Accelerating success.
LAS VEGAS
INSIDER
A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS
DECEMBER 2020
4
INSIDE LOOK – INDUSTRIAL MARKETS
6
FEATURED LISTINGS
8
L AS VEGAS IN THE NEWS
12
FEATURED DEALS
14
LV RESEARCH – MEMORY LANE
16
UPCOMING JANUARY CALENDAR
18
L AS VEGAS BY THE NUMBERS
20
BROKER CONNECTION
22
KNOWLEGE LEADER FEATURES
23
L AS VEGAS DIRECTORY
Wishing you a wonderful holiday season from all of us at C olliers International Las Vegas. May the holiday fill your home with peace, joy, and love.
Accelerating success.
Amanda Ortiz National Director, Industrial Research amanda.ortiz@colliers.com
An Inside Look at the Top 25 U.S. Industrial & Logistics Markets
The markets that move America. Our Winter 2020 Top 25 Industrial Markets Report looks closely at the top 25 U.S. industrial markets and the key factors that shaped them through the third quarter of 2020, such as inventory, vacancy, absorption, rents and construction, among others. Inventory by region is heavily weighted in the Midwest, where more than 32% of the total U.S. product is concentrated, with the South coming in at a distant DECEMBER 2020
second with more than 28% of all industrial inventory. None of the markets tracked
4
in this report had vacancy that exceeded 10%. Additionally, the top five markets for product under construction each delivered more than 14 million square feet year-to-date.
Colliers International tracks a total of 76 industrial markets in the U.S. For the 25 markets covered in this report, the composition by geography is heavily weighted in the Midwest where 32.6% of the inventory is concentrated. The South region comes in at a distant second with 28.1% of all industrial inventory. None of the markets tracked in this repor t had vacanc y that exceeded 10%. Despite healthy absorption levels, markets including Dallas-For t Wor th, Houston and Phoenix repor ted vacanc y higher than 7%.
RENT HIGHLIGHTS •
Average U.S. overall asking rents have increased for 10 consecutive
The top five markets for product under construction
quarters and measured $7.21 per
each delivered more than 14 million square feet year-
square foot at the end of the third
to-date. Those top 5 markets - Dallas-Fort Worth,
quarter - a 2.6% increase over the
Chicago, Atlanta, Greater Los Angeles and Houston
previous quarter, and a 5.6% increase
– each have more than 16.5 million square feet
year-over-year. This rise in rents
under construction.
is attributed, in part, to the large influx of new industrial supply over
Three of the top 25 markets reported negative
the past year - particularly modern
absorption year-to-date. Despite this, two of those
distribution facilities.
markets - South Florida and the San Francisco Bay area - delivered more than 3.5 million square feet,
•
Eight markets posted average asking rents higher than the national
indicating that developer confidence in industrial
average and most are regions where
space has not waned.
pricing premiums are standard. The San Francisco Bay area, the New York City Metro area and the Washington, D.C. markets posted some of the highest average industrial rents in
14. 5%
the country each coming in at more than $10 per square foot.
32 .6%
•
Three industrial markets posted year-over year asking rent increases
2 4.8%
greater than 10%- Dallas-Fort Worth, Detroit and Philadelphia. With the Dallas market at the top of both product under construction and new supply lists, it’s little surprise that rents are rising as occupier demand 28.1%
for space in Dallas is incredibly high.
COLLIERS INTERNATIONAL LAS VEGAS
5
FEATURED LISTINGS
7195 North Jones Boulevard Alexia Crowley, CCIM, Grant Traub, SIOR, Chris Connell, SIOR •
±16,407 SF Memory Care Facility Investment For Sale
•
100% Occupied
•
Sale Price: $5,500,000
5385 Wynn Road, Suite B Brian Riffel, SIOR and Tyler Jones •
±24,673 SF available
•
±7,000 SF office (two-story) and corporate office layout
•
Lease Rate: $0.79/PSF (NNN)
5975 Topaz Street
DECEMBER 2020
Alex Stanisic, Stacy Shapiro, CCIM, Dean Willmore, SIOR
6
•
±82,644 SF industrial building on ±3.29 acres
•
100% air- conditioned building
•
Asking Price: $8,885,000 ($107.51/SF)
3005 West Horizon Ridge Parkway Megan McInerney, Taber Thill, SIOR, Patti Dillon, SIOR •
Medical Office/Office Space for lease
•
±985 SF — ±5,215 SF available
•
Lease Rate: $1.45 PSF, NNN
4626 S. Maryland Parkway Steve Neiger, CCIM, Chris Clifford, Brett Rather •
Turn-key restaurant space available for lease
•
±1,590 SF
•
Lease Rate: $2.75 PSF/MO, Plus $0.45 PSF/MO NNN
3.04 acres of land Steven Haynes •
±3.04 acres in North Las Vegas
•
The parcel IS NOT in a 100-year flood zone
•
Asking Price: $685,000
COLLIERS INTERNATIONAL LAS VEGAS
7
LV
In the news. Colliers Las Vegas Recognized for Excellence by International Property Management Association December 1 – Nevada Business Magazine
Colliers Las Vegas Broker Represents the Only Golf Course Development Site in St. Andrews, Scotland – the Birthplace of Golf December 2 – Nevada Business Magazine
NEED PRESS?
Get the news out!
Patti Dillon, SIOR Recognized as Broker of the Year by Prestigious Industry Society December 15 – creconfidential.com
Reach out and let us know the good news. New listings, properties just sold/leased, team news, etc! Help us, help you.
DECEMBER 2020
REMS Success.
8
Colliers International represents one of the Top 10 real estate deals of 2020 December 26 – Las Vegas Review-Journal
A new Colliers Management Development Program graduate
Two global sessions featuring how occupiers are adapting their workplace strategy Colliers’ Workplace Advisory team hosted two live sessions on the 15th and 16th of December featuring workplace experts from around the world. READ MORE
The U.S. Election Result and Implications for Global Real Estate In the second part of a two-part series, we explore Biden’s policy approaches and the associated economic, business, market and real estate impacts within the United States, Europe/Middle East/Africa (EMEA) and Asia-Pacific (APAC) markets.
Community of the workplace Over the past decade or so, the relationship between work and life has dramatically changed; the two are no longer held in balance but, rather, work and life have more or less merged. This shift has heightened the connection between employees and they spaces where they work. Therefore, employees’ workspaces are gaining importance and have become a reason why employees choose to work at one company over another.
DOWNLOAD REPORT Copyright © 2020 Colliers International
TONY HSIEH 1973–2020
READ MORE
The Angst of Holiday Delivery Inventory supply, personal safety, and finances are just a few of the things on consumers’ and retailers’ minds this holiday season. As the winter holidays close in, the concern over packages arriving on time is likely to rank highest on consumers’ shopping lists.
COLLIERS INTERNATIONAL LAS VEGAS
9
Holiday Cheer.
LINKS FOR LIFE
F O U N D A T I O N
We are honored to help the Las Vegas Rescue Mission bring holiday joy to children across our community. Over 4,000 gifts were provided to local children at the Las Vegas Rescue Mission Toy Drive on Saturday, December 19 at World Market Center. Colliers International Las Vegas and Links for Life Foundation donated $10,000 and had multiple volunteers to help out on the day of the event.
DECEMBER 2020
Thank you to our Las Vegas Team!
10
Las Vegas Review-Journal images provided by @Left_Eye_Images
Good News For Las Vegas.
RE AD MORE
RE AD MORE
RE AD MORE
$10M DONATION FROM MACKENZIE SCOT T
A LEGEND IS BORN IN LAS VEGAS
PLANS TO EXPAND UNDERGROUND TRANSIT
HELPING SOUTHERN NEVADA
CIRCA RESORT & CASINO
LED BY THE BORING COMPANY
Largest gift in the United Way of Southern Nevada’s 63-year history
First new downtown hotel built from the ground up since 1980
Expanding the transit system to other parts of the Las Vegas valley
Tony Hsieh’s DTP Companies developed a huge footprint in LasVegas with dozens of properties in its portfolio. Colliers’ retail-property broker, Chris Clifford, spoke with the @reviewjournal about the growing interest in downtown realestate.
COLLIERS INTERNATIONAL LAS VEGAS
11
DECEMBER 2020
FEATURED DEALS Industrial Sale A sale to JD Lockaway, LLC. The ±25,875 square foot industrial property is located in Craig Corporate Park at 4548 Calimesa Street in Las Vegas. The transaction amount was $3,000,000.00. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, SIOR, CCIM and Jerry Doty, SIOR of Colliers International represented the buyer.
Land Sale A sale to Roma Investment Group LLC. The ±1.53 acre land parcel is located in Wadsworth Craig Plaza LLC near Coleman Street and West Craig Road (APN: 139-05-716-003) in North Las Vegas. The transaction amount was $320,000.00. Steven Haynes of Colliers International represented the seller, Wadsworth Craig Plaza LLC.
Industrial Lease A lease to Central Cabinets Direct, Inc. The ±27,342 square foot industrial property is located in Arroyo North Business
DECEMBER 2020
Center (Phase I) at 6630 Arroyo Springs Street, Suite 300 &
12
400 in Las Vegas. Spencer Pinter of Colliers International represented the landlord, EJM Arroyo North I Property LLC.
Industrial Sale A sale to 4251 Oquendo Road LLC. The ±5,350 square foot industrial property is located at 4251 West Oquendo Road in Las Vegas. The transaction amount was $1,175,000.00. Dean Willmore, SIOR, Mike Willmore, Alex Stanisic and Stacy Shapiro, CCIM of Colliers International represented the seller, Middlefork Holdings, LLC. Lauren Willmore of Colliers International represented the buyer.
Retail Sale A sale to RHB Arvada, LLC. The ±3,800 square foot Meineke retail property is located at 10455 South Rainbow Boulevard in Las Vegas. The transaction amount was $1,495,000.00. Dan Gluhaich of Colliers International represented the buyer.
Industrial Lease A lease to Curesupport NA, LLC. The ±23,000 square foot industrial property is located at 5425 South Valley View Boulevard in Las Vegas. Chris Clifford, Steve Neiger, CCIM and Brett Rather of Colliers International represented the landlord, 5425 South Valley View LLC.
COLLIERS INTERNATIONAL LAS VEGAS
13
L A S VEGA S RESE ARCH
A BAD YEAR, YES! But the Worst?
What can you say about 2020? A terrible year to be sure, and perhaps an inflection point in American and World history. But was it the worst year ever? Let us walk back through the corridor of time, my friends, to see if just how justified we are in thinking we’ve been through the worst. First stop: 536 AD. In that year, it was probably a volcano that kicked of f the trouble. A volcano, probably in the Pacif ic Ring of Fire, exploded and sent ash high into the atmosphere, blocking out the sun. This caused ex treme weather events globally, such as August snow fall in China that ruined the har vest. Famine followed, and plague. Nations fell, barbarians plundered, dogs and cats lived
DECEMBER 2020
together – mass hysteria!
14
John Matt Stater Research & GIS Manager, SW Las Vegas john.stater@colliers.com
Or how about 1665 AD, when the plague (the bubonic, of course) came to London. In just 18 months, a quarter of the city ’s population was dead. Daniel Dafoe’s novel A Journal of the Plague Year (1722) covers the events quite well. I just happened to be reading that book in Februar y of this year, and I can tell you our own modern plague, as awful as it has been, is a far cr y from London’s woes almost 400 years ago. The well-known Spanish Flu also comes to mind when thinking about truly bad years. It followed the First World War – no picnic itself, and ended in time for a Great Depression, a Second World War, communist death camps claiming 150 million lives, a Cold War with the threat of nuclear annihilation … I think you get see my point. The 20th centur y left few unscathed. The point of this trip down memor y lane is that life on Earth has been pretty tough going ever since Adam and Eve got booted out of Paradise. The reality is that in 250,000 + years of human struggle,
For my part, I wish everyone good health, happy times with your friends and family, mask-less indoor dining and a relatively painless murder hornet infestation in 2021. Keep on truckin’ through!
things have actually gotten steadily better. Woe to us if we start complaining because we don’t have perfection. Perfection is not in the cards. As 2020 comes to a close, with COVID-19, an “interesting” election, mass unemployment, murder hornets (who must be waiting until next year to really get going – too crowded a season in 2020) and who knows what else (we do have a couple weeks left, after all), we can at least be hopeful for a better 2021. The economy appears to be mending, though not without challenges ahead. The vaccine that would take a miracle to be deployed within
The point of this trip down memory lane is that life on Earth has been pretty tough going ever since Adam and Eve got booted out of Paradise.
12 months is being deployed – miracle delivered! They even think the process for developing that vaccine could aid in the development of many more vaccines. They even have the masks off again in Australia!
COLLIERS INTERNATIONAL LAS VEGAS
15
Upcoming Calendar. J A NUA RY 2021
New Year’s Eve
NAIOP Virtual Breakfast
Office Closed
7:00am–8:45am
Thursday, December 31
Thursday, January 21
Happy New Year
Investment Monthly Meeting Zoom
Office Closed
9:00am–10:30am
CREW Luncheon Zoom
(Grant Traub to send Zoom link)
Scot Marker
Office Monthly Meeting Zoom
Jerry Doty
11:30am–1:00pm Tuesday, January 12
SIOR Luncheon Zoom 11:45am–1:30pm Wednesday, January 13
Martin Luther King Day Office Closed
Tuesday, January 26
9:00am–10:00am Wednesday, January 27
Retail Monthly Meeting Zoom 9:00am–10:30am Tuesday, January 19
DECEMBER 2020
(David Grant to send Zoom link)
Shalonda Hughes
(Taber Thill to send Zoom link)
CCIM Luncheon Zoom 11:30am–1:30pm Wednesday, January 27
Monday, January 18
16
JANUARY BABIES:
Friday, January 1
Industrial Monthly Meeting 9:00am–10:00am Thursday, January 28
Joe Bonifatto
2020/21 SALES AWARD TRIP MARCH 11–15, 2022
FAIRMONT KEA LANI IN WAILEA, MAUI DAN DOHERT Y
CHRIS CLIFFORD
PAUL S WEE TL AND
BRIAN RIFFEL
DAVID GR ANT
PAT MAR SH
CHRIS L ANE
GR ANT TR AUB
JERRY DOT Y
DE AN WILLMORE
SPENCER PINTER
DAN GLUHAICH
KEITH CUBBA
ALE X S TANISIC
’
’ YOU MADE THE PLANE
COLLIERS INTERNATIONAL LAS VEGAS
17
// NOVEMBER 2020 //
MONTHLY LAS VEGAS OFFICE REPORT
DECEMBER 2020
Broker Rankings YTD
18
1.
Dan Doherty
24. Alexia Crowley
2.
Paul Sweetland
25. Brian Fike
3.
Jerry Doty
26. George Connor
4.
Chris Lane
27. Steve Haynes
5.
Chris Clifford
28. Ryan Hendershot
6.
Dean Willmore
29. Al Twainy
7.
Brian Riffel
30. Kara Walker
8.
David Grant
31. Suzette Lagrange
9.
Spencer Pinter
32. Gabe Skerlich
10. Dan Gluhaich
33. Chris Bentley
11. Pat Marsh
34. Steve Neiger
12. Grant Traub
35. Brett Rather
13. Keith Cubba
36. Gabe Telles
14. Eric Molfetta
37. Jennifer Lehr
15. Alex Stanisic
38. Tyler Jones
16. Mike Mixer
39. Lauren Willmore
17. Stacy Shapiro
40. Sam Newman
18. Scot Marker
41. Joe Bonifatto
19. Mike Willmore
42. Chase Pavlov
20. Jeff Swinger
43. Rebecca Staniec
21. Taber Thill
44. Megan McInerney
22. Patti Dillon
45. Chris Lobello
23. Chris Connell
46. Amanda Irving
MULTIFAMILY
OTHER
3%
5%
OFFICE
2%
RETAIL
18%
NOVEMBER PROPERTY TYPES 58% Monthly Budget 65% YTD Budget
INDUSTRIAL
72%
Sales vs. Lease Revenue
37% - Sales
63% - Lease
November Anniversaries Mike Mixer
1993
27 Years
BROKER OF THE MONTH
C —“œm¨m‡—˘’
JEFF SWINGER A Giving Spirit. Jef fs’s donation will be going to Nevada Partnership for Homeless Youth. The most comprehensive service provider for thousands of young people experiencing homelessness in the community, providing access to life-changing services for homeless youth 24 hours a day at virtually every street corner in Southern Nevada. NPHY’s wraparound programs stabilize young people’s lives, meeting their immediate needs and providing a safe, supportive environment and a path to self-sufficiency.
Apartment values are coming back after a short period of discount deals. For a short period, there was a 5% to 10% discount on deals that did move in the summer, according to Noah E. Hochman, co-chief investment officer and head of Capital Markets for TruAmerica. But that didn’t last long. “As the capital markets stabilized and you could borrow in the 2% range, cap rates returned to pre-COVID levels,” Hochman says. “With the exception of markets like maybe Las Vegas and parts of Orlando that have a lot of credit exposure in the service sector, values are probably the same as they were pre COVID.”
A few words of wisdom. “Through perseverance many people win success out of what seemed destined to be certain failure.”
-Benjamin Disraeli
51 Deals
Our Las Vegas Office completed a total of 51 Deals for the month of November.
READ MORE COLLIERS INTERNATIONAL LAS VEGAS
19
MEE T
Steven Haynes
NOVEMBER 2020 DECEMBER
Land Division
20
L A S V EG A S BROK E R CONNEC T ION
You’re a golfer. Who would you like to play a round with? Any specific course?
I’d play with my Father – he passed away before I took up the game. Rivers Edge Golf Club – North Platte Nebraska
Favorite party town you’ve been to? What did you love about it?
Cabo San Lucas, Mexico! The beach, food, and of course the bars. What topic could you give a 20-minute presentation on without any preparation?
Why Soccer is the best sport in the World.
Tag! You’re it! Rebecca Stanisic will be featured next month. Your custom questions will be on the way. Be on the lookout.
COLLIERS INTERNATIONAL LAS VEGAS
21
Knowledge Leader
Retail Rallies On, Backed by Consumer Resilience Our latest report explores how retail is making a comeback in the second half of 2020. While consumer confidence has not returned to pre-pandemic levels, it has seen an upswing, climbing its way into neutral territory and managing to stabilize retail spending. The shift from services to goods backed the sentiment that retail spending held up much better than expected in 2020.
READ MORE
Knowledge Leader
Market Insights U.S. Industrial Q3 2020 Explore the latest key statistics and Colliers’ outlook for the U.S. industrial market. Click the data you want to review or scroll.
DECEMBER 2020
CLICK
22
DIREC TORY INDUSTRIAL
PROPERTY MANAGEMENT
HOTEL/RESORT
Dan Doherty
+1 702 836 3707
Erica Aulino
+1 702 836 3745
Jerry Doty
+1 702 836 3735
Valerene Corbin
+1 702 836 3761
Ryan Hendershot
+1 702 836 3751
Jennifer Kennedy
+1 702 836 3772
Tyler Jones
+1 702 836 3754
Jennifer Mount
+1 702 836 3753
Suzette LaGrange
+1 702 836 3799
Christine Norberg
+1 702 836 3704
Chris Lane
+1 702 836 3728
Angelina Scarcelli
+1 702 836 3768
Pat Marsh
+1 702 836 3741
Sam Newman
+1 702 836 3724
Chase Pavlov
+1 702 836 3731
Spencer Pinter
+1 702 836 3776
Brian Riffel
+1 702 836 3773
Danielle Scarano
+1 702 836 3747
Stacy Shapiro
+1 702 836 3762
Alexander Stanisic
+1 702 836 3742
GOLF COURSE
Paul Sweetland
+1 702 836 3750
Gabe Telles
+1 702 836 3758
Keith Cubba
Kara Walker
+1 702 836 3705
Dean Willmore
+1 702 836 3763
Mike Willmore
+1 702 836 3748
MULTI-FAMILY
Lauren Willmore
+1 702 836 3730
Christopher Bentley
+1 702 836 3779
Shalonda Hughes
+1 702 836 3765
Jeffrey Swinger
+1 702 836 3764
Mike Mixer
+1 702 836 3777
INVESTMENT SERVICES 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
+1 702 836 3708
Grant Traub
+1 702 836 3789
STAFF Nicole Cauilan
+1 702 836 3706
Sara Johansson
+1 702 836 3771
Gina Jones
+1 702 836 3783
Brianna Maldonado +1 702 836 3701 +1 702 836 3733
Caryl Lou Paayas
+1 702 836 3702
Matt Stater
+1 702 836 3781
Chris Sutton
+1 702 836 3721
OFFICE Chris Connell
+1 702 836 3709
Patti Dillon
+1 702 836 3790
Megan McInerney
+1 702 836 3700
Rebecca Staniec
+1 702 836 3792
Taber Thill
+1 702 836 3796
RECEIVERSHIP Christopher LoBello +1 702 836 3714
MEDICAL OFFICE Alexia Crowley
+1 702 836 3778
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
Richard Koldewyn
Jennifer Lehr
+1 702 836 3736
Heidi Meidenbauer +1 702 836 3726
Scot Marker
+1 702 836 3782
Leah Mullen
+1 702 836 3775
Steve Neiger
+1 702 836 3760
Evan Ranes
+1 702 836 3749
Brett Rather
+1 702 836 3794
Brandon Roper
+1 702 836 3734
Al Twainy
+1 702 836 3725
LAND Steven Haynes
+1 702 836 3727
VALUATION SERVICES +1 702 836 3738
LAS VEGAS COLLIERS INTERNATIONAL LAS VEGAS
23
Accelerating success.
400 offices in 68 countries on 6 continents MARKET CONTACT:
ANZ: 54 United States: 159 Canada: 48
Mike Mixer, SIOR Executive Managing Director
+1 702 735 5700
mike.mixer@colliers.com
Latin America: 20
John Stater Research & GIS Manager
Asia Pacific: 45
+1 702 836 3781
EMEA: 114
$3.5 billion in annual revenue 2 billion square feet under management 18,000+ professionals and staff
john.stater@colliers.com
Colliers International | Las Vegas 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.
