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The Industrial Revolution: Nevada’s Commercial Real Estate Industrial Market

The industrial real estate market is humming along very well, but still experiencing a hangover from the Great Recession. Multiple Nevada real estate executives noted the strong performance of industrial real estate in both Northern and Southern Nevada, led by low vacancy numbers, but it’s hard to keep up with the current demand.

There’s a lack of speculative development, according to Larry Monkarsh, owner of LM Construction and partner of Brass Cap Development.

“It’s still a hangover of the recession, especially the lenders,” Monkarsh said. “The institutional banks aren’t lending on it, but it is out there and people are getting it done.”

The industrial vacancy rate in Las Vegas is 3.6 percent and Reno is at 5.67 percent, according to Colliers International Q4 2018 market report.

L M Construction Co. Breaks Ground on 119,200 SF Industrial Building in Boise

BOISE — L M Construction Co. has broken ground on a 119,200-square-foot industrial building in Boise. The facility will be located at 8485 Federal Way.

The cross-dock, multi-tenant building is a design-build project for Brass Cap Development. The project is currently 50 percent pre-leased. The future tenant, Teffco, is currently headquartered in nearby Nampa.

Teff is an ancient grain and the staple of Ethiopian and Eritrean diets. Teffco hires local Idaho farmers to raise Teff for these communities, supplying them with American-grown teff.

The concrete tilt-up building boasts a clear height of 30 feet and includes an ESFR fire sprinkler system. The balance of the project’s divisibility can be as small as 14,900 square feet or as large as 59,600 square feet.

The facility is scheduled for completion this October. It is situated directly across the street from Micron Technology and is visible from Interstate 84.

Nevada State Industrial Park

The Nevada State Industrial Park, located at the corner of Edmond Street and Russell Road, is under construction and will provide nearly 200,000-square-feet of industrial space in three buildings zoned for light industrial.

Industry Focus Builders & Developers

In many ways the commercial real estate industry is thriving. While the industry isn’t facing the issues it was during the recession, builders and developers are facing and adapting to a new set of challenges. Recently, executives representing builders and developers in Nevada met at the Las Vegas office of City National Bank to discuss building and development industries.

Connie Brennan, publisher and CEO of Nevada Business Magazine, served as moderator for the event. This magazine’s monthly roundtables bring together leaders to discuss issues relevant to their industries.

Warehouse project being built near Las Vegas Raiders stadium

A Las Vegas development group is putting up a warehouse project near the Raiders stadium.

Brass Cap Cos. said construction is underway on its $28 million industrial development at the northwest corner of Edmond Street and Russell Road. The project, dubbed Nevada State Industrial Park, will consist of three buildings that collectively span nearly 200,000 square feet, according to the announcement.