass igloo in Iceland. There are so many more, but that’s at the top of the list. If you could live anywhere for a year, all expense paid, where would you live?
Jackson Hole, Wyoming. I love the wildlife, mountains, the Snake River, hiking, snow, cute town, great people. That would be my happy place. I hope to retire there someday!
Q A
If you could be any superhero, who would it be and why?
Superwoman. So I can fly and kick ass, duh! What is your favorite summer activity?
Barbequing, hanging out and relaxing with friends and family in my backyard/pool. Letting my horse in the yard to eat grass and hang out with us too. Life is good. What is one of the things you have on your “bucket” list?
I have a huge bucket list. One is going to Italy, which we will be doing this summer. So that will be checked off soon. Another at the top is top see the pyramids in Egypt. If you could live anywhere for a year, all expense paid, where would you live?
Italy, so I can research my family tree, spend time with my hubby and see my foreign exchange (practically adopted) daughter who lives in Como, Italy.
LAS VEGAS INSIDER | Dec em ber 2 016
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LAS VEGAS PHONE DIRECTORY LAND
INDUSTRIAL Susan Borst Mike DeLew Dan Doherty Jerry Doty Tyler Jones Suzette LaGrange Chris Lane Pat Marsh Eric Molfetta Sam Newman Greg Pancirov Spencer Pinter Brian Riffel Renae Russo Alexander Stanisic Kara Walker Dean Willmore Chris Zunis
+1 702 836 3719 +1 702 836 3736 +1 702 836 3707 +1 702 836 3735 +1 702 836 3754 +1 702 836 3799 +1 702 836 3728 +1 702 836 3741 +1 702 836 3756 +1 702 836 3724 +1 702 836 3776 +1 702 836 3776 +1 702 836 3773 +1 702 836 3775 +1 702 836 3742 +1 702 836 3705 +1 702 836 3763 +1 702 836 3703
Scott Gragson Steven Haynes John Kilpatrick Pat McNaught Vince Schettler Mike Stuart Robert Torres
+1 702 836 3790 +1 702 836 3718 +1 702 836 3780 +1 702 836 3792 +1 702 836 3796
GOLF COURSE
OFFICE Patti Dillon Andrew Kilduff Ryan Martin Rebecca Staniec Taber Thill
RETAIL Chris Clifford Garrett Connor George Connor Chris Connell Phillip Dunning Dan Gluhaich David Grant Amelia Hyden Scot Marker Steve Neiger Brett Rather Eric Tumbleson Al Twainy
+1 702 836 3746 +1 702 836 3738 +1 702 836 3786 +1 702 836 3709 +1 702 836 3766 +1 702 836 3757 +1 702 836 3785 +1 702 836 3774 +1 702 836 3782 +1 702 836 3760 +1 702 836 3794 +1 702 836 3708 +1 702 836 3725
+1 702 836 3730 +1 702 836 3727 +1 702 499 8999 +1 702 836 3798 +1 702 836 3764 +1 702 836 3739 +1 702 836 3788
HOTEL/RESORT Mike Mixer Dharmesh Patel
+1 702 836 3777 +1 702 836 3713
INVESTMENT SERVICES Joe Bonifatto Brian Fike Frank Marretti Tom Naseef Grant Traub
Keith Cubba
+1 702 836 3729 +1 702 836 3744 +1 702 836 3758 +1 702 836 3720 +1 702 836 3789
+1 702 836 3733
MEDICAL OFFICE Stacy Scheer
+1 702 836 3762
VALUATION SERVICES Tom Hoover
+1 702 836 3749
PROPERTY MANAGEMENT Erica Aulino Brandy Dumas Jennifer Kennedy Gretchen Lee Jennifer Maximino Jessie Noche Angelina Scarcelli
+1 702 836 3745 +1 702 836 3761 +1 702 836 3772 +1 702 836 3704 +1 702 836 3726 +1 702 836 3752 +1 702 836 3768
STAFF Nicole Cauilan Courtney Goffstein Alisa Husic Sara Johansson Gina Jones Matt Stater Chris Sutton
+1 702 836 3706 +1 702 836 3710 +1 702 836 3701 +1 702 836 3771 +1 702 836 3783 +1 702 836 3781 +1 702 836 3721
MULTI-FAMILY Christopher Bentley Garry Cuff Jeff Naseef Tom Naseef Thomas Olivetti
+1 702 836 3779 +1 702 836 3716 +1 702 836 3731 +1 702 836 3720 +1 702 836 3740
RECEIVERSHIP Christopher LoBello
+1 702 836 3714
MIKE MIXER
Executive Managing Director | Las Vegas
+1 702 735 5700