Building Las Vegas
September 17, 2015 | ,
For the first time since 2008, there’s speculative development in Southern Nevada’s industrial market and Majestic Realty is helping lead the way. But in order to build spec in any market, a developer must have a well-established knowledge of the local economy and its industry specific needs to take full advantage of market conditions and timing. .
“Majestic has been in the Las Vegas marketplace for over 25 years and we remain steadfastly bullish on the long-term viability of developing large scale office/warehouse product in this market,” said Rod Martin, senior vice president for Majestic Realty Co. in Las Vegas. “As a national developer, we’re able to tap into a wide base of experience and research to move ahead with spec development in multiple markets throughout the Country. Our team has not only experienced this before, but has seized upon these opportunities to help drive the growth in other markets. Combining this knowledge with our understanding of the industrial needs in this community, we are committed to providing new product to serve the expansion needs of existing businesses as well as the continuing diversification of the marketplace.
It’s that belief in Las Vegas that has driven Majestic to build some 6.5 million square feet of properties including the 400-acre, mixed-use Las Vegas Digital Exchange Campus/Beltway Business Park and the 85-acre Sunset Parkway Business Center. Majestic continues to pursue additional opportunities and intends to continue building spec product to meet the needs of new or existing tenants.
A strong foundation of market research allows the company’s principals to gain an in-depth understanding of the various industry-types, including hospitality, entertainment, convention services, gaming, and to supply the market with the appropriate product at the right time.
“Our products are not only state-of-the-art industrial facilities, they are located in prime locations and feature amenities designed to help our tenants thrive in a competitive warehousing and distribution environment.
It has taken a long time for the commercial real estate industry in Southern Nevada to come back from the Great Recession. “We started to regain confidence in new development potential in 2014,” said Martin. “But it takes a long time for an industry that was hit that hard to proactively develop again. We’re finally getting back to that point were companies’ business demands are appropriately driving their real estate needs which is prompting the new development.”
Commercial real estate developers now working in a market that anticipates some 8 million square feet of new industrial space to be built over the next few years.
For Majestic Realty, they are both confident and well prepared to continue meeting the needs of the diverse Nevada commercial real estate market.
A History of Success:
Founded in 1948, Majestic Realty Co. is the largest privately-held developer and owner of master-planned business parks in the U.S. with a 78 million-square-foot portfolio. The Nevada regional office has ridden the state’s boom and bust cycles since 1989 as both developer and landlord; Majestic retains and manages the properties it develops, becoming a partner in the success of the market.
Majestic provides solutions to real estate needs from land acquisition and development through design and construction, finance and property management. Client businesses range from small local businesses to many of the Fortune 500 companies.
With a commitment to doing it right for the past 67 years, the company was most recently recognized as the 2015 NAIOP Developer of the Year, the Commercial Real Estate Development Association’s highest honor.
“It’s a very deserving tribute to the hard work of a strong company that is led by a very unique individual who brings out the best of everyone around him,” said Martin of Edward P. Roski, Jr., son of Majestic’s founder, who carries on his father’s work ethic each and every day.