A lot of emphasis has been placed on commercial real estate in Las Vegas. Particularly over the last decade, with real estate in and around most areas of Las Vegas (if not all areas) fluctuating drastically from one end of the success scope to the other. Summerlin, although a popular area, has been said to be a tougher market than others. Try as they might, Summerlin hasn't exactly succeeded in attempts to become recognized as an office destination. According to commercial real estate broker, Douglas Crook, building owners have begun to offer tenants special perks and monetary incentives in order to continue their rental agreements on Summerlin properties. He goes on to say that, "…they haven't really turned the corner with that".
Summerlin has been dealing with high vacancy rates and sliding rents, in addition to office vacancy rates of 26.4 percent. That's higher than Southern Nevada's 23.7 percent rate of vacancy.
What ideas are in store for boosting the inhabitability of Summerlin's commercial real estate space? And, how feasible would it be to introduce new ideas into an already struggling market in a fairly established area of Las Vegas?