THE SYSTEM CRE TEAM GUIDE TO THE LAS VEGAS VALLEY

THE LAS VEGAS VALLEY AT A GLANCE

2,772,000

METRO POPULATION (2021 Estimate)

2.7%

YEAR OVER YEAR INCREASE (2020-2021)

37.8

MEDIAN AGE

6.3%

UNEMPLOYMENT RATE (November 2021)

$425,000

MEDIAN HOME PRICE (December 2021)

$1,414

MEDIAN MONTHLY RENT (2022)

$49,960

Annual Mean Wage (2021)

105° / 39°

AVG HIGH/LOW TEMPS

25.4 minutes

AVG COMMUTE TIME

Jurisdictions in the Las Vegas Valley

Clark County

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Las Vegas

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North Las Vegas

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Henderson

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Clark County

Clark County, Nevada (“The County”) is the governing body that presides over the internationally-famous Las Vegas Strip and its influence covers an area approximately the size of the state of New Jersey. Clark County is the nation’s 14th-largest county and handles extensive regional services such as the Las Vegas Metro police department and sewer services to more than 2.3 million citizens as of 2020, and more than 45.3 million visitors per year.

The County presides over the nation’s 9th-busiest airport, air quality compliance, social services and the state’s largest public hospital, University Medical Center, adjacent to the newly constructed UNLV School of Medicine.

Nevada as part of the Mojave Desert and the Sierra Nevadas features both rugged and idyllic landscapes, and Clark County covers a large variation of it. Mt. Charleston and skiing via the resort Lee Canyon are just 45 minutes away, and Red Rock National Conservation area and Lake Mead National Recreational Area bookend the western and eastern ends of what’s known as the Las Vegas Valley.

City of Las Vegas

Las Vegas, which is officially titled the City of Las Vegas and is often known simply as “Vegas”, is the 28th-most populated city in the United States, the most populated city in the state of Nevada, and the county seat of Clark County.

The city anchors the Las Vegas Valley metropolitan area and is the largest city within the greater Mojave Desert.

Las Vegas is often referred to as the “Entertainment Capital of the World”, known all too well for its gambling, shopping, fine dining, entertainment, nightlife, and increasingly, experiential programming.

It may be surprising that Las Vegas is not the capitol of Nevada. Carson City is the Capitol, which is an 8 hour drive to the north, most closely approximated to the well known location of Lake Tahoe at the California and Nevada border) The Las Vegas Valley serves as the leading financial, commercial, and cultural center for Nevada.

City of Henderson

Henderson, officially the City of Henderson, is a smaller but rapidly growing City in roughly the Southeastern portion of Clark County.

Henderson is the second-largest city in Nevada, after Las Vegas, with an estimated population of 300,116 residents in 2019.

In 2011, Forbes magazine ranked Henderson as America’s second-safest city, with countless subsequent awards from other publications for various attributes such as Top Cities for Dogs, Most Walkable Cities, Financial Health, and Best City for Renters. From a California native’s perspective involved in Public Works consulting, Henderson can been compared to Irvine, CA as a well-managed municipality with strong emphasis on technology, infrastructure maintenance, and public safety.

Henderson has also been named as “One of the Best Cities to Live in America” by Bloomberg Business Week. In 2014, Henderson was again ranked as one of the Top 10 “Safest Cities in the United States” by the FBI Uniform Crime Report. Henderson covers a large land area with regions of high and low density as it forms a large portion of the southern part of the Las Vegas valley. Its now-booming St. Rose Parkway corridor, busy Eastern Avenue Corridor, lush Green Valley Ranch area, and rapidly redeveloping Water Street District areas are attractive for employment, entertainment, and lifestyle for persons relocating to the state, and those making an in-town relocation play.

City of North Las Vegas

The City of North Las Vegas experienced a population explosion over the past two decades, in large part due to low unemployment, a booming economy, major infrastructure improvements to I-15, the completion of the County Road 215 loop, and record home building.

The city of North Las Vegas is home to approximately 250,000 people, and features one of the most important Air Force bases in the country, Nellis Air Force Base.

Nellis Air Force Base is called the “Home of the Fighter Pilot,” and houses the U.S. Air Force Warfare Center, the largest and most demanding advanced air combat training center in the world. The surrounding North Las Vegas community provides many services to the Base including housing.

North Las Vegas has rapidly become the de-facto center of Las Vegas’ industrial development boom, with mega distribution centers lining Interstate 15 in recent years.

Major Areas of Greater Las Vegas: From a Residential, Business, and Entertainment Perspective

Las Vegas Strip

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Downtown Las Vegas

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Summerlin

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Southwest Las Vegas

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The Las Vegas Strip

The Las Vegas Strip is a stretch of South Las Vegas Blvd. in Clark County, NV that is known for its concentration of resort hotels and casinos.

The Strip is approximately 4.2 miles in length, located immediately south of the Las Vegas city limits in the unincorporated towns of Paradise and Winchester.

Many of the largest hotel, casino, and resort properties in the world are located on the Strip with well over 100,000 rooms available for tourists and convention attendees alike.

Most of the Strip has also been designated as an All-American Road and is considered a scenic route at night.

Downtown Las Vegas

Downtown Las Vegas (DTLV) is the central business district, entertainment and historic center of the City of Las Vegas, NV. The city of Las Vegas is NOT the famous Las Vegas Strip.

It is the original town-site and was the gambling district of Las Vegas prior to the Strip, and the area still incorporates downtown gaming.

It features a variety of hotel and business high-rises, cultural centers, historical buildings and government institutions, as well as residential and retail developments.

Downtown Las Vegas (DTLV) is the central business district, entertainment and historic center of the City of Las Vegas, NV. The city of Las Vegas is NOT the famous Las Vegas Strip.

It is the original town-site and was the gambling district of Las Vegas prior to the Strip, and the area still incorporates downtown gaming.

It features a variety of hotel and business high-rises, cultural centers, historical buildings and government institutions, as well as residential and retail developments.

From an entertainment perspective, there are three different areas with appeal to different groups.

First, Fremont Street is home to most of downtown’s hotels and casinos including the Golden Nugget, Binion’s the Plaza Hotel, and the new billion-dollar development, Circa. Fremont street is also known as the Fremont Street Experience, due to a nearly mile long LED screen canopy feature that covers Fremont Street as it is closed to traffic and is purely a walk-street in this area. This area largely appeals to tourists.

Crossing Las Vegas Boulevard to the east is the Fremont East District. This area is much less built up, with street retail concepts of bars and restaurants in high density for the block between Las Vegas Boulevard and 6 th Street. This area, while in close proximity to the Fremont Street Experience to the west, largely caters to locals as an entertainment district, though tourists certainly come across the street to dine, drink, and party. To the east past 6 th street, concepts such as Container Park, The Ferguson Motel, and the well known restaurant PublicUs populate this section of the street.

To the south and west of the Fremont Street area is the rapidly emergent Arts District, also known as the 18b Arts District. This area has been undergoing gentrification, (yes, we said the big bad G word…) for the past 5 years. What is unique about the Arts District from a more national lens is that this is one of only two general areas (the Water Street district in Henderson being the other) in the entire Las Vegas valley where old buildings have been largely kept and renovated, vs torn down and replaced. This provides an “authenticity” that many people coming from larger cities are accustomed to, and thus elevates the feel of the area to a premium, but “gritty” experience.

From a residential perspective, the downtown area is rapidly growing into an urban built environment,with three of the approximately ten high rise developments across the Las Vegas valley being located in downtown. Many mid-rise apartment projects are in progress or have been built within the last five years that are contributing towards a critical mass of residents seeking an urban living experience.

Summerlin

Summerlin is an affluent master-planned community in the Las Vegas Valley of Southern Nevada. It lies at the edge of the Spring Mountains and Red Rock Canyon to the west; it is partly within the official city limits of Las Vegas and partly within unincorporated Clark County.

This rapidly growing community occupies over 22,500 acres according to its developers.

Summerlin encompasses more than 230 parks, more than two dozen public and private schools, 14 houses of worship, 9 golf courses, 3 resort hotels, recreational facilities, retail and entertainment centers, well-established office parks, and a medical center.

From an entertainment perspective, Summerlin has been traditionally associated with bedroom communities and was dotted with the typical neighborhood bars, but the Summerlin region has been coming into its own as a center of entertainment focus recently with a centralized downtown district called Downtown Summerlin, which features a minor league Baseball park, which is the home of the Las Vegas Aviators, and the Golden Knights’ practice arena, City National Arena. Surrounding this area is the core Downtown Summerlin which is home to more than a dozen restaurants, many retail stores, and attractive central areas for events. As of August 2021, there have been active rumors swirling that the
Downtown Summerlin area is one of the top picks for the Major League Baseball’s Oakland A’s potential new home if the transfer occurs.

Southwest Las Vegas “The Southwest”

Encompassing master-planned developments like Rhodes Ranch and Mountain’s Edge, Southwest is a unique corner of the Valley known for its bedroom communities and rural charm. On the flip side, the southwest is the most rapidly developing region of Las Vegas along major corridors such as Durango Drive and Rainbow Boulevard.

The Southwest is part of a larger unincorporated stretch of Las Vegas that’s tried to maintain its rural character.

Today, its dual proximity to freeways and distance from The Strip makes it an ideal area for many Las Vegans as well as prospective homebuyers.

From an entertainment perspective, the southwest is about to have multiple “large” lifestyle centers that will provide live, work, and play cohesion for this community. UnCommons, the Bend, and Evora are all being brought to market by ambitious developers that are reinterpreting and adapting high density models from other successful metro areas to give the southwest its own identity for the future.

From a business perspective, The Southwest is rapidly rising as an alternative to the Class A office areas of Summerlin and the legacy Class A office areas in central Las Vegas surrounding the strip at Hughes Center and the Marnell park south of the airport. The new projects such as the Credit One headquarters, UnCommons, Narrative, Evora, and Axiom under construction, and the existing Centra Pointe at the Curve complexes are providing new capacity for sophisticated office users to occupy state of the art buildings.

From a residential perspective, no area in the Las Vegas Valley is growing faster than the Southwest. Existing tracts such as Rhodes Ranch and Spanish Trails have seen an increase in demand, and new housing projects, both multifamily and single-family master planned communities are filling up fast and seeing rising rents.

Micromarkets of Greater Las Vegas: Office Perspective

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