Harsch President Jordan Schnitzer and SVP John Ramous Discuss Las Vegas Real Estate Market with Vegas Inc
May 24, 2016
Vegas Inc Reporter Eli Segall talked to Harsch Investment Properties President Jordan Schnitzer and SVP, Las Vegas Regional Manager John Ramous at the groundbreaking for Harsch's 240,000-square-foot expansion to Henderson Commerce Center in Henderson, NV. In the interview, they discuss the current Las Vegas commercial real estate market, the effect of the recession on the company and industry as a whole, and the future of development in the area.

Segall notes that Harsch has strayed from the Las Vegas trend of big-box developments with the Henderson Commerce Center expansion, which has typical units around 20,000 square feet. Ramous explains, "A lot of the projects right now are big-box, so they’re not divisible even close to a project like this. They’re not going to divide it down to less than 100,000 square feet. But the cost of construction is extremely high for building this type of property and smaller — to build the walls and office spaces and the amenities Jordan puts in."

Schnitzer adds, "When you’re building a big warehouse, you’re building four walls with a lot of air in between. Do I think the market’s going to get overbuilt with big-box? Yes. This is a business where you go through a recession, demand starts rising, a few gutsy people start building some properties, whether it’s apartments, retail, office, industrial, and other people say, ‘We should do it too,’ and it all goes right up the curve to get ready for another recession."

Pictured above: Harsch SVP/Las Vegas Regional Manager John Ramous, Henderson Chamber of Commerce President Scott Muelrath, City of Henderson Councilwoman Debra March, Harsch President Jordan Schnitzer, Governor's Office of Economic Development Director Steve Hill, Harsch SVP Development John Gordon.

Read the full article, including groundbreaking photos from Mikayla Whitmore.