Prologis Breaks Ground On The Largest Construction Las Vegas Has Seen Since 2005
Las Vegas, NV, August 21, 2014 (Newswire.com) - When the housing market crashed in Las Vegas a few years back, new projects were put on hold, some even in the middle of construction. The building drought is approaching an end as more developers are breaking ground this year.
The project, which is sure to be the catalyst to many more, is a 464,203 square foot corporate center located between Pecos and Gowan roads. The developer Prologis broke ground on the construction on Sept. 15.
The area of land that the new Las Vegas Corporate Center encompasses is about the size of two Walmart Supercenters. The building will have 36-foot ceilings, which is higher than the typical 32-foot ceilings in most local buildings. There will also be a parking lot about seven acres large to better accommodate trailers.
The most notable mention about this new development is the fact that it is the largest construction to happen in Las Vegas since 2005. Back then, the CDW Corp. building was constructed, which is 513,000 square feet. Even though Las Vegas Corporate Center No. 19 will be one of the largest buildings in Southern Nevada, it has no tenants lined up. This is a true sign that the housing market has reestablished itself. Currently, Prologis is requesting 37 cents per square foot per month as rent.
Other developers can see the success that this building will have, so more are planning on breaking ground within the next year. Dermody Properties wants to construct a 380,000 square foot building off Cheyenne Avenue, and Panattoni Development is planning a 400,000 square foot building near Jones Boulevard and Sunset Road.
This new construction, even though commercial, can be a positive for up and coming home buyers. It ultimately means that the Las Vegas housing market is booming again, so the valley can expect to see a lot more activity in this industry.
For more information about new developments of Las Vegas real estate, contact John Stevenson Real Estate at 702.274.4606. Visit the website at www.JohnStevensonRealEstate.com or in-person at 8363 W. Sunset Road, Suite #100, Las Vegas, NV 89113.
