January 30, 2023: NAI Excel and NAI Vegas today announce the publication of their 2023 OUTLOOK providing insight into the latest trends impacting commercial real estate. The report highlights recent trends in office, industrial, retail, and multifamily markets along the I-15 and I-35 corridors in Utah, Nevada, and Texas. The latest release marks the 31st edition of the publication.
According to the report, economic headwinds had less of an effect on commercial real estate than other asset classes. “While stock prices and residential real estate experienced market adjustments, commercial real estate has been more resilient,” according to Jon Walter, Principal Broker at NAI Excel in Utah.
Todd Manning, Principal Broker in Las Vegas added, “Demand for commercial property has remained strong, however, we’re seeing more pressure on cap rates with interest rates nearly doubling last year.” The report suggests that higher interest rates will place more downward pressure on prices while inflation continues to place upward pressure on costs. Surplus cash has been a contributing factor to the resilience in the commercial real estate market.
In January 2023, the company opened its first office in San Antonio, Texas and debuted its research for Austin and San Antonio. “We are excited for the increased visibility and insight into trends and data for the Austin and San Antonio markets through this publication”, stated Tom DeWine, broker for NAI Excel in Texas. A formal announcement of the company expansion to Texas will be made this spring.
NAI Excel and NAI Vegas are confident in the long-term real estate opportunities along the I-15 and I-35 corridors in Utah, Nevada, and Texas. The outlook states that the fundamentals of robust population growth, a favorable business environment, and quality of life will continue to drive local and regional opportunities in these markets.
About NAI Vegas and NAI Excel
NAI Excel and NAI Vegas are leading providers of commercial Real Estate Services in the US. Operating as NAI Vegas in Nevada, and NAI Excel in Utah, Texas, and Idaho, we are part of the NAI Global network covering nearly every major market nationally and across the globe. Serving both urban and rural markets, we leverage our resources to help you excel in your real estate goals. When you work with one of our team, you get the benefit of working with all of us.
We invest heavily in technology, research, and marketing. Arti, our proprietary real estate platform, delivers a marketing process, mapping solution, and property research capability to which no other real estate brokerage has access. Clients receive broader marketing exposure and a higher level of presentation enhanced by our graphic design and photography teams. Through professional designations, affiliations, market research and stronger relationships, we deliver better results.
We have built and maintained a comprehensive commercial property database comprised of data collected from some of the largest appraisal firms in the region, NAI transactions, and other public and private data. We provide our clients market research and the information needed to make knowledgeable real estate decisions. We look forward to meeting and providing you with competent, friendly and professional service.
NAI Excel and NAI Vegas are subsidiaries of Brokers Holdings, LLC. Brokers Holdings owns and operates commercial, residential, and property management brokerages. It operates its residential brokerages under the ERA brand and is licensed in Utah, Nevada, California, Texas, and Arizona. It operates its commercial brokerages under the NAI brand and is licensed in Utah, Nevada, Texas, and Idaho. With over 800 agents and staff, Brokers Holdings closes over 5,500 transactions worth more than $2 billion in value each year and manages over $1 billion in assets.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.15 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.