Members Only Workshop Recap: Development is Alive in Southern Nevada: Get Plugged In!

NAIOP Southern Nevada held a Members Only Education Event in August 2024 with panelists David Kim, Director of Development Services Matter Real Estate; Marco Velotta, Planning Project Manager Chief Sustainability Officer for the City of Las Vegas; and Raheel Sadiq, Project Manager Renewable Energy, NV Energy.

Southern Nevada is rapidly becoming a hub for innovation and sustainable development, driven by the increasing demand for electric vehicles (EVs). This shift toward electrification is not only reshaping the automotive landscape but also having a profound impact on commercial real estate, particularly in the infrastructure needed to support this growing demand. With various incentives provided by NV Energy and local jurisdictions, this is a pivotal time for businesses and property owners to capitalize on the EV revolution.

The global push toward cleaner energy solutions has brought electric vehicles into the mainstream, and Southern Nevada is no exception. Consumers and businesses alike are transitioning from traditional gas-powered vehicles to electric alternatives. According to industry projections, electric vehicle adoption in Nevada is expected to increase significantly over the next decade, spurred by both environmental concerns and the availability of financial incentives.

– EV sales in Nevada are anticipated to grow by over 20% annually over the next five years.

– By 2030, it is estimated that 30% of all vehicles on the road will be electric, further boosting demand for EV charging infrastructure across the region.

This growing demand has created opportunities for commercial real estate developers to integrate EV-friendly solutions into their projects. Whether it’s retrofitting existing properties or designing new developments with EV charging stations, the commercial real estate sector is set to play a crucial role in the region’s electric transformation.

As the demand for electric vehicles increases, so too does the need for a supporting infrastructure. The integration of EV charging stations is becoming an essential feature for many commercial properties, particularly in retail centers, office buildings, multi-family housing, and industrial parks.

  • Retail Centers: Shopping malls and retail complexes can attract customers by providing charging stations, giving EV owners a place to shop while their cars charge.
  • Office Buildings: Corporate tenants are increasingly looking for properties with charging infrastructure to accommodate employees who drive EVs. Offering these amenities can enhance tenant retention and property value.
  • Multi-Family Housing: As more renters and condo owners drive electric vehicles, residential complexes with EV charging stations are becoming more desirable. This presents a competitive edge for landlords and developers.
  • Industrial and Distribution Centers: The rise of electric delivery trucks and freight vehicles creates a need for charging stations at warehouses and logistics centers.

By integrating EV charging infrastructure, commercial properties can not only meet the current demand but also future-proof themselves as electric vehicles continue to grow in popularity.

In support of Nevada’s transition to clean energy, local jurisdictions and NV Energy are offering several incentives to encourage businesses to invest in EV infrastructure.

NV Energy has rolled out a range of programs designed to assist businesses with the installation of EV charging stations. These include rebates and grants that can offset the cost of purchasing and installing charging infrastructure. Key programs include:

  • Electric Vehicle Commercial Charging Incentives: NV Energy offers rebates for businesses that install Level 2 and DC fast charging stations. The rebate amounts can vary depending on the number of chargers and the type of property.
  • Charging Depot Program: This program supports the development of large-scale charging hubs, especially for fleet operators and transportation companies.

Local governments in Southern Nevada are also getting involved by streamlining the permitting process for EV charging stations and offering tax breaks to businesses that invest in sustainable infrastructure. Additionally, zoning laws are being updated to require or incentivize EV charging stations in new developments.

 

As Southern Nevada continues to experience economic growth and development, the rise of electric vehicles will increasingly influence commercial real estate decisions. The push for a greener, more sustainable future is reshaping the region, and developers who act now to incorporate EV infrastructure into their projects will be well-positioned to reap the benefits. The combination of growing consumer demand, government support, and financial incentives makes this the perfect time for commercial property owners to get plugged into the future of mobility.

Our panelists provided industry informed insight into how the commercial real estate industry is impacted by these changes as well as how the local governments and utilities are working to address the concerns of the CRE community. Members can come to our Members can come to our next Education program on November 22, 2024. Look for more information soon!

Education Committee Chair
Jennifer Turchin
CODA Group
O 702.795.2285 | jennifer@codagroupinc.com

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