What recession? Developers bet on Vegas instead.
Abstract
Construction activity in Las Vegas remains brisk, industry sources said, and provides evidence the nonresidential construction sector could weather looming economic headwinds better than others due to its longer planning and funding timelines. Demand for major projects remains strong across the board, especially in entertainment type uses, said Brian Riffel, executive vice president in the Las Vegas office of commercial real estate brokerage firm Colliers. A post-COVID bounce The gaming and entertainment industry in Vegas has experienced a robust recovery over the past several months, Riffel said. Cory Sylvester, principal at Albuquerque, New Mexico-based self-storage developer DXD Capital, echoed Riffel's positive outlook on the commercial side of the Las Vegas construction market as well. "The market in Vegas is definitely still very hot." For example, DXD recently broke ground on a 1,100-unit self-storage facility located on a 1.7 acre parcel at the corner of West Sahara and South Monte Cristo Way in Las Vegas. "Since the Great Recession, Vegas has done a fantastic job. They've made significant investments in financial services, healthcare, technology," said Alvino. "You've seen a fairly large exodus from California into Las Vegas. The future looks bright for Las Vegas in my opinion."
