Commercial property in Northern NV has stabilized to a degree, but there is still a glut of Class A and B property for lease which was built in the last four years. Lease rates/s.f. have dropped about 40% in the past 18 months. The good news is that new deals are being written at the lower lease rates. Retail has come back to an extent, with some new entrants to the market taking in-fill space that was vacated during the depths of the recession. It looks like leases will remain low for the next cycle--3 years or so. There isn't a lot of organic growth right now.
Dec 8, 2010