Demand
The demand for office space in the Valley is on the rise. However, the demand is being generated by industries and businesses that already have a presence here. Residential builders and gaming businessess that are looking to expand or consolidate their current operations are the main drivers in the market at this time. Additionally, companies that support these types of industries such as law firms, CPAs, professional services, and brokerage firms are all also expanding.
New businesses and satellite offices for larger companies are moving to the Valley. According to the Nevada Development Authority, 61 new companies moved or started up in Southern Nevada during the 2005-2006 fiscal year. Their numbers aren’t large, but are significant in terms of impact on the overall economy.
The new businesses and expansions created 1,961 jobs with an average wage of $23.25 per hour during the 2005-2006 fiscal year. This economic impact for a 5-year period amounts to more than $2 billion.