RCG Economics prepared the 2020 Southern Nevada Industrial Land Analysis.

NAIOP Southern Nevada recently released the findings from the Southern Nevada Industrial Land analysis. The study by local firm RCG Economics evaluates whether short-term and long-term developable land constraints could negatively impact the region’s economic strength and resilience.

“For many years, NAIOP Southern Nevada has been advocating for the importance of a balanced approach to managing federal lands in Southern Nevada,” said Julie Cleaver, NAIOP Southern Nevada chapter president. “Expansion of the disposal boundary of the Southern Nevada Public Lands Management Act, coupled with a regional plan, will allow for efficient development and keep the region competitive.”

Click here for the Study

Click here for the Executive Summary

Click here for the Press Release

Demand Remains Strong as Market Conditions Continue to Improve

The Las Vegas industrial market continued to show resiliency in the second quarter of 2020 even amidst the economic uncertainty related to the COVID-19 pandemic. Robust tenant demand for new and larger industrial space contributed to 1.7 million sq. ft. of net absorption, slightly outpacing Q1 absorption. The vacancy rate decreased for the third straight quarter to 3.4% which is encouraging given the current state of the world economy. Although demand from e-commerce companies drove absorption, other tenant industries such as third-party logistics, food and beverage, and manufacturing companies were active.  Sublease space is rising but not drastically and at the moment there seems to be enough demand from winning areas of the economy to offset weakness in the resort and convention services industries.

Notable transactions in the quarter include Camco Marine leasing 203,884 sq. ft. at Northgate Distribution Center and Ruby Has leasing 373,000 sq. ft. at the recently completed North 15 Logistics project. Based on the current tenant demand in the market, Q3 is shaping up to be another great quarter.

Despite the uncertainty, Preylock Real Estate Holdings purchased 855,000 sq. ft. Tropical Distribution Center, leased to Amazon, at a record ±4.50% cap rate. VanTrust Real Estate developed and sold the project.

If current activity continues there is a good chance that it will be hard to recognize in the year end 2020 statistics that a major macro event took place. It’s been a wild ride over the last few months, but we are optimistic about the future of industrial and the ultimate economic rebound for our City.


Author: Garrett Toft, SIOR, Executive Vice President
CBRE | Industrial & Logistics
T +1 702 369 4868 | F +1 702 794 0144 | C +1 702 302 2572
garrett.toft@cbre.com | www.cbre.com

Credit: JJ Peck, Research Manager
CBRE | Mountain States Research
T +1 702 369 4842 | F +1 702 794 0144 | C +1 702 722 8276
jj.peck@cbre.com | www.cbre.com/jj.peck

Credit: Michael McCoy, Associate
CBRE | Advisory & Transaction Services
Lic. S.0190126
T +1 702 369 4846 | C +1 503 936 8180
michael.mccoy@cbre.com | www.cbre.com



Congratulations to Marianna Hunnicutt of Kimley-Horn and Associates.  “NAIOP is proud to partner with Prologis to support this growing program, which this year recognizes 20 individuals who have demonstrated tremendous dedication and leadership in the industry,” said Thomas J. Bisacquino, NAIOP president and CEO. “NAIOP has long held the belief that diversity strengthens commercial real estate, and we value the opportunity to provide mentorship and education opportunities to this impressive group of professionals.” Click here for the details.



There were no cocktail dresses, no tuxes, no uncomfortable shoes, and no paid parking. Instead, nominees and winners celebrated with their favorite food and beverage from the comfort of their own home or conference room, with many NAIOP members holding their own Spotlight Awards watch parties with a few friends, family members and colleagues.

If you missed the Virtual Presentation, click here – watch until the end for the bloopers!

Click here for the winners list.

The following are the 2020 Spotlight Award recipients:

Industry Award Winners

Financial Firm of the Year
CommCap Advisors

Engineering Firm of the Year

Brokerage Firm of the Year
Colliers International

Property Management Firm of the Year
Sun Property Management, LLC

Architecture Firm of the Year
Lee & Sakahara Architects, Inc.

General Contracting Firm of the Year
DC Building Group

Broker Team of the Year – Industrial
Doherty Industrial Group, Colliers International

Broker Team of the Year – Office
Thill Dillon Team, Colliers International

Broker Team of the Year – Retail
Adam Malan & Deana Marcello
Malan Marcello Retail & Investment Advisors, Logic Commercial Real Estate

Developing Leader of the Year
Samantha Flaherty

Development Firm of the Year
Panattoni Development Company

Special Recognition
2019 Community Service Committee
St. Jude’s Ranch for Children Project

Associate Member of the Year
Chris Teachman

Principal Member of the Year
Jay Heller

Project Award Winners

Retail Tenant Improvement
Shake Shack at LAS

Hospitality Tenant Improvement
Palazzo Casino Remodel

Healthcare Tenant Improvement
UMC Emergency Room Renovation

Healthcare Building
UHS Spring Valley Constant Care

Redevelopment Project
Planet 13 Las Vegas-Phase II Tenant Build-Outs

Multi-Family Project
UNLV The Degree

Mixed Use Development
University Gateway

Special Use
East Las Vegas Library

Office Tenant Improvement
The Howard Hughes Corporation at Two Summerlin

Office Building
UNLV | Harry Reid Research & Technology Park One

Industrial Tenant Improvement
WIN Distribution

Industrial Building Build to Suit
AMAZON LAS 7 Robotic Sort Facility

Industrial Building Spec
I-15 Speedway Logistics Center 4

Industrial Park
Warm Springs Business Center 1-4

DLI Class of 2020 has witnessed more “firsts” than any other of its preceding classes, and this class was no different! With the world going through a pandemic, NAIOP has truly pushed through this difficult time and has done such an amazing job at ensuring normalcy for its members, but also for their Developing Leaders Institute.

Class #6 – Marketing
Given the current world events and pandemic situation, the June DLI Class was still held, but it was done so very differently than the traditional classes held before. This class was hosted and taught via ZOOM! Hayim Mizrachi, President of MDL Group, structured and organized this class to be both interactive and meaningful, ensuring that this class was a success. Prior to the class, Hayim took the time to mail out a book to each individual DLI member, for them to read in preparation to discuss during the class. “This is Marketing” by Seth Godin. Students were able to read ahead of time to ensure a better understanding of the class discussion. A huge thank you to Hayim and MDL Group for providing the class with this very useful and informative book.

Opening discussion for this class was done so by Michael Argier, Senior Development Manager at Panattoni Development. Michael discussed his opinions on the industry and impacts of Covid-19, while also providing the class with tips and insight on how to keep strong and meaningful relationships intact, while also solidifying your own personal brand and reputation.

Hayim continued to speak with and engage the class on many of the key items related to marketing, while demonstrating his own journey of personal growth and development. Offering the class real life experience and conversation provided a meaningful and relatable environment for the class to learn and apply this knowledge to their own journey. While there were too many wonderful quotes to comment on, one of important mention that Hayim taught the class was: “Be a meaningful specific, not a wandering generality.” This one quote alone can sum up a lot of the discussion for this class.

After the class concluded, there was in fact a happy hour for further networking and discussion to take place…. You guessed it! A virtual happy hour held over ZOOM. Other DLI Alumni were able to attend as well – Thank you Jarrad Katz, Executive Vice President of MDL Group and Jeff LaPour, Principal of LaPour for attending the after class happy hour!

DLI Class # 7 – Construction
This 7th class for DLI was held in person on June 8, 2020 at 8400 W. Sunset Road. After the governor allowed our community to enter Phase 1 of the re-opening, the class was excited to participate in person, while maintaining social distancing.

This class was sponsored and taught by Burke Construction and boy did they come out in force! Prepared to discuss every aspect related to construction and technology, the class was greeted by many members of the Burke Construction team including:  Kevin Burke – President & CEO, Jim Colegrove – Special Projects/Managing Partner, Dimitri Mihaloliakos – Vice President/Estimating/Principal, Thad Lawrence – Vice President/Preconstruction/Principal, Vijay Daniel – Vice President of Operations, and Stefanie Fassbender – Virtual Design & Construction Manager.

Kevin Burke started off the conversation by breaking the ice and asking the class what their positives from quarantine were, and surprisingly, most of the class is now a self-proclaimed chef and/or gardener! Kevin immediately went into the discussion of navigating the construction process. With over 36 years of experience, and as one of the most respected names in the construction industry, the class was eager to soak up and learn all of the information provided. Whether choosing a project delivery method or contract method, and everything in between, Kevin kicked off the class with valuable information to lead the DLI class into future success.

Dimitri Mihaloliakos discussed the estimating portion of construction and went over the many variables that may impact a construction budget. Whether inflation/deflation, labor availability, time, or building type, Dimitri was able to get the class thinking about their own projects and allow them to begin applying estimating concepts for their project presentations.

Next up, was Vijay Daniel. Vijay discussed many of the components of construction that comes after the contract is signed and the budgets are done. The execution of the project. How is the project managed efficiently and effectively? The importance of communication, team assembly and an initial kickoff meeting was discussed, along with procurement, submittal reviews and managing the overall project.

Jim Colegrove went further into construction as it relates to tenant improvements. Discussing the deal, negotiating process, document processing, pricing plans, permit submittals, permits, schedule and delivery. The class learned very quickly that a tenant improvement has a lot of factors and that there are many variables to be considered from start to finish.

Thad Lawrence discussed construction of the future and set the scene for what that will look like in the coming years. From advanced robotics to autonomous vehicles, everything was discussed for not only the construction process, but also for the client types we will be designing for in the future and how it is imperative to be forward thinking in your design and construction. Thad further discussed the collection of data that would streamline future construction projects and allow for more efficiency. The future of construction is coming quickly, and Burke has embraced this effort to the fullest.

Lastly, Stefanie Fassbender was up to discuss how technology is being applied to current construction projects. By utilizing BIM and virtual design and construction methods, you are able to enhance the overall project delivery and quality as well as allow for transparency from start to finish. Stephanie further discussed the numbers related to the use of technology on projects, such as: 22% of projects saw reduced project durations, 32% saw reduced document errors, 36% saw reduced rework, and 17% saw fewer claims/mitigations.

Kevin Burke ended the class discussion by discussing risk management from a developer perspective and tied in all of the above components to managing that risk. In closing, Burke Construction gifted the class with several book selections as they relate to success and personal development.

After the class concluded, there was in fact a social distancing happy hour for further networking and discussion to take place…. The happy hour was held at the same location, and the students were able to enjoy wings and networking for a short duration. Everyone was ecstatic about this introduction back into normalcy, and the social distancing was practiced and appreciated by all.


2020 DLI Class Vice President
Christina Stanfill, Director of Project Development
WORTHGROUP Architects & Designers
Cell 702.575.8024
www.worthgroup.com I cstanfill@worthgroup.com

The valiant efforts of NAIOP Southern Nevada’s Community Service Committee and our NAIOP membership have made it possible to continue to make a meaningful impact in those in need throughout Southern Nevada during these trying times.

With the help of a local seamstress, the Committee was able to provide 1,200 protective masks for Las Vegas’s at risk community including The Cure4Kids Foundation, Street Teens, and Ronald McDonald House. The committee members really jumped into high gear to get these much needed masks together and delivered in record time.

Our Street Teens Food Drive, originally scheduled to take place April 16th at at Street Teens, had to be canceled due to Nevada’s “Stay at Home” COVID-19 restrictions.  However, the committee was able to set up an online Amazon Wish List where people could make donations that would be shipped and delivered by Amazon directly to Street Teens, in a time when volunteers could not visit the center to offer aid.

We exceeded our goal!  The membership donated goods totaling $3,600, which was 144% of our targeted goal of $2,500.  While the goods donated helped stock the charity’s pantry for a period of time, Nevada is still in a phased recovery, and the center is still subject to limited contact. Street Teens is still in need of assistance to continue to feed and care for Nevada’s homeless, abandoned and at risk youth.  If you would like to still make a donation, please click here.

Thank you to everyone who came together to make this online food drive a success. We know this is a difficult time for everyone and appreciate all of the generosity and efforts made for such a great cause.

In similar fashion, due to COVID-19 restrictions, our Community Service Committee will be adjusting our usual June and July Knot Tied Down/Communities in Schools Donation business clothing drive. We will instead be conducting a monetary donation drive to raise funds that cover the costs for local high school students of low-income families to fulfill their dreams of pursuing a college education. On average education applications range from $35-$60, on average, and Communities in Schools estimates that over 40 students will need help paying for their application fees.  Please join us in donating through July 31stClick here for the donation link.

Community Service Committee Members
Patti Dillon, SIOR
Sr. Vice President
Colliers International
(702) 523-0337 | patti.dillon@colliers.com

Megan McInerney
Colliers International
(702) 836-3700 | Megan.mcinerney@colliers.com

As states continue to reopen in phases following the COVID-19 pandemic, there is much uncertainty in the local Las Vegas marketplace as well as the overall US economy. Specifically in the retail sector of commercial real estate, it seems that most businesses that are reopening are implementing inconsistent procedures and observing constant changing guidelines in hopes of generating some sort of income but it’s still to be determined if that income generated will be enough to support expenses and allow retailers to stay in business.

Any retail business that was deemed non-essential during the government shut down and wasn’t allowed to operate is now actively looking to adjust their business model to hopefully remain open during any potential future shutdown. Examples of this would be soft goods retailers looking to expand into carrying food items in their stores in hopes of being deemed an essential business. Businesses that were allowed to operate during the shutdown are reviewing their business model to ensure they are able to operate in a more efficient and safe manner while attempting to maximize sales. Going forward, brands like Café Rio will continue to expand in Las Vegas but will modify their design to include a drive thru on future restaurant locations.

Landlords and Property Managers sure took on a burden during the shutdown. EVERY tenant was looking for and expecting some sort of concession from landlords even though the majority of landlords weren’t receiving concessions from their lenders. Some of the common requests our teams at Logic dealt with were requests for rent abatement, rent deferment or partial payment of rent and occupancy costs. Strategic landlords were proactive in working with tenants and commonly pushing towards awarding their tenants deferred rental payments and extending the term of the tenant’s lease. Some landlords were also successful in negating release of tenant exclusives or restricted uses in exchange for rental concessions to the tenant.

Most investors have been focused on actively sourcing capital and waiting to deploy funds in the marketplace if/when there is a decline in values. Other investors are using this time and low interest rates to upgrade the quality of assets they own and are aggressively chasing well located shopping centers with long term, credit worthy tenants. Single tenant NNN deals such as Starbucks, Chic-Fil-A, McDonalds and others are trading at historically low capitalization rates and sellers have multiple offers to choose from. NNN=Net, Net, Net.  In addition to rent, tenant pays pass through expenses to Landlord. An example would be tenants prorata share of real estate taxes, insurance and property management fees.

2020 is continuing to be a roller-coaster ride for us all, regardless of what sector of commercial real estate you focus on. When forecasting ahead, I recommend you keep your seatbelt on for this roller-coaster ride of a year isn’t over yet.


Jason Otter, Director
Logic Commercial Real Estate

Name: Linda Gonzales
Title: Vice President
Sun Commercial Real Estate, Inc.
Years in the Industry: 16

Where are you originally from? I was born in NYC and grew up in Las Vegas, which I consider my hometown.

What has NAIOP provided you that has helped you grow professionally or personally? Long-term relationships, many of them!

What has been your favorite experience? Being a graduate for NAIOP’s first DLI Class is probably at the top of my list.  And, helping plan memorable moments for NAIOP’s social events.

Who Have I met or become closer friends with at NAIOP: My closest friendships have come from my Developing Leaders Class. We are a tight group!

What do you want your legacy to be in the Southern Nevada community? My enthusiasm, passion and love for life and my family.  Being grateful for every moment and providing the utmost service to my clients and doing what I love!


Click here if you’d like to submit a member highlight and return the completed questions and head shot to newsletter@naiopnv.org.

Name: Wendi Schweigart
Title: Director of Marketing
NDL Group, Inc.
Years in the Industry: 20+

Where are you originally from and how long have you lived in Las Vegas? I was born in Los Angeles but moved to Las Vegas when I was 4; so I consider myself a local.

What has NAIOP provided you that has helped you grow professionally or personally? NAIOP has provided me with genuine relationships with people in the industry who, without the organization, I probably never would have had the benefit of interacting with.  NAIOP gives a platform to spend time together, through various committees and events, that foster organic relationships which would be hard to come by in a different setting.

What has been your favorite experience or story that happened at a NAIOP event? My favorite NAIOP event is the Spotlight Awards.  I am on the Spotlight Awards committee and to see all of the hard work that the members put in to making the event successful. Watching the event come to fruition is a true highlight of my year.

Who have you met at a NAIOP event that has influenced you or that you have become close friends with? The person I’ve met through NAIOP who has both influenced me and I’ve become friends with is Cassie Catania-Hsu.  She is a powerhouse in our industry.  Always leading by example, she has shown me what it truly means to be a powerful woman in Commercial Real Estate.  As a woman in this industry we walk a fine line between being seen as powerful or aggressive, a leader or being bossy,  passionate or emotional.  By following Cassie’s example I hope I’ve been able to find the balance.

What do you want your legacy to be in the Southern Nevada community?  I hope my legacy in Southern Nevada will be that I was a good person who always tried to pay it forward.  Through hard work and a great amount of luck, I’ve been blessed with many amazing opportunities.  I hope that I can share the good fortune I’ve had with those around me and make our community a better place to be.


Click here if you’d like to submit a member highlight and return the completed questions and head shot to newsletter@naiopnv.org.

“I just love your automated phone answering system!”, said no one ever.

Long menus that don’t have an option that matches your problem, put on hold forever, being asked for the same information over and over, and dropped calls before you ever speak to an actual human…everyone hates them.

I know – businesses use it to save money.  But unless people have no other option, I wonder how many frustrated, angry, lost potential customers it takes to more than pay for the cost of a receptionist.

Click here for more cartoons.