Name: Tourism lag affecting other sectors of Las Vegas economy, report indicates
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Tourism lag affecting other sectors of Las Vegas economy, report indicates

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Posted: Jan 28, 2021 / 09:55 AM PSTUpdated: Jan 29, 2021 / 09:33 AM PSTLAS VEGAS (KLAS) — A market research report analyzing the fourth quarter of 2020 shows that lagging tourism is weighing on other sectors of the economy.Continued uncertainty about how long COVID-19 will hold down air travel and convention business has Las Vegas in a wait-and-see mode.While commercial land sales have been down, Colliers International says, “They were not down so severely as to suggest the pandemic and business closures had an impact on them. Sales in 2020 were roughly in line with sales in 2019 and were generally healthier than during the period from 2013 to 2017.”“Development, especially of industrial buildings and residential units, continues at a strong pace, and should therefore continue to drive investment in land. We think 2021 will see improved sales over 2020, provided the economy cooperates.”Colliers even sees the potential for economic strength — with a big qualifier:“We think the retail market will perform relatively well in 2021, possibly exceeding 2020’s performance, provided we suffer no new catastrophes and Southern Nevada’s hospitality market continues to improve and rehire the many people that lost their employment in 2020,” according to the Colliers report.The fourth quarter brought suggestions that retail was recovering, and Colliers says it appears the worst is over for Southern Nevada’s hospitality sector.“When businesses were ordered closed in March, it appeared that brick-and-mortar retail was staring down the barrel of a loaded gun. By December, Southern Nevada retail had experienced only two-quarters of relatively mild negative net absorption, a negligible increase in vacancy and very stable asking rental rates suggests that there is more life in brick-and-mortar than most people thought even before the COVID-19 pandemic.”Comparisons to the Great Recession, when gaming and tourism helped prop up the economy while construction was in freefall, are difficult to draw. The economy’s dependence on hospitality and tourism has affected construction to some degree, but the temporary nature of the pandemic has allowed some continued growth.A surge in building created industrial space as demand leveled off.“Strong net absorption for industrial product, however, does not tell the full story,” Colliers reports.“Not including warehouse/distribution buildings, the industrial market saw 524,044 square feet of net absorption in 2020, compared to 1,144,649 square feet of net absorption in 2019. Warehouse/distribution buildings, on the other hand, saw net absorption increase from 3.7 million square feet in 2019 to almost six million square feet in 2020.“While the warehouse/distribution market doubled its demand, demand was halved in other product types. This corresponds to the way different industries have been impacted by business closures and the lack of tourism to Southern Nevada in 2020. Hopefully, the economy will re-open more fully in 2021, and these divisions will be erased,” according to the report.✕× Close Ad

Posted: Jan 28, 2021 / 09:55 AM PSTUpdated: Jan 29, 2021 / 09:33 AM PSTLAS VEGAS (KLAS) — A market research report analyzing the fourth quarter of 2020 shows that lagging tourism is weighing on other sectors of the economy.Continued uncertainty about how long COVID-19 will hold down air travel and convention business has Las Vegas in a wait-and-see mode.While commercial land sales have been down, Colliers International says, “They were not down so severely as to suggest the pandemic and business closures had an impact on them. Sales in 2020 were roughly in line with sales in 2019 and were...

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Tourism lag affecting other sectors of Las Vegas economy, report indicates

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