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LAS VEGAS-Industrial buyers and tenants looking to expand in 2002, will find many short-term opportunities next year in the Las Vegas market, predicts Grubb & Ellis Co.

They will be able to negotiate more aggressive leases as building owners become more and more eager to fill space, the real estate company forecasts. Short-term, financing will be hard to come by, except by the most established of companies, such as Jackson Shaw and Magnum Opus.

While there will be some short-term bargains available, the long-term challenge will be the inability of supply to meet the pent-up demand for industrial space, researchers say. “Construction of new product in some cases, such as Pine Canyon Business Center, may be delayed until early 2003,” cautions the company. “Additional areas including Speedway, Henderson, Ardon and Sloan may be affected.”

On the other hand, road improvement, such as the widening of southbound Interstate 15 from south of Sloan to Primm, will shorten the drive time from Southern California to Las Vegas and open new markets for industrial developers. About 25% of Las Vegas’ visitors come from the LA area, Grubb & Ellis notes.

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