Soft Land Market in 2017
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- Claud Mitchell
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1 Research & Forecast Report LAND Q4 217 Soft Land Market in 217 > > Land sales in 217 fell behind 216 > > A lack of large sales at Apex brought the average price per square foot up > > Strong development of industrial and multifamily projects should continue through 218 Southern Nevada s land market saw 267 sales in 217, the fewest since 212. A total of 2,135 acres were sold in 217 with a sales volume of $595.6 million and an average price per square foot of $6.4. Sales volume was lower in 217 than in 216, and was the lowest land sales volume recorded since 212, when the Valley was still coming out of the Great Recession. Land sales were boosted in 216 by large sales in Apex, which also had the effect of decreasing the average price per square foot to $3.72. The BLM auction this year resulted in acres sold for $15.4 million. The agency put acres up for auction. 216 aside, the general trend for land sales has been down since 214. Numbers for 217 were down in terms of the number of sales, the acreage sold and the sales volume. Only the average price per square foot increased in 217 compared to 214. Given the high level of commercial, residential and industrial construction in the Valley, it is likely that the market will rebound soon. Occupancy in industrial buildings increased to 95.4 percent in the fourth quarter of 217 due to robust demand for the new industrial product entering the market and continued strong demand for existing properties. A total of 6.3 million square feet of industrial space was completed on 841 acres in 217. An additional 9.1 million square feet of industrial space is either under construction or planned on 711 acres of land. In 217, 817 acres of industrial land was sold with a total sales volume of $69.5 million. The average sales price of industrial land was $1.95 psf, a significant increase from 216 due to the impact of those large parcel sales at Apex in 216. Economic Indicators Market Indicators Relative to prior period Q4 217 Q1 218* NO. SALES ACREAGE SOLD SALES VOLUME PRICE PER SQUARE FOOT *Projected Land Sales Activity 2, 1,8 1,6 1,4 1,2 1, COMMERCIAL Forward Supply RESIDENTIAL Permits -2.3 Land Sales Activity INDUSTRIAL Forward Supply $12. $11. $1. $9. $8. $7. $6. $5. Occupancy in commercial buildings increased in 217 to 88.6 percent,.7 percentage points higher than in 216. While the retail market continued to struggle with vacancies in large anchor spaces, the 4 2 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 $4. $3. $2.
2 professional and medical office markets saw solid demand and continued to see their stock of vacant space decrease. A total of 1,118,358 square feet of new commercial space has been completed on 173 acres so far in 217. An additional 4.1 million square feet of commercial product is currently under construction or planned on 724 acres. Average hotel occupancy in 217 was 89.2 percent, lower than at this point in 216, but higher than in 215. Hotel occupancy has generally been on the rise over the past three years, but the attack that occurred on the Las Vegas Strip in October 217 may have influenced the decrease. There were over 1, new rooms slated for future development in Southern Nevada on 391 acres. In 217, acres of commercial land was sold with total sales volume of $39.3 million. The average sales price of commercial land was $12.84 psf, a $3.97 psf increase from 216. The number of multifamily units planned or under construction in Southern Nevada continues to increase, though demand for multifamily has flagged in 217 and net absorption of multifamily went negative in the third quarter of the year. Single family residential development was also strong, with three new master planned communities in some stage of development in 217. New home sales in the first ten months of 217 was 7,384 units, an improvement over the same period in the last two years. Approximately 1,369 units of multifamily have been completed so far in 217. There were 1,271 units of multifamily under construction or planned to begin construction in Southern Nevada on 397 acres. In 217, acres of residential land were sold and the total residential land sales volume was $216.8 million. The average sales price of residential land was $6.5 psf, a $1.71 psf decrease from 216. The trend of decreasing land sales activity continued in 217. Development, on the other hand, hit new highs, especially in the industrial and multifamily sectors. That plus the increase in planned future development of office and retail properties suggests that a turn-around is in the cards for 218 or 219 at the latest. If anything is holding a rebound back, it is high asking prices from landlords who are willing to wait buyers out. Market Health Data Point Commercial Building Occupancy 86.9% 87.9% 88.6% Industrial Building Occupancy 94.5% 94.7% 95.4% Hotel Occupancy (Jan-Oct) 88.8% 9.4% 89.2% New Home Sales (Jan-Oct) 5,418 6,326 7,384 Commercial Forward Supply 1 (SF) 1.66 MM 2.3 MM 4.1 MM Industrial Forward Supply 1 (SF) 9.29 MM 9.38 MM 9.15 MM Hotel Forward Supply 1 (Rooms) 3,634 5,41 1,439 Taxable Sales (Jan-Aug) $25.1 BB $26. BB $27.2 BB Employment (Jan-Oct) 914,2 945,3 974,2 1 Includes projects that are under construction or planned Residential Land Sales Activity Land Sales Q4-15 Q1-16 Q2-16 Q1-16 Q3-16 Q2-16 Q4-16 Q3-16 Q4-16 Q1-17 Q2-17 Q1-17 Q3-17 Q2-17 Q4-17 Q Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Year Sales Volume Price/SF 217 $595.6 MM 2,135 $ $652.9 MM 4,29 $ $625.9 MM 2,32 $ $763.2 MM 2,761 $ $613.3 MM 2,636 $ $264.1 MM 1,374 $ $16.1 MM 83 $ $51.3 MM 172 $6.86 $18. $15. $12. $9. $6. $3. $. $18. $15. $12. $9. $6. $3. $. 2 Las Vegas Research & Forecast Report Q4 217 Land Colliers International
3 NORTHWEST NORTH Significant Land Sale Activity Range & Interstate Acres - $2,45, $2.5/SF August 217 North Las Vegas - Residential SUMMERLIN 15 DOWNTOWN NORTHEAST Fifth & Deer Springs 2. Acres - $3,5, $4.2/SF September 217 North Las Vegas - Commercial WEST 95 EAST Corporate Center & Pecos 9.5 Acres - $3,82, $9.25/SF August 217 North Las Vegas - Industrial AIRPORT 215 SOUTHWEST Warm Springs & Interstate Acres - $4,8, $11.4/SF July 217 Airport - Residential HENDERSON St Rose & Executive Airport 9.2 Acres - $7,8, $19.46/SF September 217 Henderson - Industrial Land Sale Activity Continued Property Name Sale Date Acres Price Price/SF Submarket Land Type Charleston & Vista Center Jul $2,29, $2.25 Summerlin Residential Patrick & Brent Thurman Jul $2,1, $9.64 Southwest Residential Maule & Interstate 215 Aug $2,8, $3.97 Southwest Residential Gibson & Warm Springs Aug $1,9, $19.47 Henderson Commercial Lake Mead & Dolly Jul $1,8, $4.95 Northeast Commercial 3 Las Vegas Research & Forecast Report Q4 217 Land Colliers International
4 Market Comparisons - Las Vegas Land Market SUBMARKET SALES ACREAGE SOLD SALES VOLUME AVERAGE SALES PRICE (PER SQUARE FOOT) AIRPORT $5,619,5 $8.92 Commercial $2,3, $28.85 Industrial -. $ N/A Residential $3,319,5 $6.3 APEX -. $ N/A DOWNTOWN -. $ N/A EAST -. $ N/A HENDERSON $31,778,811 $8.5 Commercial $7,634,311 $1.48 Industrial $1,35, $7.31 Residential $22,794,5 $7.52 NORTH $22,22,598 $6.1 Commercial $5,, $6.76 Industrial $6,834,142 $6.38 Residential $1,188,456 $5.5 NORTHEAST $4,977, $6.7 Commercial $2,85, $15.55 Industrial $1,582, $3.85 Residential $59, $3.89 NORTHWEST $2,39, $2.81 Commercial $725, $2.18 Residential $1,584, $3.23 RESORT CORRIDOR $3,4, $16.26 Industrial $3,4, $16.26 SOUTHWEST $58,951, $14.7 Commercial $2,8, $16.67 Industrial 1.98 $55, $12.88 Residential $38,321, $13.2 SUMMERLIN $2,656,48 $9.95 Residential $2,656,48 $9.95 WEST $19,775, $28.66 Commercial $1,275, $28.14 Industrial $18,5, $28.7 SUBTYPE TOTALS Commercial Total $39,819,311 $12.3 Industrial Total $32,216,142 $12.57 Residential Total $79,453,936 $8.55 MARKET TOTAL $151,489,389 $9.99 QUARTERLY COMPARISON AND TOTALS Q $151,489,389 $9.99 Q $125,227,999 $7.22 Q $199,94,888 $11.1 Q $142,764,37 $7.22 Q $196,128,2 $6.93 Q $81,562,251 $5.2 Q , $23,549,98 $2.6 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. 4 Las Vegas Research & Forecast Report Q4 217 Land Colliers International
5 396 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 79 EMEA: 111 $2.6 billion in annual revenue* COLLIERS INTERNATIONAL 396 Howard Hughes Parkway Suite 15 Las Vegas, Nevada USA MARKET CONTACT: Mike Mixer Executive Managing Director Las Vegas mike.mixer@colliers.com John Stater Research & GIS Manager Las Vegas john.stater@colliers.com 2. billion square feet under management 15, professionals and staff *All statistics are for 216 and include affiliates. About Colliers International Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with 15, skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that helps clients accelerate their success. Colliers has been ranked among the top 1 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row. For the latest news from Colliers, visit Colliers.com or follow us on Twitter (@Colliers) and LinkedIn. Copyright 218 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
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