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Industry experts see success with diversificationNAIOP members bidding more on public works projects With the economy in neutral -- at best -- and consumer confidence continuing to plummet, where does that leave the Southern Nevada commercial real estate market? According to industry experts, most of the current work emerges from the public section via federal funds. Former NAIOP President Anthony Dazzio of general contractor Burke & Associates said the trend toward public-sector work continues. “That trend is gaining momentum,” Dazzio said. “Businesses are spending more time going after federal opportunities.” With more than 20 years of marketing, governmental affairs and business development experience, Senior Vice President of Business Development and Governmental Affairs Dazzio said company’s that diversify are in a better position in today’s economy. “Industry leaders (moving forward) will have a diversified portfolio,” he said. Dean Kaufman of Colliers International, one of the valley’s top brokerages, said the trend in the office market is renewals and short-term commitments of less than three years. “(They) continue to dominate leasing activity,” said the brokerage’s office division vice president. Kaufman also said “…an increasing number of tenants are looking closely at the market with serious intent to re-locate their office.” From the architectural standpoint, industry leaders said tenant improvements and the health care market continue to lead the trend. John Lopeman, vice president and project director at EthosThree, said, “Many companies are relocating to smaller spaces and downsizing their existing operations. (In the private market) we see more interest in sustainable design.” When will the private sector return? Burke & Associates CEO and President Kevin Burke said he believes it’s at least “12 months minimum” before the private sector work comes back to Southern Nevada.
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