Launch Slideshow

-Clark County School District Middle School Prototype-Architect: Tate Snyder Kimsey Architects, Henderson, Nev.-Completion: TBD-Brief: $36.4 million project was halted because of flat enrollment.

Las Vegas

Las Vegas rapid growth in recent years created a boom for retail, commercial, and municipal development. These days, however, the story is just the opposite.

Las Vegas

Las Vegas rapid growth in recent years created a boom for retail, commercial, and municipal development. These days, however, the story is just the opposite.

  • -Clark County School District Middle School Prototype-Architect: Tate Snyder Kimsey Architects, Henderson, Nev.-Completion: TBD-Brief: $36.4 million project was halted because of flat enrollment.

    http://www.architectmagazine.com/Images/tmp2F6F%2Etmp_tcm20-204899.jpg

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    -Clark County School District Middle School Prototype-Architect: Tate Snyder Kimsey Architects, Henderson, Nev.-Completion: TBD-Brief: $36.4 million project was halted because of flat enrollment.

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    Tate Snyder Kimsey Architects

    Clark County School District Middle School Prototype
    Architect: Tate Snyder Kimsey Architects, Henderson, Nev.
    Completion: TBD
    Brief: $36.4 million project was halted because of flat enrollment.

  • Las Vegas Convention Center Master Plan Enhancement Program-Architect: HNTB Architecture, Kansas City, Mo.-Completion: 2014 (anticipated)-Brief: $890 million renovation and expansion is on hold because of the recession.

    http://www.architectmagazine.com/Images/tmp2F6C%2Etmp_tcm20-204877.jpg

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    Las Vegas Convention Center Master Plan Enhancement Program-Architect: HNTB Architecture, Kansas City, Mo.-Completion: 2014 (anticipated)-Brief: $890 million renovation and expansion is on hold because of the recession.

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    HNTB Architecture

    Las Vegas Convention Center Master Plan Enhancement Program
    Architect: HNTB Architecture, Kansas City, Mo.
    Completion: 2014 (anticipated)
    Brief: $890 million renovation and expansion is on hold because of the recession.

  • -Manhattan West Condos-Architect: Oz Architecture, Denver-Completion: TBD-Brief: $350 million mixed-use condo/retail complex has been on hold since December 2008; one condo tower topped off.

    http://www.architectmagazine.com/Images/tmp2F6E%2Etmp_tcm20-204892.jpg

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    -Manhattan West Condos-Architect: Oz Architecture, Denver-Completion: TBD-Brief: $350 million mixed-use condo/retail complex has been on hold since December 2008; one condo tower topped off.

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    Oz Architecture

    Manhattan West Condos
    Architect: Oz Architecture, Denver
    Completion: TBD
    Brief: $350 million mixed-use condo/retail complex has been on hold since December 2008; one condo tower topped off.

  • -Nevada Highway Patrol Substation-Architect: SH Architecture, Las Vegas-Completion: 2011 (anticipated)-Brief: 27,000-s.f. building to serve rapidly growing North Las Vegas area was postponed because of state's budget shortfall.

    http://www.architectmagazine.com/Images/tmp2F6B%2Etmp_tcm20-204870.jpg

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    -Nevada Highway Patrol Substation-Architect: SH Architecture, Las Vegas-Completion: 2011 (anticipated)-Brief: 27,000-s.f. building to serve rapidly growing North Las Vegas area was postponed because of state's budget shortfall.

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    SH Architecture

    Nevada Highway Patrol Substation
    Architect: SH Architecture, Las Vegas
    Completion: 2011 (anticipated)
    Brief: 27,000-s.f. building to serve rapidly growing North Las Vegas area was postponed because of state's budget shortfall.

For the past quarter century, Las Vegas has been one of the fastest-growing cities in the nation. (During one remarkable span, 1990–2000, it swelled by 83.3 percent, according to the U.S. Census Bureau.) The increased population spurred suburban development and demand for retail, commercial, and municipal facilities. After years of winning hands, though, the construction industry has seen the economic cards turn against it, and projects throughout the Las Vegas Valley have been scuttled or postponed.

“The state and local governments simply don’t have the capital to keep many projects moving ahead right now,” says J. Windom Kimsey, design principal of local architecture firm Tate Snyder Kimsey Architects. “A lot of our state’s stimulus dollars went to general-fund items to balance the biannual budget, which left little for anything other than road- or transportation-type projects. New vertical construction is almost nonexistent outside of a smattering of new state public works projects.”

In an attempt to change their luck, local architects are advocating for pencil-ready—instead of shovel-ready—criteria for funding. “For every $100 million of capital funds invested in our state’s building infrastructure, we create jobs for 10,000 Nevadans,” says Randy Lavigne, executive director of AIA Nevada/AIA Las Vegas. “It begins with the pencil phase of projects and ends with a healthy economy. When architects work, the whole design and construction industry works.”

POPULATION/EMPLOYMENT

2008 population: 1,865,746, growing 2% annually; June 2009 unemployment: 12.3%.

OFFICE MARKET

Class A office vacancy: 26.5%; average asking rate: $2.84/s.f, full-service gross.

RESIDENTIAL MARKET

Median home sale price: $140,000, down from 2006 peak of $312,000.

MARKET STRENGTHS

  • Large, eager workforce
  • Growing wind/solar/geothermal industries
  • Great climate and amenities

MARKET CONCERNS

  • Ongoing credit constriction
  • Housing foreclosures
  • Declining job and population growth

FORECAST

“New development is and will be extremely rare in Las Vegas for the next 24 to 36 months,” says Patricia Nooney, managing director of CB Richard Ellis’ Vegas office. When things do pick up, “significant preleasing will be required for any speculative developments, to prove that demand is there.”