Thursday, April 3, 2014
Las Vegas Officials Predict MMJ Real Estate Boom
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Old warehouses and unused commercial spaces in Las Vegas may soon be worth their weight in gold.
With Nevada’s medical marijuana industry soon to take hold in Sin City, officials there predict there will be a rush to buy up industrial real estate for cultivation and processing space. Clark County Commission Chair Steve Sisolak said he’s recently been asked to evaluate buildings that have not been leased in a decade.
Sisolak called the interest in potential grow facilities “overwhelming.”
And commercial real estate experts in Las Vegas said they’ve seen a sizable increase in interest for vacant buildings from potential marijuana clients.
The cannabis industry’s demand for old warehouses in Las Vegas mirrors what has happened in Denver, where the vacancy rate for industrial space is currently the lowest it’s been in decades. Driven by the demand for indoor grow space, warehouses there are now leasing for $4.74 a square foot, however some marijuana entrepreneurs said it can be as high as $18 a square foot.
Las Vegas recently voted to move forward with medical marijuana dispensaries, however the city has not yet released its draft rules for the industry. Those rules, which will include zoning regulations, are expected to be available by this summer.