Las Vegas has ranked 2nd to last in a national index compiled by Marcus & Millichap… see the article here.

The Marcus & Millichap report projects an increase of .5%… a small increase, but the first in over 3 years. Vacancy rates are expected to fall to 9.1%- a drop by 80 basis points.

As would be expected, the area around UNLV is projected to be the most highly sought due to the student population and the opening of The Cosmopolitan nearby.

I personally see a great opportunity with multi-family housing. The recession has tarnished many individuals personal credit and stricter lending practices will keep many people in the rental market. As the economy begins to recover, rental rates can be more easily adjusted in multi-family than commercial leases. As a result, multi-family will reflect increased values more quickly.

The UNLV area could yield some lucrative investments… the opportunity to pick up assets in a high demand area coupled with the remote possibility of the UNLV arena project could provide a positive cash flow investment in the present with the upside potential for redevelopment down the road.

I also believe the downtown Las Vegas area is poised for growth and opportunity. With the relocation of Zappos to the soon to be vacated city hall there will certainly be an increase in demand for housing. What is particularly exciting about the Zappos move is that the employee culture of Zappos lends itself to people that would like to be a part of the downtown culture- youthful, creative, artistic, and just a little bit weird.

Craig Cavileer and Ed Roski (from Majestic Realty) unveiled an idea for a massive project for UNLV today that included a new stadium and an integrated village that would account for over 300 acres being redeveloped. As the plans stand right now, the village would consist of:

– The stadium, which could seat up to 40,000 and could be utilized for football and basketball games among other events
– 3,000+ units of on-campus housing
– 600,000 sq. ft. of retail space (restaurants to hotels to coffee shops)
– Parking for 15,000+

As a current UNLV student, I am excited at the prospect although I stand no chance of seeing it before I graduate. I have a great love for our city and the school, but I would be lying if I didn’t admit that we lack a “true” university atmosphere and experience. This would be a great boon to our school and would certainly help establish UNLV’s legitimacy as a college.

Now might be the time to start looking at some of the real estate around the area and what is available… if a project like this actually takes off, there is a huge upside potential for the area.

For more details, visit the Las Vegas- Review Journal links below:

Proposed UNLV Stadium

UNLV Stadium Proposal