VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/82290
SEPTEMBER 10, 2012 / YOUR BUSINESS-TO-BUSINESS WEEKLY SPECIAL FOCUS BUILDING FOR THE FUTURE How to update the terms of a lease and why it can be a smart move for tenants – and landlords This month, VEGAS INC highlights commercial real estate and design . HOSPITAL EXPANSIONS PLANNED VALLEYWIDE By Eli Segall staff writer I building boom? Based on plans floating around town, it sure looks that way. RENEGOTIATING By Richard N. Velotta senior staff writer A s Southern Nevada's economy crumbled during the Great Recession, many business owners had to make dramatic changes to survive. ¶ One strategy that emerged was lease renegotiation. ¶ Working to renegotiate a lease agreement is a common savings approach, akin to refinancing the mortgage on a house. It can make good business sense – both for tenants and landlords – and can be an important tool in achieving profitability, real estate brokers say. ¶ While lease renegotiations peaked in 2006 as Las Vegas' economy crashed, they continue at a good clip today. With a 25 percent commercial vacancy rate in Southern Nevada, tenants have an advantage now that can help them score better real estate deals. CHRIS MORRIS In Henderson, a new hospital tower, skilled nursing facility and massive medical and senior-living complex are planned. In northwest Las Vegas, a hospital expansion is underway and a new hospice center is on the drawing board. There's no guarantee all of the projects will be built. To be sure, the valley has seen its share of unrealized projects, and commercial construction in general is almost nonexistent in the region. Financing is difficult, impossible, to obtain. if not But if the medical centers do come to fruition, they'll certainly be used, SEE HOSPITALS, PAGE16 INSIDE TODAY GOOD TIMES, BAD TIMES | P. 6 Union workers are hurting from a slow year but predict better times ahead PLAYING WITH THE BIG BOYS | P. 11 Slot machine manufacturer for bars and stores hopes to compete with casinos HAPPY TRAILS | P. 20 NDOT Director Susan Martinovich retires SEE LEASES, PAGE 14 THE LIST | P. 22 Chambers of Commerce s Las Vegas poised for a medical