Airport Space is Pie in the Sky for Small Retailers; Rental Market Poised for Recovery

By Alex Girda, Associate Editor Las Vegas’ McCarran International Airport is set to receive its third terminal next summer and the amount of real estate space it will boast is already generating a consistent amount of buzz among investors. Local candy, [...]

Las Vegas’ McCarran International Airport is set to receive its third terminal next summer and the amount of real estate space it will boast is already generating a consistent amount of buzz among investors. Local candy, clothing and trinket retailers are branching out to the terminal but also higher-end restaurateurs are eyeing the new venues made available by the expansion. 8NewsNow.com quoted small business owner Rhonda Ivie as saying that the terminal offers opportunities for increased revenue as well as the chance for employees to regain their hours.

The economy has taken its toll on most of these small enterprises but the attractive venue ensures an amazing watershed for any business. McCarran International Airport recorded 40 million passengers last year, thus ensuring a continuously renewed clientele. A local business owner meeting took place recently to attempt to acquire more information regarding the proposal process, necessary documentation and the workings of the entire operation. Airport and county officials have standards set for the coveted spaces near D gates.

In housing news, stability has finally hit apartment rates on the Strip. The average rent figure slid from a $766 value a year ago to $758 per month in June 2011. If rent rates recorded a decrease, the increase was recorded in occupancy. Figures rose from 90.7 percent one year ago to 92 percent last month, the Las Vegas Review-Journal reported. Actually, downturns have marked all of the previous 11 quarters according to Jake Joyce, an Applied Analysis project manager quoted by LVRJ. Occupancy rates have been steadily improving since hitting rock bottom in 2009 at 90.1 percent. Rent also looks good in some areas of the city with Las Vegas Valley at $914 per month with the lower rates found in the northeastern part at $624/month. Improvements are on the horizon considering slow upturns are easily recorded and real estate has been scraping the bottom of the proverbial barrel.