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Home arrow Real Estate News arrow General News arrow The right figure needed to draw big businesses

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The right figure needed to draw big businesses
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Saturday, 02 September 2006

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"What happens here, stays here" is the most successful marketing campaign in Las Vegas tourism history. The topic came up last week during the private two-day roundtable that brought together developers, brokers, elected officials, planners, bankers and academics eying solutions to the well-chronicled problems faced by office and industrial developers.

But the problems accounted for only half of the discussion during the roundtable. The other half dealt with demand, including image.

Las Vegas' image and affect on demand will be part of a white paper the Lied Institute is preparing based on the roundtable discussions. The report is expected to serve as a blue print for solving problems facing the industrial and office sector.

Participants are saying little about what the report will say. The roundtable was closed to the public and media to encourage an open exchange among the 70 panel members.

"They were open and frank discussions," Myers said. "We talked about issues ranging from infrastructure and education to affordable housing and what impacts that has on the ability to attract people here."

Companies may be reluctant to relocate their headquarters to Las Vegas if housing isn't affordable for their employees and of they don't like the educational system, Myers said. Any discussion on demand is just as important as supply, he said.

The lack of industrial land is considered the more critical issue in the Las Vegas Valley. If companies can't afford to build distribution warehouses, more and more goods will have to be shipped from California and other markets. That would increase the cost of goods in Las Vegas.

No one should expect a "silver bullet" or overnight solution when it comes to dealing with the supply, Myers said.

Possible solutions include increasing densities with two-story projects. Mixed use developments may also be an option — housing on top of flex-office space, she said.

 

Edwina Baniqued

 
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