We are all excited to learn that Amazon.com is opening a distribution center in North Las Vegas.  The online retail company signed a five year, $8.6 million lease to occupy more than 280,000 square feet of industrial space at the ProLogis Park North in North Las Vegas.  The cneter will be used to fulfill amazon.com Web orders throughout the southwestern United States.  The Seattle based company’s new plant will create 300 local full-time jobs and 200 seasonal positions.  This is great news at a time when unemployment is high among across the country!

The decision to open this distribution center in North Las Vegas is especially important in the city’s plans for growth in the industrial market.  Amazon.com will be part of the 102-acre master-planned business park; the Amazon.com building will consist of 283,920 square feet.  Amazon.com opened a fulfillment centre in northern Nevada in 1999.  This building is its first entry into the southern Nevada market.  This is a great addition to the other new projects in the plans to expand North Las Vegas’ commercial and industrial market share.  For more information about this property, or other North Las Vegas real estate, call Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

Las Vegas Industrial Park

Las Vegas topped 100 million square feet of industrial space, with the addition of more than 1.5 million square feet during the second quarter of this year, according to Applied Analysis, a Las Vegas business advisory company.

Great Las Vegas Industrial Spaces at Premium Prices!

Among the most recent completed developments are the Northern Beltway Industrial Center, Venture Point Speedway and North Point Business Center in North Las Vegas.  With the addition of industrial space, the vacancy rate increased slightly to 7.7% in the second quarter, compared with 7.1% in the previous quarter.  This is good news for companies looking for industrial space, which has been offered at premium prices until this year.  There are some great incentives for businesses signing new leases in the Las Vegas area.

Las Vegas Industrial Property Demand

Las Vegas industrial property demand has decreased, due to the overall economic conditions around the country, with fewer companies expanding or relocating to the Las Vegas and southern Nevada areas.  The industrial market has started to feel the effects of a declining real estate market.  The number of Las Vegas industrial buildings currently under construction is down from the 6.5 million square feet in 2007, which is the result of the short term concern over more supply than demand.

Signs of a Strong Las Vegas Leasing Market

Las Vegas industrial leasing is strong, with several major tenants having signed long term leasing on large warehouse buildings.  Analysts expect to see the absorption of this industrial space during the next year; the construction of new industrial buildings has stopped temporarily, due to costs and lack of available financing.

Las Vegas Commercial Real Estate Forecast is Positive

The overall forecase for Las Vegas industrial and commercial real estate is positive.  Las Vegas is still a popular choice among business owners; low taxes, lower land prices, corporation benefits, Foreign Free Trade Zone and favorable incentives for new businesses continue to make Las Vegas, Henderson and North Las Vegas cities that companies select when relocating or expanding.