LAS VEGAS - Industrial real estate development in Las Vegas has reached a level the city has never seen.
"In boom time, 2005 to 2007, anyone and everyone was a developer. All you needed was a sketch of a building and an idea, and the bank gave you the money," Jarrad Katz, senior vice president of MDL Group said.
These days, only the world’s big developers with private equity behind them are breaking ground. Many of them have already gobbled up what little land was left, Katz said.
"Beck now is finally entering our market. And when I say we are a mature market, a large developer like Beck would not look at our market ten years ago, we were to small for them. Now they are building a couple hundred thousand feet in North Las Vegas," Katz said.
Industrial real estate developers have been looking to build warehouses and other spaces where distributors can call home.
"Today, we have Amazon and The Honest Company; huge, huge companies that are taking millions of square feet in our market which we never saw before," Katz said.