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Panel: Interest rates continue to negatively impact the local economy


Real estate developers and commercial property brokers in Nevada discussed various challenges at the National Association of Industrial and Office Properties Nevada Chapter Developers Forum breakfast meeting. Despite hopes for relief from high interest rates in 2025, it seems that more challenges lie ahead. Panelists discussed topics such as power needs, rising construction costs, workforce shortages, and interest rates. Jeff Brigger from NV Energy talked about upcoming initiatives to increase power generation, including the Greenlink West transmission line project. Meanwhile, Taylor Adams from the Economic Development Authority of Western Nevada expressed concerns about the lack of interest rate cuts affecting deals. Developers are also facing rising construction costs, prompting a need for innovation and efficiency in the industry. Despite these challenges, there is hope for stability as the political and economic landscapes begin to stabilize. The next NAIOP event, the Commercial Real Estate Awards, will be held on March 8 at the Grand Sierra Resort.

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Note: The image is for illustrative purposes only and is not the original image of the presented article.

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