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1Q19-Las Vegas-Office-Market

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1Q19-Las Vegas-Office-Market RESEARCH 4Q 2019 LAS VEGAS OFFICE MARKET THE NEW VIEW OF VEGAS CURRENT CONDITIONS Several new developments are underway in Las Vegas. The Boring Co. is currently boring under the expanding Las Vegas Convention Center, building New York-based small business partner and financier recently ranked the foundation for the Valley’s first people-mover that will transport Henderson, Nevada as a top 11 location in the U.S. for startups. thousands of conventioneers and businesspersons throughout the Convention District in the Central East submarket. Located just south of the Japan-based IT. and communications company has mentioned Las Arts District and Downtown, the historic Huntridge Theater, which was left Vegas as a prospective regional office for 300 employees. vacant for over a decade, has new ownership that has plans to create new retail, condos or office product. Luxury fitness operator Life Time acquired Amazon is expected to move 125 corporate jobs to Town Square LV. 14.9 acres across from Ikea in the Southwest for planned offices, apartments and a gym. Amazon has built several million square feet of warehouse and MARKET ANALYSIS distribution space and recently announced that 125 corporate jobs will be Asking Rent and Availability located at Town Square Las Vegas in the South submarket. Outside interest and investment are accelerating, and developers (especially local) will have Asking Rent/SF/Month and Vacancy to keep pace with demand by supplying future office development. WeWork $2.00 23% has leased space in the West at Two Summerlin, which provides the modern $1.90 21% design and functionality being sought by firms, and the project serves as an $1.80 19% archetype for the type of development that could lure investment from $1.70 17% outside of Southern Nevada. Fortunately, there are already a few office $1.60 15% products proposed or in the planning stages, so there is a concerted effort to $1.50 13% confront this issue. 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 Downtown, not known as a traditional CBD, is refurbishing its image as the Average Asking Rent (Price/SF) Vacancy (%) ‘law and government’ district to more of a professional and incubator scene. The third-quarter opening of the coworking space International Innovation Net Absorption (SF, Millions) Center @ Vegas was indicative of this change. Those seeking space Net Absorption Downtown will pay a premium rate for the Valley at $2.38/SF, a 7.03% rent Square Feet, Thousands discount from the third quarter, with asking rates for Class A space at 600 $2.71/SF. Considering high-quality amenities, investors are likely to flock to 400 the Northwest with asking rates at $2.12/SF, increasing 3.92% from the third 200 quarter, and both the West ($1.94/SF with Class A asking at $2.43/SF) and 0 Southwest ($1.90/SF with Class A asking at $2.43/SF) submarkets. The -200 Central North and North remain submarkets with higher levels of medical -400 office inventory and speculative pads, mainly used for quick-clinics. 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 The South submarket observed the most leasing activity for the fourth MARKET SUMMARY quarter, such as JT4, LLC – a technology and engineering firm that supports Current Prior Year Ago 12 Month the US Army – occupying 58,072 square feet at 585 Pilot Road, Hughes Quarter Quarter Period Forecast Airport Center. Market research firm Precision Opinion occupied 23,232 Total Inventory 38.8 MSF 38.8 MSF 38.2 MSF square feet at 7150 Pollock Drive, McCarran Center #21, its second Valley Vacancy Rate 13.1% 13.0% 14.7% location. Security firm Securitas occupied 6,822 square feet at 1301 Green Valley Parkway, Tech Park at Green Valley Corporate Center. MidCountry Quarterly Net Absorption 308,882 276,750 243,899 Bank occupied 5,457 square feet at 2625 N. Green Valley Parkway, Green Average Asking Rent $1.94 $1.91 $1.81 Valley Civic Center. Throughout the entire Valley, smaller tenant movements 149,944 144,944 148,390 Under Construction represented a fair amount of medical practices, such as Guava Psychological SF SF SF Services leasing 1,388 square feet at 8440 W. Lake Mead Boulevard, South Deliveries (Professional) 0 0 7,463 Shore Professional Office (at a discount rental rate), RB Wellness Clinic, LLC © NEWMARK KNIGHT FRANK | 2018 RESEARCH | 1 4Q 2019 LAS VEGAS OFFICE MARKET occupying 1,512 square feet at 2810 W. Charleston Boulevard, and TOTAL MEETING EXPECTED Red Rock Psychological occupying 3,382 square feet at 1515 E. DEVELOPMENT Tropicana Avenue. COST SPACE DELIVERY ATTRACTIVE DEVELOPMENTS PROVIDE Caesars FORUM $375.00M 300,000 SF 3/2020 INVESTORS OPPORTUNITIES AND OPTIONS: Conference Center CONSTRUCTION SUMMARY Expo at World Market $90.00M 315,000 SF 3Q/2020 There are 16 office developments under construction, ranging from Las Vegas Convention $935.00M 600,000 SF* 2021 4,200 to 300,000 square feet, with a speculative mix of professional- Center only or medical spaces. All but three of these are designated as Resorts World Las $4.30B 350,000 SF 2021 Class B, and they are coming online in 2020 and beyond. The sole Vegas professional-only Class A office building out of the three available has an anchor tenant that will occupy approximately 50% of the total The Drew $3.10B 550,000 SF Q2/2022 rentable space. High-net-worth investors and life companies from Wynn Convention $425.00M 430,000 SF 2/2020 California and/or New York reasonably expect investment-grade Center product to align with the newest and most efficient trends to As of the beginning of fourth-quarter, the Las Vegas Convention Center 1.4 MSF repeatedly draw new and current employees and CEOs. Las Vegas expansion is 50% complete. The estimated timing for the grand opening coincides developers would be remiss if they did not take stock of the product with the CES conference in January of 2021. The expansion adds 600,000 square feet of new, leasable space to the existing 3.2MSF. Completion for the entire $1.52B intended to represent the Vegas Valley for the next decade and project is expected in 2024. further and create more Class A professional-only inventory. The impetus for developing more than three Class A office projects Construction costs and land availability could be a potential detractor from Class A supply, but the increased external demand should alleviate the perception of must remain minimizing competition and cultivating reputation. speculative Class A development as too risky for the returns. California-based developers that observe the accelerating investment pace in Vegas such as Matter Real Estate Group, have begun to provide mixed-use industrial product with Class A availability, however, the trend is noticeably missing from office development. SELECT SALES TRANSACTIONS Buyer Building Submarket Price Square Feet SCHB 1 LLC 1505 S. Pavilion Drive West $57,000,000 138,558 PREH Paseo Verde LLC 2200 Paseo Verde Parkway South $19,450,000 60,499 Hillshire LLC 1551 Hillshire Drive (1031 Exchange) Northwest $18,300,000 70,542 WVC 5810 S. Eastern Avenue South $16,950,000 71,309 Flamingo Oakwood LLC 2080 E. Flamingo Road (Portfolio) Central East $11,776,207 91,733 The Calida Group 3900 Paradise Road Central East $11,400,000 84,808 Panther PPP LLC 10080 Alta Drive Northwest $6,500,000 28,512 © NEWMARK KNIGHT FRANK | 2018 RESEARCH | 2 4Q 2019 LAS VEGAS OFFICE MARKET SUBMARKET STATISTICS Net Qtr. Average Class A Total Inventory Under Construction Vacancy Absorption Asking Rent Asking Rent (SF) (SF) Rate (SF) (Price/SF) (Price/SF) Central East 5,949,136 0 19.5% 53,932 $1.94 $2.80 Central North 578,356 0 2.1% 9,841 $1.47 $- Downtown 2,196,947 0 12.1% 70,457 $2.38 $2.71 North 957,510 0 11.3% (30,586) $1.35 $1.31 Northwest 5,950,288 0 13.2% 2,135 $2.12 $2.40 South 9,436,079 47,664 10.2% 141,080 $1.82 $2.43 Southeast 1,298,666 0 12.0% (637) $1.91 $2.15 Southwest 7,315,316 95,495 11.5% 72,129 $1.90 $2.43 West 5,188,695 0 15.2% (9,469) $1.94 $2.43 Las Vegas 38,870,993 149,944 13.1% 308,882 $1.94 $2.51 SELECT TENANT MOVEMENTS Tenant Building Submarket Type Square Feet JT4, LLC 585 Pilot Road South New 58,072 Precision Opinion 7150 Pollock Drive South New 23,232 Synergy Blue 8379 W. Sunset Road Southwest New 14,880 2625 N. Green Valley Parkway Bldg. C MidCountry Bank South New 14,281 (#125, 150, 215, 260, 270) Clark County Credit Union 900 S. Rancho Drive Northwest New 6,750 SELECT LEASE TRANSACTIONS Building Sign/Start Date Submarket Type Square Feet 2495 Village View Drive Nov 2019/Apr 2020 South New 25,765 8912 Spanish Ridge Avenue Nov 2019/Nov 2020 South New 24,948 3883 Howard Hughes Parkway Nov 2019/Feb 2020 Central East New 23,803 3883 Howard Hughes Parkway Nov 2019/Feb 2020 Central East New 21,609 2215-2389 Renaissance Drive Oct 2019/Jan 2020 Central East New 14,205 The information incorporated in this report analyzes the Las Vegas metropolitan area only, including properties of 10,000 square feet and above unless located within a professional office park and does not contain separate professional medical properties . © NEWMARK KNIGHT FRANK | 2018 RESEARCH | 3 4Q 2019 LAS VEGAS OFFICE MARKET ECONOMIC CONDITIONS The Las Vegas metro area unemployment rate is still higher than that of the EMPLOYMENT BY INDUSTRY overall United States; however, unemployment decreased significantly from 2019’s high of 4.8% in July to 4.0% in October, realizing a 16.66% reduction Not Seasonally Adjusted (NSA) in only three months.
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