VAC Development Principal Andrew Dunn participated in the Las Vegas Business Press's commercial real estate roundtable in February 2026, joining panelists from Howard Hughes Holdings and Majestic Realty Co. to discuss the state of the Southern Nevada market. The conversation, moderated by Suzette LaGrange of Avison Young, covered the full range of commercial asset classes — industrial, office, and retail — with Dunn offering data-forward perspective grounded in VAC's active repositioning work across the valley.
Dunn's commentary centered on the performance of well-located neighborhood retail. According to the Business Press coverage, recent leasing at comparable repositioned centers has achieved rents in the $50 to $65 per square foot range, with Dunn citing a project pro forma underwritten at $39 to $40 per square foot — reflecting the gap between prior-cycle assumptions and current achieved rents in infill locations where supply is structurally constrained.
The roundtable surfaced consistent themes across asset classes. In industrial, entitlement and permitting timelines have roughly doubled compared to the prior cycle, compressing the pipeline and supporting rents for existing and newly delivered product. In office, Class A vacancy in Las Vegas sits near 10 percent versus a national average closer to 20 percent — a relative strength that panelists attributed to the market's modest office footprint and concentrated demand from corporate and professional services users. Retail, meanwhile, is bifurcating sharply: experiential and service-oriented centers serving affluent or convenience-driven trade areas continue to outperform, while middle-market formats struggle to maintain occupancy and rental income.
VAC's current strategy reflects that thesis: buy well-located retail at an attractive basis, invest in physical improvements, and execute lease-up before a disposition cycle the firm is targeting for late 2026.