We already know that commercial real estate vacancy rates are up high in the Las Vegas area of Summerlin.  So, what can be done to boost the rental market, and increase profitability overall for the Summerlin area?

General Growth Properties is attempting to sell its 32-office building portfolio in Summerlin, for $127 million.  This deal has not been finalized just yet, but according to local sources, Hines Interests LP (a Houston-based company) and Oaktree Capital Management LP (a Los Angeles-based investment firm), are the probable buyers. 

A sale of this kind would boost Las Vegas' real estate market significantly.  This particular deal would be one of the largest commercial real estate deals in Vegas in years.  According to the director of Commerce Real Estate Solutions, Dan Palmeri, "this would be the largest office sale in quite some time".  

While the sale itself seems like a hopeful solution to expanding an otherwise dying market, the Properties' current office space is claiming a vacancy rate of almost 50 percent.  Trying to fill vacant offices could prove a bit of a challenge to General Growth Properties, with their current main-business focus being, shopping malls.  The company owns 149 regional malls, including Fashion Show and the Grand Canal Shoppes at Venetian.

More shopping in Summerlin?  We'll have to wait and see what develops...