TAKEAWAYS – Life. Lessons. Learned. explores learning from the wisdom of others.
I am back with my co-host MARIANNA HUNNICUTT, Civil Engineer and Practice Builder with KIMLEY HORN. In this episode, we recap our Takeaways from the NAIOP Southern Nevada April Program. The title was Industrial. Its What’s Driving Everything. The sponsor that morning was NV Energy.
This program was a deeper dive into the industrial development activity in Southern Nevada. In order to understand the context in 2021, moderator Dan Doherty, SIOR, executive vice president of Colliers International, started the morning with a story. The year was 2014. Fritz Wyler with Prologis said “lease rates need to get to $.36 per square foot in order for us to justify speculative development.” When lease rates did get there, spec development kicked off and hasn’t subsided since. This development cycle has seen bigger buildings… being built faster… with different capital sources, executions and developers than we’ve ever seen before in Southern Nevada.
To illuminated the latter part, the programs committee compiled a panel of developers that made their NAIOP Breakfast Program debut.
The panelists included:
- Nicholas Ilagan, senior vice president of asset management for CapRock Partners
- Mike Orr, senior vice president of SunCap Property Group
- Dan Fogerty, executive vice president of investments and development with Becknell Industrial
What were some of the Takeaways?
• How much industrial product has been developed and absorbed in Southern Nevada since the Global Great Recession (GGR)?
• What types of industries are actively signing leases, and which historically active industries, were not active during the pandemic?
• Why are these developers active in Southern Nevada and what do they predict over the next 36 months for the valley?
I hope you enjoy!
You can find Takeaways at any of the links below:
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