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Las Vegas commercial real estate vacancies remain elevated

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A car passes by the empty boutique shops area at the Coronado Canyons retail mall at Green Valley and Horizon Ridge parkways in Henderson Tuesday, Jan. 17, 2012. A Wells Fargo Bank, a CVS Pharmacy and a Fresh &Easy are operating but the mall’s boutique shops are empty.

A car passes by the empty boutique shops area at the Coronado Canyons retail mall at Green Valley and Horizon Ridge parkways in Henderson Tuesday, Jan. 17, 2012. A Wells Fargo Bank, a CVS Pharmacy and a Fresh &Easy are operating but the mall’s boutique shops are empty.


Newly released commercial real estate data show that, for the most part, the Las Vegas market continued to scrape along the bottom in the first quarter.



The commercial real estate sector of the Southern Nevada economy has been hurt during the recession by what turned out to be overbuilding during the boom years as many businesses, instead of expanding, reduced operations and laid off staff.

With unemployment still high at 12.2 percent in the Las Vegas area, the latest commercial occupancy numbers indicate the local economy has yet to turn the corner toward sustained growth.

Some analysts said the local retail sector picked up a bit during the first three months of this year, but most agreed the office market remained stagnant while the situation with industrial real estate worsened.

''Southern Nevada’s industrial market reversed a mildly positive course in 2011 with a very tough first quarter of 2012,'' Colliers International local research director John Stater said in the firm’s latest report.

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