Reno, NV | 2016 Top #CRE Markets to Watch: Multifamily

Posted on September 12, 2016 by SVN

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Multifamily Markets to Watch. Not the largest or the most actively contested markets, the 2016 Multifamily Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Multifamily Market to Watch: Reno, NV

Reno is experiencing sustained gains in employment with a 4.4% annualized rate after being severely impacted by the past recession; unemployment has improved dramatically and now sits at a still relatively high 6.2% as of January ‘16, according to the Bureau of Labor Statistics. Population has grown robustly with a 4.9% increase from 2010 to 2014, according to the Census Bureau. As is common with tourist market economies, the percentage of city housing used for rental purposes is high at 53% meaning that job growth will quickly mean growth for the multifamily sector. The city’s economy is rapidly diversifying with the biggest gains coming from Construction, Professional and Business Services, Financial Activities, and Education and Health Services with annualized growth rates of 9.6%, 9.5%, 5.2%, and 5.0%, respectively.

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top multifamily markets, download the full version of the 2016 Multifamily Market Outlook report here.

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SVN Specialty Awards: Trainer of the Year – Tomi Jo Lynch

Posted on April 8, 2016 by SVN

Recognizing the SVN Difference with Specialty Awards

If you read my recent blog post about the SVN Annual Conference highlights, you know that the SVN Specialty Awards recognize members of the SVN community who have distinguished themselves in 2015 by making significant impacts on the commercial real estate industry and beyond. The awards – which included Team Player of the Year, Ambassador of the Year, Collaborator of the Year, Trainer of the Year, Humanitarian of the Year, Prospector of the Year, Innovator of the Year, and Firm of the Year – looked beyond production results and instead focused on culture. The winners of this year’s SVN Specialty Awards each embody traits that the SVN culture values immensely: practicing collaboration, cooperation and conscious capitalism while excelling in commercial real estate.

SVN Trainer of the Year 2015 – Tomi Jo Lynch

Tomi Jo Lynch grew her office the old-fashioned way. She went out and spoke to people with skills who needed help to grow their businesses. She brought them in and led them to SVN’s Broker Boot Camp (now known as SVN | Jumpstart), and she built an in-office schedule of training sessions and roleplays, taking advantage of the SVN System for Growth™. She executed and, because of that, she has built a much larger and more productive office. And it all started with training.

Tomi Jo is a Senior Advisor with SVN® | Gold Dust Commercial Associates, in Reno, NV, specializing in industrial properties with a focus on landlord representation. Her responsibilities are varied and include not only brokerage services but business development as well as overseeing and managing the brokerage team. Lynch serves on the NAIOP Board of Directors and assists the Programs committee with events and recruiting.

The SVN blog will be featuring one SVN Specialty Award winner every week for the next few weeks. Subscribe to the SVN blog on the right-hand column of the blog homepage to stay up to date with SVN and CRE industry news.

Las Vegas, NV | 2015 Top #CRE Markets to Watch: Retail

Posted on June 2, 2015 by SVN

Sperry Van Ness International Corporation’s (SVNIC) 2015 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Retail Markets to Watch. Not the largest or the most actively contested markets, the 2015 Retail Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Retail Market to Watch: Las Vegas, NV

Brick-and-mortar retailers across the country are struggling against competition from online commerce. In downtown Las Vegas, however, e-retailer Zappos, along with other tech firms, is creating jobs and helping to diversify the market away from its traditional gaming base. In 2013, the online shoe seller acquired the former City Hall building, transforming it into its corporate headquarters. The company’s chairman additionally purchased about 100 surrounding parcels and has invested nearly $350 million in The Downtown Project, backing everything from the development of an elementary school and a healthcare clinic to establishing a tech start-up incubator. While these are not retail investments, per se, they are essential elements of the complementary live–work–play environment that is proving ever more important for the success of retail spaces.

Across the Las Vegas market, CoStar reports an unenviable retail vacancy rate of 9.6% as of the fourth quarter of 2014. Malls boast much lower vacancy rates but are balanced against a 14.8% vacancy rate for neighborhood centers. Vacancy rates are projected to trend lower in 2015 and 2016, owing largely to limited new supply, but rent growth will remain subdued in the near term.

In the realm of retail spaces catering to tourists, the draw of Las Vegas remains on the Strip, and, in recent years, casino operators have been investing in retail and restaurant opportunities. New York, New York added several storefronts along the Strip near the Brooklyn Bridge replica, including the 12,000-square-foot Hershey’s Chocolate World flagship store. In 2014, the LINQ Hotel & Casino opened its 300,000-square-foot open-air retail center, anchored by the High Roller, a 550-foot observation wheel. Other retail additions at Treasure Island, Bally’s, and the new Tropicana are at various levels of completion. Investor interest in Sin City had slumped in the aftermath of the housing bust; however, led by the Blackstone acquisition of The Cosmopolitan hotel complex late last year, many investors now have Las Vegas back in their sights.

To read more on Las Vegas and other top retail markets, download the full version of the 2015 Top Retail Markets to Watch report here.

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Las Vegas, NV | 2014 Top CRE Markets to Watch : Apartment

Posted on November 6, 2014 by SVN

Sperry Van Ness International Corporation’s (SVNIC) 2014 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2014. Today we are delving into the 2014 Top Apartment Markets to Watch. Not the largest, or the most actively contested markets, the 2014 Apartment Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

TOP APARTMENT MARKET TO WATCH : Las Vegas, Nevada

Apartment developers are playing a game of chance in Las Vegas. Encouraged by the first increase in average rents since the Great Recession and a recent improvement in the vacancy rate, projects in the pipeline could deliver as many as 3,000 multifamily units in 2014, a tenfold increase from the previous year. Granted, the local population will increase by 2.7 percent this year alone, making it one of the fastest growing U.S. cities. Yet this market must dig itself out of a deeper housing hole than most, and still has a ways to go. The apartment vacancy rate of 9 percent is more than 10 basis points above the historical average. Average rents have only recovered to 80 percent of the pre-recession peak, and thousands of single-family homes remain on the rental market. The nascent recovery merits some development but is unlikely to float all boats in 2014.

To read more on Las Vegas, and other top multifamily markets, download the full version of the Top Apartment Markets to Watch report below.

It’s a different world out there.

Download the Top Trends and Markets to Watch Reports

Apartment Trends and Markets to Watch
Office Trends and Markets to Watch
Industrial Trends and Markets to Watch
Retail Trends and Markets to Watch
Commercial Real Estate Trends and Markets to Watch