Development, Construction and Property Management
The new Nevada will need more public transportation, increased healthcare, new housing developments and a large work force to fill the new jobs, said panelists discussing the challenges facing northern Nevada in a rapidly growing region.
Approximately 200 members of the business community filled the Peppermill ballroom to hear 11 panelists discuss the topic Wednesday, Jan. 6 at the first Northern Nevada Business Weekly Most Influential People Panel Discussion and Book of Lists Launch Party.
“We are standing on the brink of a Renaissance, or a Renoiaissance as some have said,” Steve Funk, Reno radio host and the moderator of the panel discussion, said.
The area is already feeling a positive economic impact with companies like Telsa and Switch coming to the Tahoe Reno Industrial Center and the more than 25 new or expanding companies that EDAWN announced in 2015.
The 11 panelists at the event represented a wide array of industries in northern Nevada. Panelists included President and CEO of Renown Health Dr. Anthony Slonim, President of the Nevada Mining Association Dana Bennett, CEO of the Regional Transportation Commission Lee Gibson, Principal and Director of Tahoe Reno Industrial Center Lance Gilman, President and CEO of Economic Development Authority of Western Nevada Mike Kazmierski, President and Chief Strategist of KPS3 Marketing Stephanie Kruse, West Region Partner for Dermody Properties George Condon, Principal of McKenzie Properties Todd McKenzie; Managing Partner of S3 Development Company Blake Smith, President and CEO of Peri & Sons Farms David Peri and President of UNR Dr. Marc Johnson.
“This growth opportunity brings challenges to this community,” Kazmierski said. And the growth is just starting, “Tesla hasn’t started hiring and Switch hasn’t started building.”
At the event, Gilman called the audience’s attention to a map of Storey County and TRIC.
“That is the most incredible job generator probably in the world today.”
According to Gilman, Telsa and Switch alone will provide half a billion dollars in payroll a year. This will pump an estimated 1.5 billion dollars into the northern Nevada community in the next 60 months.
One of the challenges for Storey County is the limited amount of land. There is 30,000 acres of land in TRIC that are developable and only 15,000 acres have utilities installed.
More than 20 business licenses have been approved in Storey County for Panasonic, which is bringing 28 Asian companies to relocate to northern Nevada.
While growth in the region is happening fast, now is the time to start preparing for this growth.
“The challenges are going to be many over the next five to seven years,” Gilman said. “But it is not happening Monday morning.”
Several of the panelists were very optimistic about the growth.
“Rapid growth generates a lot of creativity,” UNR’s Dr. Johnson said. “We should not fear growing too fast because we will find ways to accommodate this growth.”
However, other panelists cautioned the problems that could come from rapid growth if the community does not prepare.
“A rising tide is better than a sinking tide,” Smith said. “But (the rapid growth) is concerning, we need to have some leadership as we move forward.”
According to Smith, Reno has been really good at reacting. However, the community needs to create a vision of what Reno will become in the coming years.
Another mounting challenge is the work force.
According to Kazmierski, the bulk of the jobs that are coming will not require four-year degrees. Northern Nevada will have to work to draw in talent to fill the types of jobs that the new companies will need. Part of that is making the region a thriving place to live with access to good healthcare and schools.
The new population of people coming to northern Nevada will bring with it new diseases and health challenges that the medical facilities need to prepare for as well as finding ways to promote a healthy community.
“It is not just about healthcare,” Dr. Slonim said. “It is about health and wellness.”
Smith pointed out that K-12 education is a real problem that could potentially deter people from settling in the region if it is not addressed.
“That is one tripwire that could stop growth,” Smith said.
While the event provided a platform to discuss the rapid growth, the challenges that face the region are just beginning.
“It is going to take this entire northern Nevada,” Gilman said.
The northern Nevada office market has not seen any new development exceeding 10,000 square feet in nearly a decade. What has been built has been build-to-suit product with tenants already in place before dirt is moved. Speculative construction in the office market has been halted for some time. In fact, northern Nevada has not seen a speculative office project since 2008.
Between 2006 and 2010, the market experienced a steady increase in vacancy rates. From 2010 through most of 2012, lease rates continued to drop. Developers could not construct a building and lease it for the costs of development. The result was that tenants were limited to pre-existing buildings, though rents were lower. While vacancy rates began to drop in 2010, lease rates did not see an increase until nearly the end of 2012.
Now that we are past one of the most significant economic downturns in our history, lease rates have begun to approach the level to warrant new construction. Tenants are going to begin to see more options as demand continues to grow and ground up projects are now feasible for developers and tenants alike.
As always, some submarkets in the area are stronger than others and speculative building is beginning to pencil for property owners and investors. The Kietzke corridor has continued to be one of the most dominant submarkets for office users. This area continues to have lower vacancy rates over time, in good market conditions and not so good market conditions.
In fact, plans are moving forward on the first speculative office product to be built in northern Nevada in more than 7 years in the Mountain View Corporate Center. The center is located past the roundabout at the south end of Kietzke Lane. The site has freeway visibility, the space to accommodate needed parking and the surrounding buildings (all Class A) are some of the best quality in the market.
McKenzie Properties will break ground late summer on a 40,000 square foot speculative office building on the 5.5-acre parcel next to the City National Bank building. This area will remain one of the most desirable sub markets in town and we believe there will be significant tenant demand in Mountain View Corporate.
The new Class A building is scheduled to be complete in July of 2016. It will be four stories with a view of Evans Creek and the surrounding mountains. Finishes will reflect the same high quality as the surrounding product.
Not only can we expect to see more and more additions to the inventory in the office market, it is truly a market signifier to see speculative development begin. Confidence in the northern Nevada commercial real estate market is higher than it has been in a decade and the result will be more and more movement and construction in 2015 and 2016.
McKenzie Properties has been recognized by the Summit Awards as a Developer of the Decade. The awards program is hosted by northern Nevada chapters of three commercial real estate groups — Certified Commercial Investment Member Institute (CCIM), Commercial Real Estate Women (CREW) and National Association of Industrial and Office Properties (NAIOP), an organization of industrial and office developers.
We are honored to have been included!
Due to the rising popularity of medical offices, McKenzie Properties is going to add more Reno medical offices. Right now the most popular place to construct more medical offices are in Reno, despite the vacancy of other office buildings. With these new medical offices will come new jobs to help our local economy!
Right now this project is currently in progress and we plan to start construction in the Rancharrah area off of south Kietzke Lane. We will be adding more than just medical offices, but other retail spaces that will be determined soon.
Remember to keep an eye out for more updates soon!
Finding the perfect corporate office development is a time consuming and often overwhelming experience. There are a lot of different factors that you need to consider when choosing a corporate office development to house your business. To help make the process easier on you, McKenzie Properties has created a property search tool which will provide you with corporate spaces that meet your needs. The results provided will not only meet your specific corporate office needs, but they are among the most sought after spaces in the Reno area.
McKenzie Properties latest medical office building project is underway. This medical office will be located in Rancharrah, which is located just off of south Kietzke Lane. The entire development will contain various types of retail space. Some of these spaces have yet to be determined, but the medical office buildings will be one of the primary components of this particular development. If you are interested in finding out more about this new and innovative space, contact McKenzie Properties today. We will be more than happy to discuss the specifics of the property and how it may be suitable for your particular needs.
The demand for medical office building space has been steadily increasing with the most in demand area being in Reno. While the vacancy rates of office buildings in the area have remained high, the area of medical office space has thrived. This has prompted McKenzie Properties to begin searching for ideal locations and begin building new medical office space.
If you are in need of medical office space or retail space located in a corporate office development, contact McKenzie Properties. We can help you locate the space that will meet all of your corporate space needs. Whether it is a space in our latest project, or space in another location, we can help. McKenzie Properties is a well-established Reno firm specializing in the construction of retail space centers. With over 60 years of experience, we are the best choice for you when it comes to finding your next commercial, retail, or office space.
McKenzie Properties is pleased to announce the completion of the South Creek Shopping Center. McKenzie Properties chose to invest in South Creek Shopping Center because we understood that it would be a perfect fit for the area and the demographic that it is catered to. It has been an excellent opportunity for us, and the property will be the ideal location for the businesses that have chosen to relocate to the area.
South Creek Shopping Center is a very popular destination among residents of Reno. We are sure that the shops located in the shopping center will attract visitors and provide a pleasant shopping atmosphere. If you are a business owner interested in relocating to this specific area, new vacancies are always becoming available. To make sure that you are the first to find out about available retail space, continue to visit our website. You can also contact McKenzie Properties to inquire about any available commercial space.
Real estate development in Reno is always moving forward, McKenzie Properties was excited to be a part of the South Creek Shopping Center and continue to look for new projects that will be just as exciting. If you are interested in obtaining commercial located in or near South Creek Center, contact McKenzie Properties. We will be more than happy to discuss the available vacancies and what it would take for you to relocate your business to the area.
South Reno continues to experience rapid expansion, this means additional commercial spaces are going to be created and available. This is an opportunity that many business owners are taking advantage of, why shouldn’t you do the same. If you are searching for the perfect commercial space to relocate your business to, you should definitely consider everything that South Reno has to offer.
When it comes to finding the ideal retail space for your business, there are some things that you should take into consideration when evaluating the property. To ensure that you find the space that is right for you, we have listed some of the most important things for you to consider before you choose a retail space for lease to house your business.
Choosing the right retail space for lease to house your business can be a somewhat time consuming process. When you work with us, you will be able to benefit from our years of experience in commercial real estate. We will help you find the perfect commercial space to house your business; contact us today to discuss all of your needs.
Finding commercial property for rent in Reno, may be somewhat confusing and time consuming for those not familiar with the area. In addition to finding commercial property for rent, you also need to take into consideration everything that your business needs to become successful. Below you will find some factors that should be considered when searching for commercial property for rent.
McKenzie Properties is pleased to provide you with an extremely helpful commercial property search tool. Simply visit our website and select the area in which you are interested. You will then be provided with a list of results that will include commercial properties that may meet your needs.
McKenzie Properties has been helping clients locate the perfect properties for their needs for over 60 years. We are a family owned business that was built from the ground up. We are responsible for building the first concrete tilt up warehouse in the State of Nevada. We understand the needs of our clients and do everything we can to find the perfect type of commercial property for sale.
The city of Reno is located in the state of Nevada on the eastern slopes of the Sierra Nevada Mountains. Reno is the perfect city for anyone who loves to golf, ski, enjoy the theater, and have a gourmet dinner. The mild climate allows residents the opportunity to participate in outdoor activities all year round. With over 4,000 acres of park land to be enjoyed, it is the perfect city for young families and business owners. The city of Reno has something to offer everyone, from fishing, biking, hiking, to ballet; you are never at a loss for anything to do when you live in the city.
Reno is also an ideal location for business owners searching for commercial property for sale. The opportunities that are waiting to be had are unbelievable. McKenzie properties is knows the city of Reno better than anyone and will take your personal business needs into consideration when searching for the perfect commercial property for sale that will suit the needs of your business. The opportunities available for those searching for commercial property are quite impressive. When you choose to purchase a commercial space in Reno, McKenzie Properties will do everything they can to find the perfect space for you and your business.
If you’re ready to find commercial property for sale in Reno, contact McKenzie Properties today. We are ready to get started and find you the perfect commercial property. When you choose to work with us, you will be working with an established and experienced firm. The price of commercial property is going to keep rising, act today to find the ideal commercial property for sale that will meet all of your needs. Call us today we can’t wait to discuss all of your commercial property needs.
South Creek Center has been one of McKenzie Properties most coveted and anticipated projects to date, and after nearly six years the South Creek Center is approaching the finish line.
South Creek Center is a 60,000 square-foot retail space in South Reno that McKenzie Properties launched in October of 2008. The longstanding Reno company assumed a large risk in the South Creek venture given that the local economy was just a few weeks away from its most devastating collapse in recent memory.
McKenzie Properties survived the economic downturn that many businesses and commercial projects could not and is now nearing completion of the South Creek Center. Nine total buildings will be comprise the South Creek Center and truly complete the neighborhood near the corner of South Virginia Street and Foothill Road.
South Reno’s rapid expansion in the past few years has garnered the need for more shopping outlets, local shops, boutiques and amenities for neighborhood residents. McKenzie Properties has seen tremendous value in this shopping center and has managed to fill all but one of the open slots in the center.
A single 2,000 square-foot space remains vacant in the South Creek Center, and it is surrounded by popular local coffee shops, eateries, medical offices and other shopping outlets. The completion of the project will open up the possibility for a new business to enter the grounds at South Creek.
For more information about the South Creek Center you can visit McKenzie Properties or contact us directly. If you are looking for available real estate in other corners of the Reno-Sparks area, visit our Property Search to find your perfect location.
McKenzie Properties has been helping businesses in the Reno-Sparks area find their ideal location for more than 60 years. We are a trusted source for commercial real estate and we can help you remove the stress of unhelpful landlords.
