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Las Vegas Real Estate

In Business Las Vegas December 23 - December 29 Current Issue Special Publications Search In Business In Business on TV The List Book of Lists About InBusiness Media Kit Subscribe Contact Us Real Estate and Development Big jump expected in commercial rents By Jennifer Shubinksi / Staff Writer What does the new year have in store for the Las Vegas Valley's commercial tenants? Most likely increases in rent -- in some cases up to 15 percent. "Potentially significant rent increases are expected during 2006 as leases expire and developers attempt to catch up to inflation," said John Restrepo, principal of Restrepo Consulting Group. When adjusted for inflation, the average monthly rents for commercial properties have remained relatively flat since 2001, despite healthy demand, a local research firm reported. After adjusting for inflation, the average monthly office rent in the third quarter of 2005 was $1.91 per square foot or just below the $1.93 recorded in the first quarter of 2001, Restrepo Consulting Group LLC reported. The inflation-adjusted industrial average rent in the third quarter was 57 cents, compared with the 61 cents recorded in the first quarter of 2001, the firm reported. The inflation-adjusted average retail rents in the third quarter was $1.51, compared with $1.47 in the first quarter of 2001, Restrepo Consulting Group reported. Restrepo said absorption (demand) has remained strong, and vacancies in the third quarter in all commercial markets were relatively low. The reason rents, when adjusted for inflation, have remained flat is largely because of increases in supply during the past four years, tenant resistance to rent increases and the lease contracts, many of which have not expired yet, he said. The slow rent growth has made certain types of new development, especially in the industrial sector, more difficult, said Vic Donovan, Colliers International managing director. Increasing land prices have made it difficult for developers to justify building industrial products, while at the same time industrial land is being bought up and rezoned for other uses. "It's about time that commercial rents start increasing to encouraging additional development to allow us to be supply-competitive with other cities in the southwest," Donovan said. "We can't afford to lose our competitive edge if we are to maintain a healthy commercial real estate market." Restrepo said on average, rents will increase between 10 percent and 15 percent in 2006. He expects retail and industrial, which have the lowest vacancies, to experience rent increases of at least 15 percent. Average office rent increases will be at least 10 percent, but in some prime locations it could be more, he said. "For example, our rent going up 17 percent here (Hughes Center) because there's virtually no space left," Restrepo said. Despite a low vacancy rate there is always some vacancy in a market, he said. "A whole market doesn't go zero; there's always turnover and frictional vacancy. It may not be in a location that's best or may not be product you want to rent," Restrepo said. In other news: Land in the Las Vegas Valley during the third quarter 2005 reached an all-time high of $708,000 per acre, research firm Applied Analysis reported this week. The average price during the second quarter 2005 was $601,600 per acre, the group reported. The firm's report analyzed 362 transactions, comprising more than 1,800 acres. Values reached $16.25 per square foot for land during the third quarter, a 76 percent increase when compared with the third quarter 2004, when land prices were $402,500 per acre, or $9.24 per square foot, Applied Analysis reported. Notable transactions during the third quarter included: • The former Westward Ho, on 15.2 acres on Las Vegas Boulevard, which was purchased for $145.5 million, or $9.6 million per acre, by Centex Destination Properties, a division of Centex Homes. • An 85.5-acre assemblage of 35 parcels in the southwest portion of the Las Vegas Valley was acquired by Gameday LLC for $48.7 million, or $568,000 per acre. • Developers with projects in the southwest Las Vegas Valley have formed a partnership to create "West Village," a planned "suburban downtown" that would encompass about 700 acres. West Village is centered at Interstate 215 and the intersection of Sunset Road and Durango Drive and includes projects that have been proposed for the area. By teaming up together, the developers and land owners in West Village said they hope to bring cohesiveness to the area, as opposed to each developer acting independently. Developers hope to bring consistency to landscape design, share market ideas, coordinate mass transit and setting development standards for the partners to follow. West Village is bordered by Patrick Lane to the north, Warm Springs Road to the south, Cimarron Road to the east and the Las Vegas Beltway to the west, and by the freeway as it curves north. County zoning allows for heights up to 200 feet and up to 100 residential units per acre. The developers in the partnership include Centra, KB Home, Curve Development Co., Glen Smith & Glen Development, Sunset Durango Partners, GKT Holdings, Station Casinos Inc. and UNLV. Clark County officials also are involved in the planning. The area has the potential for 10,000 residential units, 8 million square feet of commercial space, a university research and technology park, and a possible casino complex is planned for that portion of the valley. So far, the only project in West Village is Centra's Centra Point, an 11-building, 30-acre office project totaling 450,000 square feet. Other key developments planned for the southwest valley that are now a part of the West Village concept are: The Curve -- a 45-acre community that when built will include mid-rise residential buildings and retail in an open-air design. Glen Smith & Glen Development -- a 20-acre project being planned by developer Glen Smith & Glen that will include high-end, mid-rise residential, office and retail. Project Durango -- a yet-to-be-named 65-acre development that is a joint venture between Centra and KB Home. The planned project would include residential units and up to 750,000 square feet of commercial space. Harry Reid Research and Technology Park -- a planned 120-acre research park that is being developed by the UNLV Research Foundation. Durango Station -- a 70-acre site that has been owned by Station Casinos for many years. The land, on the south side of the beltway at Durango Drive, is zoned for a casino. GKT Holdings -- residential and commercial uses are planned on 155 acres. Sunset Durango Partners -- a 10-acre site that is entitled for mid-rise residential. Jennifer Shubinski covers real estate and development for In Business Las Vegas and its sister publication, the Las Vegas Sun. She can be reached at (702) 259-8832 or by e-mail at js@lasvegassun.com. IBLV Homepage Click here for problems or questions. Read our policy on privacy and cookies. Advertise on Vegas.com. Work for Vegas.com. All contents © 1998 - 2005 Vegas.com The Most Visited Place on Earth

foreclosure property Top List

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Texas landscapes of our

American Farmland Trust Texas region Texas Special Report Going, Going, Gone: The impact of land fragmentation on Texas agriculture and wildlife The Texas of legend, and of our memories, is a land of vast, wide open spaces. The reality, however, is that over the last 30 years, the average size of land ownership—the average acreage of land holdings—in Texas has been shrinking dramatically. A March, 2003 report from Texas Cooperative Extension of the Texas A&M University System and American Farmland Trust, entitled Texas Rural Lands: Trends and Conservation Implications for the 21st Century [ More ] , assesses the extent of land fragmentation in Texas and identifies predictors that warn of areas around the state most at risk for fragmentation. The report also examines how effective a purchase of development rights program may be in stemming the tide of land fragmentation in Texas. ( More information on PDR in Texas) Going, Going, Gone: The Impact of Land Fragmentation on Texas Agriculture and Wildlife summarizes some of the findings of that report, by discussing the effect of land fragmentation on our citizens, wildlife, farming, ranching and water supplies. This 12-page study also outlines recommendations made by American Farmland Trust with an eye toward conserving family lands and the Texas landscapes of our memory. To accommodate new landowners, the vast farms and famous Texas ranches are being rapidly splintered into smaller and smaller pieces. Each year since 1970, about 1,000 new farms and ranches have been established in Texas. At the same time, the total area devoted to agricultural uses declined by almost 3 million acres. That's 33,000 more farms and ranches on 3 million fewer acres. This process is part of a trend known as land fragmentation. ( Look at a map of Texas' most fragmented counties) Those new "ranchettes" are typically too small for traditional farming, ranching or forestry. But that's fine with most new landowners who have limited interest in working the land. Instead, they want a place where they can escape the crowds and noise of urban life. They want to do a little hunting, explore the countryside, own a few cattle and reconnect with the spirit of the old West. One recent survey of new landowners by the Texas A&M University's Real Estate Center found that 80 percent of buyers said that finding land for non-agricultural uses, like hunting, fishing and other recreation were "very important" motives for their purchase. Sadly, this rush to embrace the land may be ruining it. Thousands of new "ranchettes" are gobbling up open space and degrading wildlife habitat, while at the same time depleting and polluting scarce water resources. The most vivid examples of this phenomenon can be found in the more populous eastern half of the state and on the outskirts of just about any major city. From 1992 to 2001, over half a million acres of farm and ranchland in twenty-five Texas counties were converted to land uses other than agriculture. While this loss due to "urban sprawl" was primarily confined to the fringes of our major metropolitan areas, the fragmentation of agricultural lands into smaller ownerships has occurred in areas that have not been affected by urban sprawl. Fragmentation is starting to eat away at large ownerships even in areas such as the Trans Pecos and South Texas, which seem the very definition of "wide open spaces." This fragmentation is likely to continue in some of the most rural areas of the state where natural amenities such as recreation potential and scenic beauty are in high demand. Texas Rural Lands: Trends and Conservation Implications for the 21st Century examined the issue of land fragmentation and its impact on land uses across the state and found that this phenomenon is rapidly transforming Texas. The changes often go unnoticed by the average Texan, but those close to the land see the consequences. Things are changing. Follow the links below to view the rest of the report. Or download a PDF of the full report here . Look at the Texas Land Trends interactive report here . For more information on both reports, contact: Bob Wagner American Farmland Trust 1 Short Street Northampton, MA 01060 413-586-4593 Texas Regional home page AFT's Press Release on Going, Going, Gone Fragmentation study overview New Breed of Landowners Ranches and Wildlife Water Worries A PDR program for Texas Recommendations Charts and Graphs 1200 18th Street, NW, Suite 800 Washington, DC 20036 info@farmland.org 202-331-7300 202-659-8339 (f) [ << AFT Home ]

Denver Real Estate needs

Aurora Real Estate - Denver Homes for Sale - Arapahoe County Real Estate Michael "Mike" Strear e-Pro, SRES (303) 263-4993 Working with Seniors and their Denver Real Estate needs Featured Homes - Looking for just the right property? Check here first! Buyer/Seller Tips: Read through helpful tips of information on buying or selling your home! What is your Home's Value? Let me figure out how much your home is worth in today's market! Local Schools: Identify the best school district for your family with my free schools reports. Local Weather: Get up-to-date information on weather in the surrounding communities. Map & Driving Directions - Need a map to my office or anywhere else? The marketing focus of this site is shifting towards Seniors, their needs and lifestyles. It has become apparent that single level homes are more convenient than multilevel homes for many of you and for me. I have proudly, just received my SRES (Seniors Real Estate Specialist) designation, following sixteen hours of classroom instruction. This designation will aid me in my relationships with the mature communities in the metro area. A page has been added , listing the many Town Home, Condo and Patio home areas in the metroplex that specialize in Senior living. Please press the "Senior Living" button near the top of the left-hand column and view the beginning listings on the page. This page will continue to grow from now on. Of course, I will still continue working with buyers and sellers of all ages. I have added a new button in the left side column. "Local Economy" is a link to the Denver Economy Tracker newsletter and is provided by North American Title. This can be easily reprinted for your use and I hope you enjoy the information it contains. The "Find a Home" button is a direct link to the Multilist and allows access to most of the For Sale Homes that are available. The "Newsletter" button located at the bottom of the column at the left is new and is loaded with information. As always, the "Local Partners" button leads you to many of the people that I have worked with for many years. If you have additional needs and cannot locate help on the "Partners"site please contact me for further information . If you currently own property and are thinking of placing it on the market, this site contains information about preparing your home for sale, selecting the right agent, pricing your home appropriately, marketing it effectively, going through the inspection processes, and receiving a timely market evaluation. Thanks for visiting my online real estate source. Please bookmark this site for future reference, and ENJOY! Favorite Links SeekOn/Real Estate Michael E Strear Keller Williams Realty 3095 S Parker Rd. #200 Aurora, CO 80014 Cell: (303) 263-4993 Office: (303) 745-1100 Fax: (303) 745-3446 E-Mail: Mike@cdenverhomes.com Relocation Network & Partners Click here to link with this site! Real Estate Associates Relocation Connection REALTOR® Partners Real Estate Agents & Realtors Colorado Real Estate Agents Colorado Realtor Web Site Design and Hosting Provided By: Advanced Access © 1998-2005