Last weeks commercial forecast seminar, hosted by US Bank highlighted the year 2011 and the forecast for 2012 for Nevada in general. A couple of interesting nuggets that were culled;
Although the current economic health was not great for Nevada, in general with Southern Nevada taking the brunt, Northern Nevada fared better with a vacancy decrease topped by multi-family with Industrial not far behind.
However, the darling of last year was Health care facilities and multi-family. So what does 2012 look like from a forecast perspective?
Health Care from Hospitals, Urgent Care as individual or partners of doctors strive to move their practice into a more efficient office structure and the ancillary facilities from pharmacy to imaging will follow suit.
The other highlight was the vacancy factor of big box industrial structures’ has dipped below the double-digit threshold. The consensus was that multi-family sales will out pace the balance of the commercial sector with single-family behind the power curve. Industrial and Medical Facilities will be bloomers.
As proof, I have just listed with Marc Sykes a “new to develop” 41 acre Town Center on the freeway exposure along US 395 at the Stead off ramp. We are working with several developers to attract retailers in the entertainment; food services and health care sector to fill this need in the 62,000 home trade are for Stead. Come take a look at our project at: www.steadtowncenter.com