Terry D. Barone

 Development in Las Vegas is at a Near Standstill

While the market is at a standstill, Developers Wait
In their most fundamental role, commercial real estate developers serve as an intermediary between the construction companies that build the buildings and the businesses that use them. Developers often help businesses that provide the optimum value in functionality, location and cost. They leverage their real estate and construction expertise as they coordinate with construction companies on behalf of the tenant businesses. In this way developers ensure that newly constructed spaces meet the client businesses’ needs. Real estate developers are often property managers as well, and keep operations running smoothly by maintaining the facilities, allowing their tenants to focus on driving profits. By bridging the gap between builders and users, real estate developers pay an extremely important role in controlling unnecessary expenses and improving efficiency and effectiveness for all parties involved.

The most influential real estate development companies go beyond this role. The best real estate developers are visionaries, looking years – even decades – beyond today’s world to determine what buildings will be needed, and where. They imagine a commercial building, an industrial park or shopping mall, or even an entire commercial district in a currently undeveloped area by looking into the future and projecting what tomorrow’s businesses and consumers will need. At their finest, real estate developers are entrepreneurs who seek out opportunity and drive it to reality, and in the process grow our communities and our nation. Tomorrow’s manufacturers, distributors, retailers and employers will have a home because today’s real estate developers had the daring and vision to foresee their needs.

Timing Maybe Right:  When is the best time to jump in.  When everyones else is engaged or when the market is soft with little development going on.  Timing is everything.  The smart investor buyes when the market is down and sells when the market is up.  Same way in development. 

Today is Tomorrow’s Future.  Land prices are down, construction costs are down, there is little new construction in good areas to compete with.  Because overall costsre down, you can afford to be competitive with your tenant rents.   If you were to begin on a project today, It would be 12 to 18 months before it was ready to lease.  If you believe the economy will support a project such as yours in 18 months, then you need to be working on it today!