100

120 80 perspective

60 REAL ESTATE 2015 volume: thirty five

0 40 REACHING 20 NEW HEIGHTS REAL ESTATE 2015 las vegas perspective residential 140 Clark County Occupied Housing Units...... 140 Home Sales and Pricing...... 140 Number of Home Sales...... 140 Distribution of Home Sales...... 140 Median Sales Price - For the Year...... 140 Median Sales Price - In December of Each Year...... 140 Number of Resale Home Closings by Type...... 140 Distribution of Resale Home Closings by Type...... 140 2014 Homes Sales Pricing Distribution...... 141 Conventional Mortgage Interest Rates ...... 141 forecast 141 timeshares and apartments 142 Las Vegas Timeshare Inventory...... 142 Las Vegas Apartment Market Rents...... 142 Las Vegas Apartment Market Occupancy Rate...... 142 major residential developments 143 Projects Exceeding 300 Acres & Currently Under Development...... 143 home sales activity 144 New Home Sales...... 144 Existing Home Sales...... 145 building permits 146 Residential Building Permits...... 146 Commercial Building Permits...... 147 high-rise condominium map 148 Hotel-Condominiums...... 148 High-Rise Residences...... 148 industrial market 150 Major Industrial Parks...... 150 Industrial Market Vacancies...... 151 Industrial Market Summary...... 151 Industrial Market Average Asking Rates (PSF) 2014...... 151 office market 152 Office Market Vacancies...... 152 Office Market Summary...... 152 Office Market Average Asking Rates (PSF) 2014...... 152 forecast 153 vacant land market 153 Las Vegas Vacant Land Prices...... 153 Las Vegas Vacant Land Sales...... 153 Vacant Land Transactions...... 153 Las Vegas Perspective 2015 REAL ESTATE residential

Clark County Occupied Housing Units

2013 2014 % CHANGE 338,292 n Boulder City 6,870 6,878 0.1% n Henderson 109,219 111,971 2.5% n Las Vegas 222,623 227,181 2.0% 227,181 n Mesquite 7,433 7,785 4.7% n North Las Vegas 70,557 71,958 2.0% 111,971 n Unincorporated Rural 10,422 10,473 0.5% 6,878 7,785 71,958 10,473 n Unincorporated Urban 332,863 338,292 1.6% TOTAL CLARK COUNTY 759,987 774,540 1.9% Boulder Henderson Las Vegas Mesquite North Unincorp. Unincorp. City Las Vegas Rural Urban Source: Clark County Comprehensive Planning.

Number of Median Number of Median New Home Sales New Home Price (in December) Resale Home Sales Resale Home Price (in December) $300,469 $172,580 7,076 58,522 $293,582 $160,000 6,107 $211,265 5,389 51,774 52,553 5,438 $130,000 $219,000 $219,963 47,570 3,793 $114,900 42,353 $104,900 '10 '11 '12 '13 '14 '10 '11 '12 '13 '14 '10 '11 '12 '13 '14 '10 '11 '12 '13 '14 5,438Source: SalesTraq. Note: Median prices$219,000 as of December of each year. 51,774 3,793 $211,265 58,522 5,389 $219,963 52,553 7,076Home Sales and Pricing$300,469 47,570 Number of Resale Home Closings by Type 2010 2011 2012 2013 2014 2013 2014 % CHANGE residential 6,107 $293,582 42,353 Number of Home Sales Auction Sale 2,964 2,208 -25.5% Foreclosure (REO) Sale 4,184 3,796 -9.3% New 5,438 3,793 5,389 7,076 6,107 Short Sale 10,437 3,959 -62.1% Resale 51,774 58,522 52,553 47,570 42,353 Non-Distressed Sale 29,985 32,390 8.0% TOTAL 57,212 62,315 57,942 54,646 48,460 TOTAL 47,570 42,353 -11.0% Distribution of Home Sales New 9.5% 6.1% 9.3% 12.9% 12.6% Resale 90.5% 93.9% 90.7% 87.1% 87.4% Distribution of Resale Home Closings by Type TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 2013 2014 CHANGE Auction Sale 6.2% 5.2% -1.0 Median Sales Price - For the Year Foreclosure (REO) Sale 8.8% 9.0% 0.2 New $206,844 $200,184 $207,490 $260,000 $292,506 Short Sale 21.9% 9.3% -12.6 Resale $118,656 $105,714 $117,000 $149,000 $168,800 Non-Distressed Sale 63.0% 76.5% 13.4 Median Sales Price - In December of Each Year TOTAL 100.0% 100.0% 0.0 New $219,000 $211,265 $219,963 $300,469 $293,582 Source: SalesTraq. Note: Non-distressed home sales reflect Resale $114,900 $104,900 $130,000 $160,000 $172,580 homes not classified in one of the other categories.

Source: SalesTraq.

140 real estate » residential Las Vegas Perspective REAL ESTATE 2015

2014 Homes Sales Pricing Distribution NEW HOMES RESALE HOMES Under $100,000 0.2% 18.8% $100,000 - $199,999 7.6% 44.8% $200,000 - $299,999 45.8% 22.8% $300,000 - $399,999 24.6% 7.8% $400,000 - $499,999 10.9% 2.8% $500,000 and Higher 10.8% 3.0%

Source: SalesTraq.

Conventional Mortgage Interest Rates (Average 30-Year Fixed)

4.7% 4.5% 4.2% 4.0% 3.7%

'10 '11 '12 '13 '14

Source: Freddie Mac.

PHOTOS – 1. (top) The Ridges in Summerlin consists of 793 acres of exclusive residential homes featuring custom and semi-custom neighborhoods in a gated community. 2. (right) The Summerlin community is playfully connected by more than 150 miles of nationally-recognized, award-winning trails.

+10.0% forecast 2015 Number of Housing Units Permitted residential Perspective Consensus Forecast

Number of Housing Units Permitted

11.2% 10.0% 7.0% 11.6% 2015 forecast 2015 forecast 2015 forecast 2015 forecast

Brian Gordon Dennis Smith Nat Hodgson Stephen Miller Principal at President at Home Executive Director/CEO Economics, Lee Business School Applied Analysis Builders Research at Southern Home at UNLV (CBER Forecasts) Builders Association

real estate » residential 141 Las Vegas Perspective 2015 REAL ESTATE timeshares and apartments

Las Vegas Timeshare Inventory PROPERTY NAME ADDRESS ZIP CODE PHONE ROOMS Bluegreen Club 36 372 E. Tropicana Ave. 89169 856-2900 316 Cancun Resort 8335 Las Vegas Blvd., S. 89123 614-6200 441 Carriage House Deluxe Suite Hotel 105 E. Harmon Ave. 89109 798-1020 125 The Cliffs at Peace Canyon 4550 S. Grand Canyon Pkwy. 89147 248-3570 176 Club de Soleil 5625 W. Tropicana Ave. 89103 507-9400 213 Desert Paradise Resort 5165 S. Decatur Blvd. 89118 257-0010 154 The Grandview at Las Vegas 9940 Las Vegas Blvd., S. 89123 966-4700 2,256 Hilton Grand Vacations Club - Las Vegas 455 Karen Ave. 89109 946-9210 319 Hilton Grand Vacations Club at the Flamingo - Las Vegas 3575 Las Vegas Blvd., S. 89109 697-2900 290 Hilton Grand Vacations Club on the 2650 Las Vegas Blvd., S. 89109 765-8300 852 Holiday Inn Club Vacations at Desert Club Resort 3950 Koval Ln. 89109 731-6100 458 The Jockey Club 3700 Las Vegas Blvd., S. 89109 798-3500 270 Marriott's Grand Chateau 75 E. Harmon Ave. 89109 862-5600 732 Polo Towers Suites 3745 Las Vegas Blvd., S. 89109 261-1000 525 Polo Towers Villas 3745 Las Vegas Blvd., S. 89109 261-1000 304 Royal Resort Hotel 99 Convention Center Dr. 89109 735-6117 65 Tahiti All-Suite Resort 5101 W. Tropicana Ave. 89103 284-7200 149 Resort & Spa 7200 Las Vegas Blvd., S. 89119 440-6800 687 Westgate Flamingo Bay Resort 5625 W. Flamingo Rd. 89103 251-3435 125 World Mark I, The Club 4225 Spencer St. 89119 862-8567 42 World Mark II, The Club 8601 Las Vegas Blvd., S. 89123 492-9863 402 World Mark III, The Club 5275 W. Tropicana Ave. 89103 818-1940 208 Wyndham Grand Desert 265 E. Harmon Ave. 89169 691-2600 700 TOTAL NUMBER OF UNITS 9,809 TOTAL NUMBER OF PROPERTIES 23

Source: Las Vegas Convention and Visitors Authority, as of December 31, 2014. Note: For local calls in the Las Vegas area, dial (702). timeshares and apartmentstimeshares

PHOTO – Located at 6355 South Riley Street, Mosaic Apartments offer a state-of-the-art fitness center, swimming pool, an outdoor lounge with fireplace and unique java bar.

Las Vegas Apartment Market Rents Las Vegas Apartment Market Occupancy Rate (Average Asking Rents Per Unit at Year-end) (Average at Year-end)

2010 $ 756 $799 2010 91.6% 2011 $ 743 2011 91.1% 93.2% 92.8% 2012 $ 748 2012 92.8% 92.0% 2013 $ 757 $756 $757 2013 92.0% 91.6% $748 2014 $ 799 $743 2014 93.2% 91.1%

Source: Applied Analysis. '10 '11 '12 '13 '14 Source: Applied Analysis. '10 '11 '12 '13 '14

142 real estate » timeshares and apartments Las Vegas Perspective REAL ESTATE 2015 major residential developments

Projects Exceeding 300 Acres & Currently Under Development

17 18 1 8 GRAND TETON DR

ELKHORN RD DECATUR BLVD DECATUR DECATUR BLVD DECATUR CENTENNIAL PKWY 19 LAMB BLVD LAMB BLVD ANN RD LOSEE RD DURANGO DR

CRAIG RD

CHEYENNE AVE

14 MARTIN L KING BLVD

LAKE MEAD BLVD

WASHINGTON BLVD SUMMERLIN PKWY NELLIS BLVD NELLIS BLVD

CHARLESTON BLVD

SAHARA AVE 12 RD 13 FLAMINGO RD 4

TROPICANA AVE

BOULDER HWY

RUSSELL RD 15

SUNSET RD EASTERN AVE

WARM SPRINGS RD 16 LAKE MEAD DR DECATUR BLVD DECATUR DECATUR BLVD DECATUR JONES BLVD JONES BLVD DURANGO DR DURANGO DR BUFFALO DR BUFFALO BUFFALO DR BUFFALO 7 9 RAINBOW BLVD WINDMILL LN STEPHANIE ST WATER ST RACETRACK RD RACETRACK RD HORIZON RIDGE PKWY BLUE DIAMOND RD 6 LAS VEGAS BLVD LAS VEGAS BLVD SILVERADO RANCH BLVD 5 10 GREEN VALLEY PKWY GREEN VALLEY PKWY 11 2 major residential developments ST ROSE PKWY COLLEGE DR GREENWAY RD GREENWAY 3 RD GREENWAY

NO. DEVELOPMENT YEAR ESTABLISHED ACRES UNITS DEVELOPER 1 Aliante 2003 1,905 6,500 North Valley Enterprises 2 Anthem 1998 4,755 13,000 Pulte/Del Webb 3 Inspirada 2007 2,000 8,500 Focus Group 4 1984 3,592 1,700 N/A 5 MacDonald Highlands 1995 3,210 6,500 MacDonald Properties 6 Mountain’s Edge 2004 3,500 12,500 Focus Group 7 Nevada Trails 2001 310 1,400 Pardee 8 Providence 2006 1,200 7,500 Focus Group 9 Country Club 1996 1,330 5,000 Dunhill Homes 10 Seven Hills 1994 1,300 2,500 Seven Hills Dev./American Nevada Corp. 11 Southern Highlands 1997 2,299 8,500 Olympic Group 12 Stallion Mountain 1994 636 1,800 Pulte Homes 13 Stallion Mountain Country Club 1992 640 1,200 Pulte Homes 14 Summerlin 1990 22,500 80,000 Howard Hughes Corp. 15 2005 518 2,000 Dunhill Homes 16 Cadence N/A 2,200 13,000 Landwell Development 17 Skye Canyon N/A 1,700 9,000 Various 18 Park Highlands N/A 2,675 15,750 Crescent Bay Holdings/Others 19 Mesquite Master Planned Communities Sun City Mesquite 2006 2,031 6,052 Del Webb Canyon Crest 2004 333 999 Riverwest Investments Highland Vistas 2005 325 1,005 LB Properties Mesquite Estates 2004 767 2,301 Various

Source: Home Builders Research, Inc., City of Mesquite, Applied Analysis and others. Note: Unit count is estimated at build-out.

real estate » major residential developments 143 Las Vegas Perspective 2015 REAL ESTATE home sales activity

New Home Sales

ZIP CODE NO. SOLD AVG. PRICE AVG. SIZE AVG. $ / SQ. FT. ZIP CODE NO. SOLD AVG. PRICE AVG. SIZE AVG. $ / SQ. FT. 89002 33 $291,909 2,477 $118 89115 119 $147,822 1,590 $94 89005 N/A N/A N/A N/A 89117 156 $328,645 2,279 $139 89011 296 $291,347 2,125 $138 89118 18 $368,517 2,671 $133 89012 186 $424,229 2,967 $145 89119 N/A N/A N/A N/A 89014 72 $346,255 2,605 $133 89120 2 $289,770 2,212 $131 89015 4 $402,168 2,504 $102 89121 N/A N/A N/A N/A 89019 N/A N/A N/A N/A 89122 166 $213,653 1,921 $111 89021 N/A N/A N/A N/A 89123 66 $370,329 2,638 $141 89027 70 $259,796 1,804 $141 89124 N/A N/A N/A N/A 89029 32 $183,256 1,679 $109 89128 N/A N/A N/A N/A 89030 4 $117,500 1,276 $92 89129 148 $295,896 2,253 $132 89031 202 $240,822 2,257 $108 89130 102 $279,645 2,018 $129 89032 39 $239,665 2,312 $107 89131 118 $480,886 3,489 $137 89034 90 $297,885 1,812 $158 89134 N/A N/A N/A N/A 89040 N/A N/A N/A N/A 89135 143 $645,780 2,997 $190 89044 214 $382,594 2,615 $146 89138 236 $523,610 2,818 $183 89052 80 $420,702 2,923 $145 89139 337 $344,632 3,048 $116 89074 60 $273,467 1,993 $138 89141 234 $404,292 2,706 $133 89081 164 $273,472 1,909 $143 89142 47 $213,067 1,904 $112 89084 93 $319,224 2,809 $117 89143 N/A N/A N/A N/A 89085 1 $299,950 3,350 $90 89144 1 $1,100,000 3,902 $282 89086 N/A N/A N/A N/A 89145 19 $1,263,500 2,944 $408 89101 5 $220,200 N/A N/A 89146 N/A N/A N/A N/A 89102 N/A N/A N/A N/A 89147 191 $317,150 2,382 $144 89103 47 $393,187 1,308 $339 89148 295 $326,357 2,244 $146 89104 N/A N/A N/A N/A 89149 308 $373,461 2,664 $135 89106 N/A N/A N/A N/A 89156 1 $142,900 1,680 $85 89107 N/A N/A N/A N/A 89166 599 $252,372 2,206 $117 89108 41 $230,842 1,750 $131 89169 N/A N/A N/A N/A 89109 89 $401,635 1,027 $426 89178 468 $279,299 2,390 $116 89110 N/A N/A N/A N/A 89179 414 $277,472 2,162 $132 89113 102 $361,688 2,452 $144 89183 35 $273,242 2,383 $115 home sales activitiy

PHOTOS – Opening summer 2015, Encanterra by Ryland Homes® offers nine single family home plans with optional rooftop decks and energy efficiency with HouseWorks®.

Source: SalesTraq.

144 real estate » home sales activity Las Vegas Perspective REAL ESTATE 2015

Existing Home Sales

ZIPCODE NO. SOLD AVG. PRICE AVG. SIZE AVG. $ / SQ. FT. AVG. AGE* ZIPCODE NO. SOLD AVG. PRICE AVG. SIZE AVG. $ / SQ. FT. AVG. AGE* 89002 751 $221,333 2,015 $110 17.3 89115 721 $98,982 1,516 $68 24.4 89005 302 $208,564 1,650 $143 39.2 89117 1,119 $273,423 2,211 $118 22.9 89011 737 $219,398 1,790 $115 13.7 89118 395 $158,546 1,551 $100 20.6 89012 673 $309,229 2,151 $137 14.9 89119 545 $109,473 1,447 $80 35.8 89014 754 $189,282 1,805 $105 25.9 89120 537 $182,523 1,923 $90 31.4 89015 924 $157,308 1,614 $98 29.8 89121 1,191 $124,732 1,689 $76 39.8 89019 33 $75,409 1,487 $58 22.4 89122 1,037 $117,130 1,460 $82 19.5 89021 41 $206,745 2,296 $92 19.7 89123 1,235 $211,181 1,839 $116 17.7 89027 493 $173,436 1,575 $109 14.5 89124 36 $262,833 1,435 $206 37.0 89029 178 $107,951 1,391 $80 23.8 89128 956 $163,570 1,601 $100 23.4 89030 680 $77,978 1,350 $61 46.9 89129 1,266 $204,270 1,971 $104 16.1 89031 1,648 $164,445 1,815 $93 14.7 89130 752 $193,441 1,912 $103 19.0 89032 906 $141,851 1,664 $86 18.8 89131 1,145 $251,349 2,341 $108 12.3 89034 60 $258,678 1,681 $154 5.9 89134 903 $295,033 1,920 $144 21.0 89040 57 $104,265 1,638 $76 27.8 89135 782 $450,765 2,397 $170 11.3 89044 577 $302,194 2,154 $142 8.2 89138 349 $361,792 2,360 $151 10.1 89052 1,315 $342,558 2,215 $149 13.1 89139 767 $221,414 2,020 $111 11.1 89074 1,162 $233,150 1,983 $119 20.6 89141 759 $306,105 2,340 $122 10.9 89081 831 $171,899 2,039 $86 9.7 89142 584 $126,230 1,506 $85 23.2 89084 737 $211,649 2,152 $101 9.9 89143 356 $213,042 2,156 $101 12.5 89085 120 $244,966 2,517 $98 8.0 89144 516 $323,908 2,125 $146 15.5 89086 90 $197,062 2,375 $85 10.0 89145 760 $242,559 1,755 $115 26.6 89101 396 $105,930 1,451 $76 51.4 89146 314 $195,290 1,959 $97 35.4 89102 449 $164,614 1,639 $104 42.4 89147 1,008 $185,380 1,730 $107 20.9 89103 863 $150,703 1,319 $115 29.2 89148 1,143 $216,882 1,930 $113 10.9 89104 528 $115,238 1,568 $76 49.5 89149 961 $224,044 2,070 $106 12.9

89106 409 $94,224 1,410 $68 38.7 89156 615 $112,939 1,572 $78 24.0 home sales activity 89107 771 $125,590 1,503 $81 46.8 89166 410 $209,252 1,998 $104 6.6 89108 1,407 $121,400 1,506 $83 32.4 89169 387 $121,024 1,416 $91 42.0 89109 370 $273,956 1,296 $236 22.4 89178 958 $230,568 2,136 $109 8.2 89110 1,095 $121,856 1,569 $77 29.5 89179 166 $226,111 2,080 $111 6.2 89113 591 $261,372 2,039 $122 14.5 89183 762 $190,109 1,766 $108 12.6

PHOTO – Located in North Las Vegas, the Sierra Ranch- Village subdivision, in 89031, was constructed in 2008. In 2014 zip code 89031 reported a resale volume of 1,648 and an average sales price of $164,445.

Source: SalesTraq. Note: *Average age of the home when sold.

real estate » home sales activity 145 Las Vegas Perspective 2015 REAL ESTATE building permits

Residential Building Permits SINGLE-FAMILY MULTI-FAMILY MISCELLANEOUS PERMITS VALUATION (IN THOUSANDS) PERMITS UNITS VALUATION (IN THOUSANDS) PERMITS VALUATION (IN THOUSANDS) BOULDER CITY 2010 11 $3,706 0 0 $0 126 $43,557 2011 3 $1,059 0 0 $0 92 $2,196 2012 9 $3,201 0 0 $0 81 $1,090 2013 10 $3,401 0 0 $0 110 $301,163 2014 15 $4,242 0 0 $0 82 $1,191 HENDERSON 2010 700 $85,592 10 437 $4,471 5,219 $7,625 2011 819 $109,646 5 829 $17,903 5,530 $9,410 2012 1,133 $145,151 39 851 $25,953 6,250 $9,857 2013 1,312 $181,117 69 1,422 $26,931 6,702 $13,799 2014 1,264 $192,754 130 1,046 $62,162 7,565 $19,699 LAS VEGAS 2010 926 $103,499 18 427 $25,929 2,760 $54,232 2011 814 $98,701 2 114 $7,782 2,410 $58,054 2012 1,234 $149,751 1 75 $4,394 2,635 $54,938 2013 1,536 $193,153 2 120 $9,259 2,346 $64,420 2014 1,453 $202,296 0 0 $0 2,254 $65,164 MESQUITE 2010 201 $30,832 0 N/A $0 229 $806 2011 134 $21,268 0 N/A $0 173 $868 2012 169 $26,341 0 N/A $0 126 $779 2013 202 $33,066 0 N/A $0 295 $1,655 2014 196 $34,323 0 N/A $0 485 $2,380 NORTH LAS VEGAS 2010 648 $83,032 2 2 $226 299 $3,061 2011 503 $68,194 26 150 $10,779 332 $3,961 2012 600 $81,084 36 182 $17,196 289 $3,722 2013 497 $69,000 9 9 $1,223 329 $6,779 2014 471 $61,793 20 51 $4,715 277 $7,536 UNINCORP. CLARK COUNTY building permits 2010 2,023 $205,933 68 405 $29,845 2,015 $28,401 2011 1,599 $187,967 53 754 $36,604 1,950 $22,743 2012 2,966 $331,865 38 550 $97,497 1,956 $29,676 2013 3,515 $438,098 182 1,146 $76,171 2,385 $39,181 2014 3,375 $443,386 175 1,841 $126,065 2,678 $48,561 TOTALS 2010 4,509 $512,594 98 1,271 $60,471 10,648 $137,682 2011 3,872 $486,835 86 1,847 $73,068 10,487 $97,232 2012 6,111 $737,393 114 1,658 $145,040 11,337 $100,062 2013 7,072 $917,834 262 2,697 $113,584 12,167 $426,997 2014 6,774 $938,794 325 2,938 $192,942 13,341 $144,531

Source: 2014 Building Department reports for each entity. Notes: Multifamily includes apartments, plexes, condos and townhouses; Miscellaneous includes garages and carports, pools, spas, walls and fences, patios, guest houses, mobile homes, and miscellaneous structures.

146 real estate » building permits Las Vegas Perspective REAL ESTATE 2015

Commercial Building Permits HOTEL / MOTEL COMMERCIAL BUILDINGS PUBLIC BUILDINGS PERMITS VALUATION (IN THOUSANDS) PERMITS VALUATION (IN THOUSANDS) PERMITS VALUATION (IN THOUSANDS) BOULDER CITY 2010 0 $0 2 $604 4 $0 2011 0 $0 2 $1,205 13 $376 2012* 0 $0 4 $84,822 7 $312 2013 0 $0 4 $1,934 14 $9 2014 0 $0 2 $1,178 3 $1 HENDERSON 2010 0 $0 9 $7,225 0 $0 2011 0 $0 7 $8,416 0 $0 2012 0 $0 9 $4,522 1 $34 2013 0 $0 14 $46,920 1 $0 2014 0 $0 14 $4,271 3 $101 LAS VEGAS 2010 0 $0 22 $40,127 0 $0 2011 0 $0 21 $51,270 0 $0 2012 0 $0 21 $44,888 0 $0 2013 0 $0 57 $62,309 0 $0 2014 0 $0 57 $40,849 0 $0 MESQUITE 2010 0 $0 9 $2,400 0 $0 2011 0 $0 2 $12 0 $0 2012 0 $0 2 $52 0 $0 2013 0 $0 6 $616 0 $0 2014 0 $0 2 $216 0 $0 NORTH LAS VEGAS 2010 0 $0 18 $8,323 5 $13,847

2011 0 $0 43 $70,323 1 $6,400 building permits 2012 0 $0 18 $18,156 2 $0 2013 0 $0 26 $78,956 0 $0 2014 0 $0 33 $51,928 1 $4,500 UNINCORP. CLARK COUNTY 2010 0 $0 46 $76,046 7 $34,756 2011 0 $0 62 $72,989 3 $3,993 2012 3 $98,830 70 $256,298 0 $0 2013 0 $0 103 $267,143 0 $0 2014 4 $108,393 79 $199,469 3 $5,171 TOTALS 2010 0 $0 106 $134,725 16 $48,603 2011 0 $0 137 $204,215 17 $10,769 2012 3 $98,830 124 $408,738 10 $346 2013 0 $0 210 $457,878 15 $9 2014 4 $108,393 187 $297,911 10 $9,773

Source: 2014 Building Department Reports for each entity. Note: *Boulder City commercial permits were for a 92 MW Solar PV Project, transmission line foundations, and a pre-fabricated metal building.

real estate » building permits 147 Las Vegas Perspective REAL ESTATE GRAND TETON DR 2015 ELKHORN RD DECATUR BLVD DECATUR DECATUR BLVD DECATUR

CENTENNIAL PKWY LAMB BLVD high-rise condominium map LAMB BLVD ANN RD LOSEE RD DURANGO DR

CRAIG RD

CHEYENNE AVE

LAKE MEAD BLVD MARTIN L KING BLVD

WASHINGTON BLVD SUMMERLIN PKWY 9 11 17 NELLIS BLVD 16 NELLIS BLVD

CHARLESTON BLVD 7 19 18 SAHARA AVE 15 4 8 DESERT INN RD 14 1 5 13 20 2 FLAMINGO RD 12 6 3

TROPICANA AVE

BOULDER HWY

RUSSELL RD

SUNSET RD EASTERN AVE

WARM SPRINGS RD LAKE MEAD DR DECATUR BLVD DECATUR DECATUR BLVD DECATUR JONES BLVD JONES BLVD DURANGO DR DURANGO DR BUFFALO DR BUFFALO BUFFALO DR BUFFALO

RAINBOW BLVD 10 WINDMILL LN STEPHANIE ST WATER ST RACETRACK RD RACETRACK RD HORIZON RIDGE PKWY BLUE DIAMOND RD LAS VEGAS BLVD LAS VEGAS BLVD SILVERADO RANCH BLVD GREEN VALLEY PKWY ST ROSE PKWY GREEN VALLEY PKWY

NAME ADDRESS SUBMARKET YEAR BUILT STORIES UNITS COLLEGE DR GREENWAY RD GREENWAY Hotel-Condominiums RD GREENWAY 1 4381 W. Flamingo Rd. Resort Corridor/Off Strip 2008 44 599 2 211 E. Flamingo Rd. Resort Corridor/Off Strip 2006 17 255 3 Signature at MGM Grand 125-145 E. Harmon Ave. (3 Towers) Resort Corridor/On Strip 2006-07 40 1,728 4 Trump Int’l Hotel & Tower 2000 Fashion Show Dr. Resort Corridor/On Strip 2008 64 1,282 high-rise condominium map high-rise condominium 5 2600 W. Harmon Ave. Resort Corridor/On Strip 2009 57 1,495 High-Rise Residences 6 The Residences at Mandarin Oriental, Las Vegas 3752 Las Vegas Blvd., S. Resort Corridor/On Strip 2010 47 227 7 Allure 200 W. Sahara Ave. Resort Corridor/On Strip 2007 41 428 8 Metropolis 360 E. Desert Inn Rd. Resort Corridor/Off Strip 2005 20 71 9 Newport Lofts 200 Hoover Ave. Downtown 2007 23 168 10 8255 Las Vegas Blvd., S. (2 Towers) South Strip 2008 20 359 11 9101 Alta Dr. (2 Towers) Suburban 2007 18 219 12 4425-4575 Dean Martin Dr. (2 Towers) Resort Corridor/Off Strip 2005-06 33-34 612 13 4471 Dean Martin Dr. Resort Corridor/Off Strip 2007 45 374 14 1 Hughes Center Dr. (2 Towers) Resort Corridor/Off Strip 2000 23 84 15 2700 Las Vegas Blvd., S. Resort Corridor/On Strip 2007 45 409 16 Soho Lofts 900 Las Vegas Blvd., S. Downtown 2005 17 120 17 150 Las Vegas Blvd., N. Downtown 2008 21 275 18 2747-2877 Paradise Rd. (4 Towers) Resort Corridor/Off Strip 2001-05 38 777 19 222-322 Karen Ave. (2 Towers) Resort Corridor/Off Strip 2007-08 45 636 20 at Aria Las Vegas 3722-3726 Las Vegas Blvd., S. (2 Towers) Resort Corridor/On Strip 2010 37 670

Source: Applied Analysis. Note: Some high-rise condominium buildings are currently operating unsold inventory as rental units.

148 real estate » high-rise condominium map Improving the lives of Southern Nevadans by building a stronger community through information, insights and inspiration. Las Vegas Perspective 2015 REAL ESTATE industrial market

GRAND TETON DR 14 ELKHORN RD DECATUR BLVD DECATUR DECATUR BLVD DECATUR

CENTENNIAL PKWY 12 13 LAMB BLVD LAMB BLVD 1 ANN RD 6 LOSEE RD 5 9 DURANGO DR 4 7 10 CRAIG RD 8 1

CHEYENNE AVE 2 3 1 2 15 11 MARTIN L KING BLVD

LAKE MEAD BLVD

WASHINGTON BLVD SUMMERLIN PKWY NELLIS BLVD 3 NELLIS BLVD

CHARLESTON BLVD

SAHARA AVE

DESERT INN RD

FLAMINGO RD

15 TROPICANA AVE 11 BOULDER HWY RUSSELL RD 4 12 13 14 2 1 5 7 10 /6 1 8SUNSET9 RD EASTERN AVE 8 WARM SPRINGS RD 2 5 LAKE MEAD DR DECATUR BLVD DECATUR DECATUR BLVD DECATUR JONES BLVD JONES BLVD DURANGO DR DURANGO DR BUFFALO DR BUFFALO BUFFALO DR BUFFALO RAINBOW BLVD WINDMILL LN STEPHANIE ST 3 4 3 WATER ST RACETRACK RD RACETRACK RD HORIZON RIDGE PKWY BLUE DIAMOND RD LAS VEGAS BLVD LAS VEGAS BLVD SILVERADO RANCH BLVD 6 7 GREEN VALLEY PKWY GREEN VALLEY PKWY

ST ROSE PKWY 1 COLLEGE DR GREENWAY RD GREENWAY 9 RD GREENWAY Major Industrial Parks FACILITY # ACRES FACILITY # ACRES FACILITY # ACRES industrial market industrial BOULDER CITY CITY OF MESQUITE UNINCORP. CLARK COUNTY, SOUTH/SW 1 Boulder City Business Center 687 1 Mesquite Tech. & Commerce Ctr. 732 1 The Arroyo 300 1 Fisher Industrial Park 30 NORTH LAS VEGAS AREA 2 Beltway Business Park 400 HENDERSON AREA 1 Cheyenne West Corporate Ctr. 40 3 Blue Diamond Business Ctr. 110 1 Green Valley Business Park 112 2 Hughes Cheyenne Center 209 4 Koll Business Center 40 2 Sunpac 56 3 Brookspark 60 5 Sunset/Valley View Dist Ctr. 30 3 Gibson Business Park 260 4 Southern Nevada Industrial Ctr. 213 6 Sunset Parkway Business Ctr. 80 4 Black Mt. Business Park 140 5 Lone Mountain Mesa 80 7 Airport Industrial Park 30 5 Black Mt. Industrial Center 1,500 6 Golden Triangle 320 8 McCarran Airport Center 100 6 Henderson Executive Airport 720 7 Prologis LV Corporate Ctr. 112 9 McCarran Center 100 7 Conestoga Industrial Area 153 8 Las Vegas Corporate Ctr. 80 10 Hughes Airport Center 390 8 Pacific Business Center 48 9 Nellis Industrial Park 206 11 Marnell Air Cargo Center 30 9 South 15 Aiport Center 170 10 Craig Corporate Park 87 12 Spencer Airport Center 70 CITY OF LAS VEGAS 11 Prologis Sunrise Industrial Park 140 13 Park 2000 Business Center 120 14 1 Las Vegas Technology Park 400 12 Northern Beltway Industrial Ctr. 100 Arrowhead Commerce Center 110 15 2 Las Vegas Enterprise Park 74 13 Speedway Commerce Center 123 Decatur Crossing 40 3 The Spectrum of Las Vegas 116 14 Apex 21,000 Source: Applied Analysis. Note: 30-Acre Minimum. 15 Northeast Crossing Commerce Ctr. 30

150 real estate » industrial market Las Vegas Perspective REAL ESTATE 2015

Industrial Market Vacancies $0.56 GRAND TETON DR Average Asking Rates

ELKHORN RD DECATUR BLVD DECATUR DECATUR BLVD DECATUR Las Vegas 2014 CENTENNIAL PKWY LAMB BLVD LAMB BLVD ANN RD LOSEE RD DURANGO DR CRAIG RD Industrial Market Average

CHEYENNE AVE

MARTIN L KING BLVD Asking Rates (PSF) 2014 LAKE MEAD BLVD

WASHINGTON BLVD Salt Lake City, UT $0.42 SUMMERLIN PKWY NELLIS BLVD NELLIS BLVD LAS VEGAS, NV $0.56 CHARLESTON BLVD

SAHARA AVE Phoenix, AZ $0.57 DESERT INN RD Denver, CO $0.58 FLAMINGO RD

TROPICANA AVE Los Angeles, CA $0.64 BOULDER HWY RUSSELL RD Houston, TX $0.67 SUNSET RD EASTERN AVE San Francisco, CA $0.89 WARM SPRINGS RD LAKE MEAD DR DECATUR BLVD DECATUR DECATUR BLVD DECATUR JONES BLVD JONES BLVD DURANGO DR DURANGO DR BUFFALO DR BUFFALO BUFFALO DR BUFFALO RAINBOW BLVD WINDMILL LN STEPHANIE ST WATER ST Source: CBRE and Applied Analysis. RACETRACK RD RACETRACK RD HORIZON RIDGE PKWY BLUE DIAMOND RD LAS VEGAS BLVD LAS VEGAS BLVD SILVERADO RANCH BLVD Note: Average asking rates are triple net (NNN). GREEN VALLEY PKWY GREEN VALLEY PKWY

ST ROSE PKWY COLLEGE DR GREENWAY RD GREENWAY GREENWAY RD GREENWAY

n 0% - 9.9% n 10.0% - 19.9% n 20.0% - 29.9% n 30% or Greater n Not Material

Industrial Market Summary DISTRIBUTION* MANUFACTURING† RESEARCH AND DEVELOPMENT‡ FLEX1 TOTAL INDUSTRIAL MARKET Number of properties 1,393 1,532 26 544 3,495

Total square feet 69,471,943 23,806,319 581,236 13,948,606 107,808,104 industrial market Vacant square feet 4,805,289 2,030,062 55,037 1,875,852 8,766,240 Percent vacant 6.9% 8.5% 9.5% 13.4% 8.1% New inventory - 2014 (SF) 584,019 105,520 0 0 689,539 Net absorption - 2014 (SF) 3,344,333 761,736 709 552,814 4,659,592 Average asking lease rate (NNN) $0.49 $0.54 $0.91 $0.73 $0.56 Under construction (SF) 1,804,816 375,110 0 0 2,179,926 Planned construction (SF) 2,700,986 471,000 0 0 3,171,986

Source: Applied Analysis. Notes: Asking rates are per square foot. NNN = Net, Net, Net. *Large box divisible potential, truck and grade load, high clear height, less than 10 percent office.† Large box, single- or multi-tenant, grade load, good clear height, 10-20 percent office.‡ Single- or multi-tenant, loading per requirement, mid- clear heights, 20-30 percent office.1 Multi-use, smaller divisibility, greater than 30 percent office.

Las Vegas Industrial Las Vegas Industrial Las Vegas Industrial Las Vegas Industrial Market Inventory Market Completions Market Net Absorption Market Vacancy Rate (Million SF at Year-end) (Million SF Constructed) (Million SF Demanded) (As of Year-end)

107.8 0.9 4.4 4.7 16.7% 0.7 15.7% 15.2% 107.1 0.4 (0.9) 1.6 11.9% 106.2 106.0 106.1 (1.7) 8.1% 0.1 0.1 '10 '11 '12 '13 '14 '10 '11 '12 '13 '14 '10 '11 '12 '13 '14 '10 '11 '12 '13 '14

real estate » industrial market 151 Las Vegas Perspective 2015 REAL ESTATE office market

Office Market Vacancies $1.88 GRAND TETON DR Average Asking Rates

ELKHORN RD DECATUR BLVD DECATUR DECATUR BLVD DECATUR Las Vegas 2014 CENTENNIAL PKWY LAMB BLVD LAMB BLVD ANN RD LOSEE RD DURANGO DR CRAIG RD Office Market Average Asking

CHEYENNE AVE

MARTIN L KING BLVD Rates (PSF) 2014 LAKE MEAD BLVD Salt Lake City, UT $1.70 WASHINGTON BLVD SUMMERLIN PKWY NELLIS BLVD NELLIS BLVD Phoenix, AZ $1.79 CHARLESTON BLVD LAS VEGAS, NV $1.88 SAHARA AVE

DESERT INN RD Denver, CO $1.93 FLAMINGO RD Houston, TX $2.15 TROPICANA AVE BOULDER HWY Los Angeles, CA $2.69 RUSSELL RD

SUNSET RD San Francisco, CA $5.27 EASTERN AVE

WARM SPRINGS RD LAKE MEAD DR DECATUR BLVD DECATUR DECATUR BLVD DECATUR JONES BLVD JONES BLVD DURANGO DR DURANGO DR BUFFALO DR BUFFALO BUFFALO DR BUFFALO RAINBOW BLVD WINDMILL LN STEPHANIE ST Source: CBRE and Applied Analysis. WATER ST Average asking rates are full service RACETRACK RD RACETRACK RD Note: HORIZON RIDGE PKWY BLUE DIAMOND RD LAS VEGAS BLVD LAS VEGAS BLVD SILVERADO RANCH BLVD gross (FSG). GREEN VALLEY PKWY GREEN VALLEY PKWY

ST ROSE PKWY COLLEGE DR GREENWAY RD GREENWAY GREENWAY RD GREENWAY

n 0% - 9.9% n 10.0% - 19.9% n 20.0% - 29.9% n 30% or Greater n Not Material

Office Market Summary CLASS “A” CLASS “B” CLASS “C” TOTAL Number of existing properties 102 1,400 410 1,912 Total rentable square feet 11,299,539 31,910,718 9,654,320 52,864,577 Vacant square feet 2,321,347 7,544,140 2,663,839 12,529,326 Percent vacant 20.5% 23.6% 27.6% 23.7% New inventory - 2014 (SF) 446,000 60,000 0 506,000

office market Net absorption - 2014 (SF) 459,583 333,590 (22,059) 771,114 Average asking lease rate (FSG) $2.48 $1.84 $1.45 $1.88 Under construction (SF) 208,329 57,692 0 266,021 Planned construction (SF) 570,838 1,505,863 0 2,076,701

Source: Applied Analysis. Note: Average asking rates are per square foot. FSG = Full Service Gross.

Las Vegas Office Las Vegas Office Las Vegas Office Las Vegas Office Market Inventory Market Completions Market Net Absorption Market Vacancy Rate (Million SF at Year-end) (Million SF Constructed) (Million SF Demanded) (As of Year-end)

24.8%

0.8 25.0% 0.8 52.9 24.4% 52.4 0.4 52.2 0.1 0.5 0.5 0.3 50.9 0.1 23.7% 51.7 (0.5) 0.0 23.6%

'10 '11 '12 '13 '14 '10 '11 '12 '13 '14 '10 '11 '12 '13 '14 '10 '11 '12 '13 '14

152 real estate » office market Las Vegas Perspective REAL ESTATE 2015

22.1% 6.4% forecast 2015 Office Market Vacancy Rate 2015 Industrial Market Vacancy Rate Perspective Consensus Forecast Perspective Consensus Forecast

Office & Industrial Market Vacancy Rates OFFICE 22.6% 21.7% 22.2% 21.9% 2015 forecast 2015 forecast 2015 forecast 2015 forecast

Brian Gordon Michael Dunn Randy Broadhead Ryan Martin Principal at Market Leader at Cushman & Senior Vice President Senior Vice President Applied Analysis Wakefield/Commerce at CBRE at Colliers INDUSTRIAL 6.6% 6.3% 6.8% 6.0% 2015 forecast 2015 forecast 2015 forecast 2015 forecast

Brian Gordon Dan Doherty Donna Alderson Kevin Higgins vacant land market Principal at Executive Vice President Senior Vice President Executive Vice President Applied Analysis at Colliers at CBRE at Voit Real Estate Services

vacant land market

Las Vegas Vacant Land Prices Las Vegas Vacant Land Sales (Average Price Per Acre of Non-Resort Property Sold) (Number of Acres of Non-Resort Property Sold)

Vacant Land Transactions $283,125 3,770 3,457 # ACRES SOLD AVG. PRICE PER ACRE 2010 2,113 $176,253 2011 1,532 $158,747 $209,142 2,432 2012 2,432 $148,605 2,113 $176,253 2013 3,770 $209,142 $158,747 $148,605 1,532 2014 3,457 $283,125

'10 '11 '12 '13 '14 '10 '11 '12 '13 '14 Source: Applied Analysis. Note: Excludes resort properties.

real estate » vacant land market 153 THE APPLIED ANALYSIS GROUP OF COMPANIES

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