Q1 2023 Market Trends Newsletter

May 1, 2023

Inflation, uncertain markets, and pandemic recovery have proved to be a powerful recipe for changing market conditions across the last quarter. Overall, both the Las Vegas and Reno markets have largely recovered. Reno’s position as a west coast distribution market has driven many retailers, third-party logistics, and manufacturers to the market. In Las Vegas, the reopening of numerous casinos post-pandemic has reestablished the metro as major draw for tourists, bringing in thousands of leisure and hospitality employees back to work.

Employment growth in Las Vegas continues to outperform other markets by a wide margin due to a strong economic rebound. The metro area is nearing full employment recovery post-pandemic after suffering one of the sharpest declines during shutdowns. Meanwhile, although Reno faced a short-term spike in its unemployment rate at the start of the pandemic, it has quickly rebounded, with the unemployment rate averaging 2.6% over the past year.

In the following pages, we outline the major market trends in the Las Vegas and Reno market sectors, along with key indicators. In today’s quickly changing environment, we remain ready to assist you with your commercial real estate valuation needs at any time.

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