NAI Excel and NAI Vegas provide a detailed analysis of the Las Vegas, Southern Utah, and Wasatch Front commercial real estate markets in their 2021 Outlook. It explores the most important commercial real estate trends in these regions, including vacancy, lease rates, and construction data for office, retail, industrial, and multi-family. This publication showcases NAI Excel and NAI Vegas’ continuous investment in the highest quality research and is distributed to over 100,000 real estate decision makers.

The health pandemic triggered population shifts, and advanced monetary policy as well as fiscal stimulus that drove real estate prices and led to market bifurcations.

The historically predominant migration dynamics from rural to urban reversed. People moved from larger cities to less regulated and less densely populated areas; from New York City, San Francisco, and Los Angles to the areas surrounding Las Vegas, Salt Lake City, and St. George. Expansionary monetary policy lowered interest rates, leading to increases in purchasing power. The federal government injected $3.5 trillion into the economy.

Reactions to the pandemic drove asset prices. Jon Walter, COO of NAI Excel and NAI Vegas outlines that “while inflation of consumer goods remains low, asset price inflation for investments such as stocks, real estate, machinery, and equipment have risen faster. He advises that investors considering the timing of cash deployment should consider inflation and deflation of both consumer goods and asset prices”.

These external factors created winners and losers. Big Tech continued to be successful and is constructing data and fulfillment centers from Las Vegas to Salt Lake City. On the other hand, hospitality and brick and mortar retail were hit hard. Jon Walter explains that “investors are more bullish on industrial and multifamily, and softer on retail and office in the near term. However, there are no clear lines to demise 2020; each city, asset class, business owner, investor, and individual experienced a different economic outcome”. NAI Excel and NAI Vegas look forward to assisting you in commercial real estate as you are making decisions in 2021.

About NAI Vegas and NAI Excel

NAI Vegas and NAI Excel are leading providers of commercial real estate services in the West and members of NAI Global. With 375 offices and 6,000 local market professionals, NAI Global manages in excess of 1.5 billion square feet of property and facilities, and completes in excess of $20 billion in commercial real estate transactions throughout the world.