In Las Vegas the commercial real estate market is still, sadly, lagging. Rental rates are nearly half as much as they were a few years ago and a lot of experts are starting to say that it could be more than a year before the commercial market rebounds.
However, despite all that sour news, one luxury office park in Las Vegas is seeing a boom in new business. The Howard Hughes Center is, without a doubt, the most expensive office space in the city and longtime tenants, like Snell & Wilmer and Gordon Silver, enjoy the location of the center as well as the clients that the center brings in.
According to a partner with the Gordon Silver Law Firm Jeffery Silver, “We always knew that people who are here as our co-occupants were always going to be the best of the best and in that fashion, it gave the center an aura of respectability and responsibility for the business world.”
While the inside of the building is pretty fancy, what with its marble floors and gold elevators and what not, it would do you well to know that a majority of the offices in the building have sat empty for months. However, Spring has changed all that by way of new tenants.
“Recently, there have been more firms that have moved to the center, which I think, as a lawyer, is very nice,” added Patrick Byrne, partner at Snell & Wilmer Law Firm. “A lot of times you have discovery, so you have to go to other offices and it’s nice when you have to walk across the street. So there’s becoming a lot of synergy in the center for the practice.”
The Howard Hughes Center is listed as “Nevada’s Business District” with 10 class-A, high-end office buildings and 1.4 million square feet of space. Silver added, “Having our people in this environment with restaurants and facilities near by, with the airport and with the availability of taxi cab services for our clients who did fly into town. This turned out to be a very ideal space for us and we’ve been here for over 23 years now.”
Aside from law firms, the empty spaces in the Howard Hughes Center are being occupied by health care companies and technical schools at a going price rate of around $3 per square foot.
Source: 8 News Now – Hughes Center Sees Rebound in Business Rentals