Page 4 - 2016 Las Vegas Residential Real Estate Report

LAS VEGAS, NEVADA RESIDENTIAL
LAS VEGAS
LIVING UP TO ITS POTENTIAL
Las Vegas is a global city and although it is
still growing fast, there are many signs that it is maturing. Las Vegas is maturing in the sense that it shares many of the attributes of other major global cities, such as a multitude of available ight options, world-class entertainment, a developing urban
core, an appreciation for the arts, technological innovation and now a major sports team.
Las Vegas continues to impress visitors and
locals alike. The area has emerged as a creative powerhouse, a shifting mix of entertainment and business themes that move with or advance ahead of the trends. Although famous for and proud of its key industry, gaming, leisure and hospitality, Las Vegas is also known for internet infrastructure, solar energy, product distribution and a growing software and information systems sector. Las Vegas is now well known for rms such as Switch, arguably
the leading data center company in the U.S., and Zappos, the famed online retailer.
The convention business remains a great compliment to the leisure and hospitality business but has grown so much that it’s a strong sector
of its own. The Las Vegas Convention Center is progressing with its growth plans, concluding phase one, which is parking and outdoor exhibition space. The Riviera was imploded last summer to make way for these expansion plans. There are three more phases that include new exhibit space, meeting rooms and renovations. In addition to
the Las Vegas Convention Center, Mandalay Bay Convention Center, Sands Expo and Convention Center and other venues, World Market Center is a key center in the home and hospitality furnishings business, hosting trade expositions within an impressive ve million square feet.
MARKET
Brookings examined the primary traits of a global city. These traits were; leadership with a worldview, a legacy of global orientation, specializations with
a global reach, adaptability to global dynamics, culture of knowledge and innovation, opportunity and appeal to the world, international connectivity, ability to secure investment for strategic priorities, government as a global enabler and nally, a compelling global identity.1 Thinking both broadly and speci cally, our view is that the Las Vegas of today captures a majority, if not all of these themes. After a hurtful recession, Las Vegas is striving towards an expanded economic base, much of it centered on innovative industries including software and aerospace and new forms of transportation, such as Hyperloop Technologies project in North Las Vegas.
It would be hard to argue that Las Vegas lacks a global appeal, with a record setting visitation for 2016 of 42.9 million people. Las Vegas already has direct ights to London, Vancouver, Mexico City, Frankfurt and will have direct ights to Beijing through Hainan Airlines. Trade shows like CES and SEMA drive business visitors from a multitude of countries. Finally, gaming and entertainment continue to be a major draw for both domestic and global tourists.
In addition to tourism, the State of Nevada actively promotes the state as a home for new business and locally, the Las Vegas Global Economic Alliance is active in assisting rms to relocate to Southern Nevada.
IT WOULD BE HARD TO
ARGUE THAT LAS VEGAS LACKS A GLOBAL APPEAL, WITH A RECORD SETTING VISITATION FOR 2016
OF 42.9 MILLION PEOPLE