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Report: Las Vegas Gaming Fuels Real Estate Market

LAS VEGAS – As reported by the Las Vegas Review Journal: "The Las Vegas office market is expected to improve this year as gaming revenues increase and new jobs are created, a new report from a major real estate brokerage firm projects.

"Job gains, absorption and effective rent growth moved Las Vegas up one notch in Marcus & Millichap's 2004 annual report to a No. 6 ranking among 38 metropolitan markets.

"The market demonstrated 'quiet strength' at the close of the fourth quarter, Salmon said, as vacancy declined, rents increased and development continued at a stable pace.

"…Job growth, projected at 3 percent this year in Las Vegas, continues to be the key factor behind strong reports on the valley's real estate markets, Marcus & Millichap regional manager Christopher LoBello said.

"…The hospitality industry will post the greatest gains with 9,000 new jobs anticipated, followed by professional and business services with 4,000 positions, LoBello said…"

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