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2020 Q2 Las Vegas Market Research Report

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Have We Hit Bottom Yet?

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  • Southern Nevada’s economy has partially reopened
  • 220,300 jobs were lost year-over-year in May 2020
  • March 2020 taxable sales decreased by 23.4 percent over March 2019


The strong start Southern Nevada’s economy had in 2020 has been more then reversed in the past three months due to the business closures enacted to slow the spread of the COVID-19 virus. Job losses so far this year have been staggering, though there is hope that the re-opening of businesses in May and of hospitality properties in June will mean an equally impressive rebound in employment.

Unemployment in the Las Vegas-Paradise MSA was 33.5 percent in April 2020, 29.5 points higher than in April 2019. Unemployment last peaked in Southern Nevada at 14 percent in January 2011. The region’s previous low unemployment rate was 3.8 percent in March 2019. The latest national unemployment figure was 13.3 percent in May 2020, 9.7 points higher than in May 2019. The national labor force participation rate was 60.8 percent in May 2020, a 2 percent decrease from one year ago.

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2020 Q2 Las Vegas Market Research Report

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Related Experts

John Stater

Research Manager

Las Vegas

John has managed the research and GIS (Geographic Information Services) departments at Colliers’ Las Vegas office for more than two decades. During that time he has been collecting, analyzing and reporting on the commercial real estate market of Las Vegas, NV, building the research department at Colliers International's Las Vegas from the ground up, establishing a database of properties, availabilities and lease and sales comps with over 20,000 records covering the industrial, office, retail, land, multifamily, hospitality, medical office markets, as well as Southern Nevada's economy in general. He also writes for the Vegas CRE Insider blog. As his office's GIS manager, he produces local, regional and national maps.

In his spare time, John writes, designs and publishes games and does freelance work in the game industry and economic research.

 

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Mike Mixer

Chairman

Las Vegas

Area of Expertise
Mike Mixer, SIOR Chairman is the former Executive Managing Director and co-founder of the Colliers International Las Vegas office, the leading full-service commercial real estate firm in Southern Nevada. An expert in the resort and gaming market, Mike’s expertise has been used by many of the top development and investment firms throughout the world. Mike has been a dominant force in the company’s success in all aspects of the real estate business and has consistently been ranked on of the top three brokers at Colliers International with billions of dollars in real estate transactions.

Business and Educational Background
He began his career in the Resort/Gaming field in 1987 as a casino marketing specialist, working for Steve Wynn at the Golden Nugget Hotel & Casino in Las Vegas. Mike began his Commercial Real Estate career in Las Vegas in 1988 with a firm that built and owned numerous office, retail, and resort projects throughout Southern Nevada and California. In 1993, Mike combined his knowledge and experience to form Stuart Mixer Commercial, (now known as Colliers International- Las Vegas). 

Mike currently leads the firms’ Resort & Gaming and Hotel Services Group focusing primarily on existing hotels, resort hotel projects, gaming properties, mixed-use and redevelopment sites in and around the Las Vegas resort corridors and the University District. He has represented notable clients such as MGM MIRAGE, The Related Companies, American Nevada Corporation, Wynn Resorts and Morgans Hotel Group. Mike is continually sought after for his knowledge and experience in the continuing evolution of the Las Vegas resort corridor, particularly among an increasing international client base. 

Mike has served as a past chairman of the Colliers International USA Board, on the International Governance Committee (IGC) for Colliers and a past chairman of the Colliers USA Board of Advisors. As Managing Partner for the local Las Vegas office, he continues to provide seamless guidance and stability for the firm and its brokers.

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