Las Vegas has seen more than$5 billion in new construction and development activity, and a newcity is emerging as a result. The progress includes the expansionof the Las Vegas Convention Center, the new T-Mobile Arena and anNFL Stadium, which is currently under development. The activity hashelped to expand capital interest in the market and pushed LasVegas onto the national stage.

“Las Vegas is becoming less of a transient city and more of anestablished municipality,” Mark Mikelson, owner,principal and Las Vegas retail studio director at NadelArchitects, tells GlobeSt.com. “To transitionthis new energy and capture more residents, we are seeing a varietyof civic and municipal projects to include the Arts District, theLas Vegas Convention expansion, the new T-Mobile Arena—home of theVegas Knights—and a future NFL Stadium. These projects are creatinga new dynamic for the local community and also helping to shape LasVegas' national presence.”

The growth is dynamic and is touching all assets classes, fromhospitality investment on the strip, which has always been adestination for capital, as well as in the surrounding moresuburban markets. “I think the whole valley is in expansion andgrowth mode,” says Mikelson.  “The “Strip” will always bereinventing itself and expanding to meet tourist's needs, but withnew projects coming online, we are seeing lots of growth in thesuburban markets to support all the civic/municipalgrowth.  These range from large multifamily projects,commercial retail centers, as well as schools and community supportprojects.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.