Las Vegas Real Estate
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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
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Amazon.co.uk: Buying a Property in Spain: An Insider Guide to Finding a Home in the Sun: Books BOOK SEARCH BROWSE CATEGORIES SPECIAL OFFERS TOP SELLERS AUDIO BOOKS Paperbacks 3 for £12 NEW & USED TEXTBOOKS HARRY POTTER SELL YOUR BOOKS All Products -Books -Used Books -Collectable Books All Subjects -Art, Architecture & Photography -Audio Cassettes -Audio CDs -Biography -Business, Finance & Law -Children's Books -Comics & Graphic Novels -Computers & Internet -Crime, Thrillers & Mystery -Fiction -Food & Drink -Gay & Lesbian -Health, Family & Lifestyle -History -Home & Garden -Horror -Humour -Mind, Body & Spirit -Music, Stage & Screen -Poetry, Drama & Criticism -Reference & Languages -Religion & Spirituality -Romance -Science & Nature -Science Fiction & Fantasy -Scientific, Technical & Medical -Society, Politics & Philosophy -Sports, Hobbies & Games -Travel & Holiday -Young Adult All Subjects Art, Architecture & Photography Audio Cassettes Audio CDs Biography Business, Finance & Law Children's Books Comics & Graphic Novels Computers & Internet Crime, Thrillers & Mystery Education & Languages Fiction Food & Drink Gay & Lesbian Health, Family & Lifestyle History Home & Garden Horror Humour Mind, Body & Spirit Music, Stage & Screen Poetry, Drama & Criticism Reference Religion & Spirituality Romance Science & Nature Science Fiction & Fantasy Scientific, Technical & Medical Society, Politics & Philosophy Sports, Hobbies & Games Travel & Holiday Young Adult BOOKS INFO At A Glance Reviews Customer Reviews Search Inside! Table of Contents See more by this author E-mail a Friend About This Item Recommendations If you already own this, rate it and improve your recommendations , Not Rated Find a huge selection of books at 30% off Become an Associate Join our Associates Programme and make money from your website! Buying a Property in Spain: An Insider Guide to Finding a Home in the Sun Harry King Search inside this book List Price: £10.99 Our Price: £7.69 & eligible for Free UK delivery on orders over £15 with Super Saver Delivery. See details & conditions . You Save: £3.30 (30%) Availability: usually dispatched within 24 hours. 41 Used & New from £2.95 See larger photo Edition: Paperback More Product Details ~ See Table of Contents Perfect Partner Buy Buying a Property in Spain: An Insider Guide to Finding a... with The Best Places to Buy a Home in Spain today! Total List Price: £22.94 Buy Together Today: £16.05 Customers who bought this item also bought: Buying a Home in Spain 2005 ;Paperback~David Hampshire Going to Live in Spain: A Practical Guide to Enjoying a New Lifestyle in the Sun ;Paperback~Harry King Buying a House in Spain: Where and How to Do It (Buying a House S.) ;Paperback~Dan Boothby Gone to Spain: You Too Can Realise Your Dream of a Better Lifestyle ;Paperback~Tom Provan Living and Working in Spain: How to Prepare for a Successful Visit, Be It Short, Long-term or Forever (Living & Working Abroad) ;Paperback~Robert A.C. Richards Explore similar items ... Product Details: Paperback 256 pages(May 1, 2002) Publisher: How To Books Language: English ISBN: 185703791X Category(ies): Home & Garden , Travel & Holiday Average Customer Review: | Write a review Amazon.co.uk Sales Rank: 96,288 (Publishers and authors: improve your sales ) sign in to turn on 1-Click™ ordering. 31 New from 2.95 10 used from 3.50 Have one to sell? (We'll set one up for you) View my Wish List . Reviews Synopsis This guide to buying a property in Spain offers first-hand advice on where to stay, dealing with estate agents and builders and the types of properties available. It covers building your own home, renovating a ruin, and renting a cosy cottage. From the Author 'After 38 years of corporate life, work was giving little satisfaction. A change was necessary. I wanted to stop work but knew I couldn't simply retire and live happily in the UK. I still needed a challenge. Finally I decided to move to Spain. Why? Because Spain is relatively close to home, it has an excellent climate and the cost of living is lower than in Northern Europe. During my life I've made some good and bad decisions - but coming to Spain was one of the best I've made. I now live in a town house, on the edge of a Spanish village. The back door opens onto a path leading to the mountains. The front bedroom window overlooks the Med only a few kilometres away. The neighbours are all Spanish. It doesn't get much better than that.' See all reviews... New! Search Inside! ( Learn More ) Search inside this book: You can view sample pages from this book. Customer Reviews Avg. Customer Review: Write an online review and share your thoughts with other shoppers! Don't waste your time or money , October 6, 2005 Reviewer: feeMag from Dublin, Ireland I can see how this guy managed to buy a house in Spain. He wrote a book that is padded to the hilt with useless information fo fund it. If you want to know what the weather or the people in Spain are like then you can read about it in this book. The amount of helpful information about buying property in Spain can be found in about 2 pages, information that you would probably find online. Seriously don't waste your money by buying this book, save it for your house in Spain. Was this review helpful to you? 13 of 14 people found the following review helpful: A really practical guide to buying a house in Spain , June 30, 2003 Reviewer: Richard Parker from Bradford, England I found this book very helpful, especially the explanations of all the different legal documents. None of the other books I considered explain the legal documents involved in buying a Spanish property quite as clearly. The sample documents helped me to understand what was asked of me. As somebody who has never dealt with Spanish solicitors and agents before, I was glad to get a low-down on what they do and what to look out for from this book. A really useful book; well done, Harry King! Was this review helpful to you? 18 of 23 people found the following review helpful: Look elsewhere!! , June 4, 2003 Reviewer: Mr N Batcheler from London United Kingdom If you've never been to Spain before, know absolutely nothing about the country, and don't perhaps possess at least a minimal ammount of common sense then you might, just might, find something in this book of some use. Otherwise I would urge you not to waste your time or money by buying this book - I made the mistake so you don't have to! The style of writing is amateurish to say the least, the layout has obviously been designed by someone that's just bought some new software and wants to use all it's features at once, the content is shallow and next to useless as a guide to buying property. All in all I am amazed that this book ever made it into print, it really shouldn't have. I've only given it one star as it's not possible to give none! Was this review helpful to you? 54 of 58 people found the following review helpful: Buying a property in spain , November 9, 2002 Reviewer: mozz43 from Leeds, West Yorkshire United Kingdom If you,like me are considering buying a property in spain,either for permenant living (as i am)or soley for holidays and rental purposes buy and read this book before you do anything else. The book deals with all aspects of buying and all the legal side of a purchase in spain, and all the strange spainsh laws that us English do not understand,such as checking that the property has no debts attatched to it or if you buy and it has YOU are responsable for them. This book is well written,and in most part (not the law side)very easy to understand ,and has informed me of a lot of things i did not know which is very valuable when you are spending a lot of your hard earned cash on a purchase in a different contry with such uncommon laws,i would highly recommend this book if you are considering a place in the sun. Was this review helpful to you? Customers who bought books by Harry King also bought books by these authors: David Hampshire Joanna Styles Guy Hobbs Charles Davey Dan Boothby Look for similar books by subject: Browse for Books in: Subjects > Travel & Holiday > General Subjects > Travel & Holiday > Speciality Travel > Living & Working Abroad Subjects > Home & Garden > Buying & Developing Property > Property Guides Search for books by subject: Economics Housing & property for the individual Legal Reference / Law Profession Living & working abroad Portugal Property Spain i.e., each book must be in subject 1 AND subject 2 AND ... 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Florida Real Estate
Anchor Vacation Properties, Inc. & Anchor Realty & Mortgage Co. Purveyors of Fine Homes and Estates Real Estate Sales Area Information Vacation Rentals Anchor Realty and Mortgage Co. is a full service real estate brokerage firm with 11 offices in the Forgotten Coast of the Florida Panhandle. Our 90+ professional Realtors have a superb track-record in assisting clients in their search for investment properties, beach front, and/or water front real estate. To best serve you, we have two offices in Apalachicola and one office in each of the following markets: Carrabelle, St. George Island, St. Joe Beach, Gramercy Plantation in Eastpoint, Cape San Blas, Simmons Bayou, Mexico Beach, Tallahassee and Lynn Haven near Panama City Beach. Our professional Realtors specialize in platted subdivisions (new and re-sales), vacant land, historic homes, beach homes, town homes, condominiums and commercial property. Just stop by and meet with a REALTOR® or view our website or simply call us for more information. Telephone Directory Anchor Vacation Properties, Inc. offers approximately 150 beach rental homes and townhomes in St. George Island, the St. George Plantation, Apalachicola and Carrabelle, Florida available by the night, by the week or by the month. Guests may also choose the convenience of our hotel, The St. George Inn. Property locations are: beach front, beach view, bay front, river front and interior. Some rentals feature: swimming pools, elevators and docks. Some of our homes and cottages are pet friendly. The St. George Inn on St. George Island offers rooms and suites from $59 to $169 per night. For more information, to request a free brochure, to book your next family vacation, to schedule a fabulous romantic getaway, or to plan your next fishing trip, click the above Rental link or call 1.800.824.0416 or 1.850.927.2625 Site Map