Commercial Properties in Las Vegas are filling back up

Commercial properties filling back up

Recent indicators tell us that slowly, one by one, commercial properties in Las Vegas are being filled. It is unfortunate that commercial real estate tends to lag residential property markets by at least a year, and those prices have been bouncing back for a while. Finally the commercial market can say it’s dark night is over. Retail properties have been especially fortunate, seeing their vacancy rates fall from an all time high of nearly 20%. The restoration of the market can be traced to better employment opportunities in Las Vegas, which suffered about as much as you could. Nevertheless, shopping centers that formerly had 7 vacancies, now have one or two. Much of this is because rents are the best they’ve ever been and people are taking advantage of the great deals that can be had.