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las VeGas oFFiCe third Quarter | 2008
110000 0.975
rn
C o l l i e r s i n t e97.0% at i o n a l | las VeGas, nV Retail Jobs
108000 96.9% 96.8%
Occupancy Rate 0.97
96.6%
106000
0.965
Market Research
104000 96.0%
0.96
102000
0.955
100000
0.95
98000 94.6%
0.945
r e ta i l
96000 | t h i r d Q u a rt e r | 2008
0.94
94000
92000 0.935
summary
90000 0.93
2 Q 2007 3 Q 2007 4 Q 2007 1 Q 2008 2 Q 2008 39661
Retail vacancy increased to 5.4% in the third quarter of 2008. This was 1.4 percentage points
higher than last quarter, and 2.4 percentage points higher than one year ago. The average asking
rent decreased as well, to $2.09 per square foot (psf) on a triple-net basis (NNN). This is $0.16
Market indiCators lower than the peak asking rent recorded in the third quarter of 2007. New completions increased
Q4-2008 this quarter over last, but net absorption declined and remained negative for the second straight
1600000
Q3-08 Projected Absorption
quarter.
1400000 Completions
VaCanCy
1200000
net absorPtion Market & economic trends
1000000
800000
According to the Nevada Department of Employment, Training and Rehabilitation (“DETR”), the
Square Feet
ConstruCtion 600000
Las Vegas MSA’s retail employment increased by 100 jobs between June 2008 and Aug 2008. The
400000
rental rate Las Vegas MSA has added 1,600 jobs since Sep 2008.
200000
0
2 Q 2007 3 Q 2007 4 Q 2007 1 Q 2008 2 Q 2008 3 Q 2008
Overall, the Las Vegas-Paradise MSA had an unemployment rate of 7.1% in August of 2008, higher
-200000
Clark County eConoMiC data than the seasonally adjusted rate of 6.1% for the U.S., but lower than the 7.3% unemployment
-400000
Aug-08 Aug-07 California (as of July 2008). The state of Nevada had a seasonally-adjusted unemployment
rate for -600000
Unemployment rate of 7.1%.
7.1% 5.0%
Rate
Visitor Volume 3.59M 3.74M
Gaming Revenue $759.3M $838.1M VaCanCy Vs rental rate
Taxable Sales $3,131M* $3,238M*
New Home Permits 501 766
0.06 $2.25 2.3
* June 2008 / 2007 $2.19
0.055 $2.15 2.2
$2.09
5.4%
0.05 2.1
$2.03 $2.03
0.045 2
0.04 1.9
4.0%
0.035 1.8
3.4%
0.03 3.2% 1.7
3.1%
3.0%
0.025 Vacancy 1.6
Asking Rental Rate
0.02 1.5
2 Q 2007 3 Q 2007 4 Q 2007 1 Q 2008 2 Q 2008 3 Q 2008
www.lvcolliers.com
Colliers international 1
las VeGas retail third Quarter | 2008
supply & demand Net absorption this quarter was -416,887
A total of 159,300 square feet (SF) of retail SF, a sharp decline from last quarter. The
215 space was completed this quarter. This was an highest net absorption (and only positive net
NORTH improvement over last quarter, but remains absorption) in the valley was in the Southwest
LAS VEGAS
95 lower than normal for the Las Vegas market. submarket. All product types experienced
NORTHWEST
15 A total of 1,656,214 SF of retail space has negative net absorption this quarter, with
been completed in 2008, 84% of it during Community Centers having the lowest at
DOWN
TOWN UNIVERSITY
the first quarter. -332,388 SF.
WEST EAST
CENTRAL
95
Currently, there is a total of 2,443,762 Vacancy & rents
RESORT
CORRIDOR
SF under construction in the Valley, with Retail vacancy increased to 5.4% this quarter.
215 another 3,513,498 SF of space planned Vacancy increased this quarter over last in
SOUTHWEST HENDERSON to begin construction in the next twelve all submarkets except the Northeast, where
months. Power Centers comprise 43% of it remained stable at 3.6%. All product
this future space, Community Centers types experienced an increase in vacancy,
“Fresh & Easy has occupied 43%, and Neighborhood Centers 14%. The
several vacated Rite Aids and with Community Centers having the largest
majority of this space will be completed increase over last quarter. The Downtown,
Target has opened one store this in the Henderson, North Las Vegas and Henderson, North Las Vegas and Southwest
year and plans to open three more the Southwest submarkets. Significant submarkets had vacancy rates higher than the
in 2009.” projects beginning construction this quarter Valley average. Downtown had the highest
include Deer Springs Town Center, Desert vacancy rate in the Valley, at 11.5%. The
Marketplace and the Target center at Decatur lowest was in University East, at 3.4%. Among
& I-215.
retail GaMinG oCCuPied
year Visitor VoluMe 2
eMPloyMent 21
reVenue 3 retail sF
2002 93,500 35,071,504 $7,630,562,000 28,570,618
2003 100,700 35,540,126 $7,830,856,000 31,430,871
2004 96,700 37,388,781 $8,711,426,000 32,364,995
2005 100,500 38,566,717 $9,717,322,000 33,819,615
2006 103,500 38,914,889 $10,630,387,000 36,051,930
2007 105,700 39,196,761 $10,868,029,000 38,545,968
2008 YTD 101,900 25,331,316 $6,711,586,000 39,215,911
1
As of August 2008 according to DETR
2
As of August 2008 according to LVCVA
3
Clark County as of August 2008 according to LVCVA
1
Forward supply is a combination of space
presently under construction in a quarter
and space planned to begin construction
within the next 4 quarters.
Market aCtiVity
third Quarter transaCtions
LEASE ACTIVITY
ProPerty address lease date lease terM size sQ. Ft. lease rate/sQ. Ft. tyPe
1200 s rainbow blvd sep 2008 60 months 10,000 $1.14 nnn Community Center
1000 n Green Valley Pkwy sep 2008 36 months 5,426 $1.55 nnn neighborhood Center
10080 W tropicana ave aug 2008 96 months 4,761 $2.00 nnn neighborhood Center
4401 e bonanza rd aug 2008 120 months 3,500 $3.45 nnn neighborhood Center
11710 W Charleston blvd aug 2008 65 months 3,044 $3.33 nnn neighborhood Center
2 Colliers international
las VeGas retail third Quarter | 2008
Retail MaRKet StatiStiCS
thiRd QUaRteR 2008
eXistinG ProPerties direCt VaCanCy sublease VaCanCy total VaCanCy net absorPtion sF u/C & ProPosed sF aVG rents
total Vacancy Completed
Current Completed under
type bldgs inventory sq Ft rate sq Ft rate sq Ft 3Q - 08 rate ytd this Qtr rate
Period ytd Constr
sq Ft Previous Q sq Ft
sub Markets
doWntoWn subMarket
PC - 0 0 n/a 0 n/a 0 n/a n/a - - - - - $-
CC 5 684,340 133,338 19.5% 0 0.0% 133,338 19.5% 18.8% (4,890) (121,775) - - - $1.14
nC 5 518,070 5,500 1.1% 0 0.0% 5,500 1.1% 1.1% - 38,220 - - - $3.00
total 10 1,202,410 138,838 11.5% 0 0.0% 138,838 11.5% 11.1% (4,890) (83,555) - - - $1.22
henderson subMarket
PC 7 2,514,355 108,750 4.3% 25,569 1.0% 134,319 5.3% 3.5% (20,440) (93,170) - - 450,000 $1.69
CC 19 2,688,350 244,628 9.1% 7,713 0.3% 252,341 9.4% 4.6% (121,920) (175,353) - - - $1.72
nC 25 2,796,250 282,156 10.1% 14,156 0.5% 296,312 10.6% 13.4% 91,702 (125,517) - - - $2.11
total 51 7,998,955 635,534 7.9% 47,438 0.6% 682,972 8.5% 7.3% (50,658) (394,040) - - 450,000 $1.89
north las VeGas subMarket
PC 1 300,000 5,025 1.7% 0 0.0% 5,025 1.7% 1.7% - 294,975 - 300,000 687,713 $3.32
CC 10 1,755,463 136,131 7.8% 0 0.0% 136,131 7.8% 7.7% (388) 10,249 - - - $2.21
nC 14 1,855,468 88,459 4.8% 0 0.0% 88,459 4.8% 3.8% (17,943) 158,333 - 150,000 312,099 $2.61
total 25 3,910,931 229,615 5.9% 0 0.0% 229,615 5.9% 5.4% (18,331) 463,557 - 450,000 999,812 $2.39
northeast subMarket
PC - 0 0 n/a 0 n/a 0 n/a n/a 0 - - - - $-
CC 8 1,398,026 64,163 4.6% 0 0.0% 64,163 4.6% 4.4% (2,289) (3,902) - - 90,700 $1.44
nC 13 1,134,765 27,118 2.4% 0 0.0% 27,118 2.4% 2.5% 1,237 2,674 - - - $1.92
total 21 2,532,791 91,281 3.6% 0 0.0% 91,281 3.6% 3.6% (1,052) (1,228) - - 90,700 $1.58
northWest subMarket
PC 7 2,840,703 53,115 n/a 1,266 n/a 54,381 n/a 1.0% (25,014) (15,864) - - - $2.65
CC 16 3,585,512 173,239 4.8% 0 0.0% 173,239 4.8% 3.4% (51,802) (86,321) - - 390,000 $2.77
nC 30 3,655,508 174,828 4.8% 85,102 2.3% 259,930 7.1% 2.5% (84,565) 11,771 - 102,600 - $2.27
total 53 10,081,723 401,182 4.0% 86,368 0.9% 487,550 4.8% 2.4% (161,381) (90,414) - 102,600 390,000 $2.54
southWest subMarket
PC 1 944,314 45,665 4.8% 0 0.0% 45,665 4.8% 4.8% - 898,649 - 944,314 - $3.17
CC 8 2,789,171 98,968 3.5% 2,000 0.1% 100,968 3.6% 2.0% (44,183) (56,878) - - 427,250 $2.67
nC 12 1,537,100 174,161 11.3% 1,447 0.1% 175,608 11.4% 6.3% 72,581 101,279 159,300 159,300 86,000 $2.34
total 21 5,270,585 318,794 6.0% 3,447 0.1% 322,241 6.1% 3.7% 28,398 943,050 159,300 1,103,614 513,250 $2.56
uniVersity east subMarket
PC 3 1,250,362 5,000 0.4% 0 0.0% 5,000 0.4% 0.4% - (5,000) - - - $1.75
CC 19 2,761,018 113,576 4.1% 0 0.0% 113,576 4.1% 2.3% (50,522) (42,186) - - - $1.95
nC 18 2,075,953 89,544 4.3% 27,984 1.3% 117,528 5.7% 3.8% (9,757) (39,899) - - - $2.38
total 40 6,087,333 208,120 3.4% 27,984 0.5% 236,104 3.9% 2.4% (60,279) (87,085) - - - $2.13
West Central subMarket
PC 3 1,138,667 39,200 3.4% 0 0.0% 39,200 3.4% 2.8% (7,620) 8,434 - - - $1.38
CC 15 1,649,179 86,379 5.2% 1,350 0.1% 87,729 5.3% 1.8% (56,394) (16,231) - - - $1.52
nC 14 1,591,822 99,542 6.3% 0 0.0% 99,542 6.3% 0.9% (84,680) (72,545) - - - $1.79
total 32 4,379,668 225,121 5.1% 1,350 0.0% 226,471 5.2% 1.7% (148,694) (80,342) - - - $1.62
M a r k e t tota l
PC 22 8,988,401 256,755 2.9% 26,835 0.3% 283,590 3.2% 2.3% (53,074) 1,088,024 - 1,244,314 1,137,713 $2.14
CC 100 17,311,059 1,050,422 6.1% 11,063 0.1% 1,061,485 6.1% 4.1% (332,388) (492,397) - - 907,950 $1.97
nC 131 15,164,936 941,308 6.2% 128,689 0.8% 1,069,997 7.1% 5.0% (31,425) 74,316 159,300 411,900 398,099 $2.22
total 253 41,464,396 2,248,485 5.4% 166,587 0.4% 2,415,072 5.8% 4.0% (416,887) 669,943 159,300 1,656,214 2,443,762 $2.09
Q u a rt e r ly C o M Pa r i s o n a n d t o ta l s
Q3-08 253 41,464,396 2,248,485 5.4% 166,587 0.4% 2,415,072 5.8% 4.5% (416,887) 669,943 159,300 1,656,214 2,443,762 $2.09
Q2-08 254 41,305,096 1,672,298 4.0% 195,283 0.5% 1,867,581 4.5% 3.7% (150,315) 1,086,830 102,600 1,496,914 1,041,399 $2.15
Q1-08 254 41,202,496 1,419,383 3.4% 107,071 0.3% 1,526,454 3.7% 3.3% 1,237,145 1,237,145 1,394,314 1,394,314 990,799 $2.03
Q4-07 252 39,808,182 1,262,214 3.2% 54,559 0.1% 1,316,773 3.3% 3.1% 535,867 2,485,226 618,302 2,718,613 1,995,013 $2.19
Q3-07 250 39,189,880 1,186,486 3.0% 47,852 0.1% 1,234,338 3.1% 3.3% 466,366 1,949,359 417,000 2,100,311 2,268,213 $2.25
the inForMation Contained in this rePort Was ProVided by sourCes deeMed to be reliable, hoWeVer, no Guarantee is Made as to the aCCuraCy or reliability. as neW, CorreCted or uPdated
inForMation is obtained, it is inCorPorated into both Current and historiCal data, WhiCh May inValidate CoMParison to PreViously issued rePorts.
Colliers international 3
las VeGas
las VeGas retail
oFFiCe third Quarter 2008
third Quarter || 2008
293 oFFiCes in 61 Countries
product types, Power Centers had the lowest Not surprisingly, retail vacancy is rising on 6 Continents
vacancy rate (2.9%), and Neighborhood and demand for retail space is weak. Net
Centers the highest (6.2%). absorption has been negative for two
usa 99
quarters now, and it has lagged behind
After increasing last quarter, the average new completions for the past four quarters. Canada 19
asking rental rate for retail space decreased There are still deals being done in the latin america 18
by $0.06 this quarter to $2.09 psf NNN. The Valley; Fresh & Easy has occupied several asia Pacific 62
largest increases were seen in the University vacated Rite Aids and Target has opened eMea 95
East and West Central submarkets. one store this year and plans to open three
more in 2009. That being said, with all signs $73 billion in annual transaction
pointing to a weak economy through 2009 volume
Conclusion and with the eminent closure of Mervyns
868 million square feet under
Current economic conditions suggest locations in the Valley (totaling almost
that the Las Vegas Valley is in the midst 275,000 SF), we think the Valley can expect management
of a recession. Visitor volume, gaming to see vacancy rates continue to rise at least 11,000 Professionals
revenue and taxable sales are all down. through mid-year 2009.
ContaCt inForMation
estiMated Per oCCuPied
PoPulation PoPulation retail
subMarket
110000 CaPita inCoMe retail sPaCe 0.975
(2008 estiMate) (2013 estiMate) establishMents
97.0%
(2008) (Q3-08)
Retail Jobs Colliers International
108000 96.9% 96.8%
Occupancy Rate 0.97 3960 howard hughes Parkway
Downtown 87,368 92,784 96.6%$15,452 1,063,572 1,295
106000
suite 150
0.965
Henderson 235,628 274,534 $32,751 7,363,421 1,665 las Vegas, nV 89169
104000 96.0% united states
0.96
North Las Vegas 253,306 328,277 $19,673 3,681,316 912 tel: 702-735-5700
102000 Fax: 702-731-5709
Northeast 278,308 300,867 $18,778 2,441,510 0.955 1,270
100000
Northwest 442,093 516,902 $31,937 9,680,541 0.95 2,387
98000 94.6% Mike Mixer
Southwest 152,592 200,254 $32,636 4,951,791 0.945 1,313 Managing Partner
96000
email: mmixer@lvcolliers.com
University East 190,098 207,102 $26,599 5,879,213 0.94
2,343 tel: 702-836-3777
94000
West Central 104,071 106,142 $22,467 4,154,547 2,278
92000 0.935 John Stater
TOTAL 1,743,464 2,026,862 $26,252 39,215,911 13,463 research Manager
90000 0.93 email: jstater@lvcolliers.com
2 Q 2007 3 Q 2007 4 Q 2007 1 Q 2008 2 Q 2008 39661 tel: 702-836-3781
historiCal net absorPtion Vs CoMPletions this report and other research materials may
be found on our website at www.lvcolliers.
com. this quarterly report is a research
document of Colliers international – las Vegas,
1600000 nV. Questions related to information herein
Absorption should be directed to the research department at
1400000 Completions 702-836-3781. information contained herein has
been obtained from sources deemed reliable and no
1200000 representation is made as to the accuracy thereof.
Colliers nevada, llC dba Colliers international is
1000000 an independently owned and operated business and
a member firm of Colliers international Property
800000 Consultants, an affiliation of independent
companies with over 293 offices throughout more
Square Feet
600000 than 61 countries worldwide.
400000
200000
0
2 Q 2007 3 Q 2007 4 Q 2007 1 Q 2008 2 Q 2008 3 Q 2008
-200000
-400000
-600000
www.lvcolliers.com
4 Colliers international Colliers international 4
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