Feasibility Study Company Independent Feasibility Analysis

Nevada · Market Intelligence

Nevada Feasibility Studies

An independent, lender-grade feasibility practice for Nevada across SBA 7(a) and 504, USDA Rural Development, EB-5, and conventional capital. This page is our standing, sourced read on where Nevada markets are oversupplied, how deals actually get funded by region, and where Nevada feasibility studies fail review.

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38.5M
Las Vegas visitors, 2025 — down 7.5% from 41.7M3
10.1%
Southern Nevada industrial vacancy, Q3 2025 peak — up from 1.3% in 202212
$15.8B
Record statewide gaming win, fifth straight record year4
~73%
Of Nevadans live in Clark County1
The Nevada Thesis

A statewide Nevada number is indefensible.

Nevada rewards feasibility work and punishes shortcuts. It levies no state personal or corporate income tax and remains one of the fastest-growing states, yet the decisive fact for underwriting is that Nevada is really four economies moving on different clocks.2 Las Vegas and Clark County are a tourism, gaming, convention, and sports economy; Reno–Sparks and Washoe County are an advanced-manufacturing boom anchored by Tesla and the Tahoe-Reno Industrial Center; the rural interior is a gold-and-lithium mining economy; and the Nevada shore of Lake Tahoe is a luxury-resort economy. The same asset class behaves oppositely across them: Southern Nevada industrial ran from a record-low 1.3 percent vacancy in 2022 to a 10.1 percent peak in Q3 2025 and is now digesting, while Northern Nevada is still absorbing and land-constrained.12

The state is also concentrated and unevenly settled. Nevada's 2025 population reached roughly 3.32 million, up about 1.6 percent, with net migration — led by nearly 42,000 gross annual arrivals from California — rather than natural increase driving growth; Clark County holds about 73 percent of residents and Washoe about 15.1 Because Nevada is roughly 86 to 90 percent federally or publicly owned, its vast rural interior is broadly USDA-eligible even as nearly all institutional activity sits in two metros.27 Las Vegas is not Reno; neither resembles Elko or the Tahoe shore. A study built on a statewide average misprices nearly every deal, so we underwrite Nevada region-by-region, against the current pipeline, the regional funding channel, and the Nevada-specific factors most studies miss.

What follows is organized as a working desk: a live oversupply monitor, a funding-routing map, the review failures that sink Nevada studies, the regulatory edges that decide outcomes — the population-threshold Certificate of Need, the Colorado River and Lake Mead constraint, and the large-load power draw — and a per-region demand fingerprint. Every figure is dated and attributed in the sources below.

The Oversupply & Pipeline Monitor

Where Nevada markets stand, region by region.

A supply-pressure read for each region and asset class, refreshed each quarter from named primary sources. A dash means we hold no current tracked reading, not that the market is balanced. Data current to Q2 2026.

Supply pressure: Oversupplied Balanced Undersupplied Digesting / softening
Region Multifamily Self-Storage Industrial Office Hotel / Gaming
Las Vegas–Henderson Digesting9.4% vac., flat rents Softening8.2 sf/capita, rates −3.5% Digesting9.4% vac., was 1.3% in 2022 Softeningleasing −20% YoY Digestingvisitation −7.5%
Reno–Sparks Balancedthin pipeline Balanced Balancedabsorbing; land-constrained Undersupplied8.4% vac., record low Balanced
Carson City Balancedstate government, thin No read BalancedI-80 / Lyon spillover No read No read
Elko / Winnemucca Project-drivenmine-cycle demand No read Site-specific No read Balanced
Lake Tahoe (NV) No read No read No read No read Seasonal-demand risk
Laughlin No read No read No read No read Balanceddrive-in gaming

Readings compiled from sources 3–18 below. Vendor vacancy estimates for the same region can differ; each figure is attributed at its point of use.

Multifamily: two metros, two clocks

Nevada's two metros are digesting the same three-year delivery wave at different speeds. Las Vegas built heavily after its 2021 pandemic-era rent spike and is now working through roughly 15,000 delivered units; Southern Nevada added about 1,464 units in Q1 2026 at an average asking rent near $1,465, barely above the $1,461 of a year earlier, and Colliers put stabilized vacancy near 9.4 percent at the end of 2025, up about 130 basis points year over year — while Institutional Property Advisors read the occupancy-based figure closer to 5.3 percent, a vendor divergence that must be reconciled before delivery.8 The pipeline is thinning to roughly 4,200 units in 2026, weighted to the second half, against UNLV projections of 41,000 to 42,000 new Clark County residents in each of 2025 and 2026.9 Concessions of one to two months free are common; underwrite to effective, not asking, rents. Reno–Sparks has moved the other way, returning to balance after a soft patch on one of the largest multi-month vacancy compressions among major U.S. markets, with a thin completion pipeline that should let operators pull back concessions.10

Industrial: the state's clearest two-speed market

Industrial is where a statewide Nevada assumption fails most violently. Southern Nevada became a major West Coast distribution hub and overbuilt big-box: more than 17 million square feet was under construction at the Q4 2023 peak, and the roughly 8 million square feet that delivered drove vacancy from a record-low 1.3 percent in 2022 to a 10.1 percent peak in Q3 2025.12 Q1 2026 vendor reads range widely by inventory definition — Colliers 9.4 percent, CBRE 8.8 percent, Cushman & Wakefield 11.4 percent, Avison Young 13.8 percent — and any study must label which it uses.12 North Las Vegas carries the overhang: 78.2 million of the valley's 188.9 million square feet, 10.7 percent vacancy, about 8.4 million square feet of vacant large-format product, and negative 591,201 square feet of Q1 2026 absorption.13 But the correction is running its course — 2025 net absorption was 5.13 million square feet and construction underway fell to about 1.7 million.12 Northern Nevada runs the opposite way: the Tahoe-Reno Industrial Center, anchored by Tesla's Gigafactory — more than $3.5 billion of added capital since 2023 and roughly 11,000 employees — and decoupling toward Redwood Materials and Panasonic, is absorbing its 2025 supply wave on a 710,619-square-foot net occupancy gain early in 2026, with land, not demand, the binding constraint.14

Self-storage: demand-led but at equilibrium

Las Vegas offers about 8.0 to 8.2 square feet of storage per capita, just above the roughly 7.0-square-foot national benchmark, across some 211 facilities and 15.3 million square feet; the average 10-by-10 non-climate unit runs near $112 a month, down 3.5 percent year over year.11 Projected 2026 deliveries of 567,000 to 767,000 square feet add about 5 percent to inventory — the highest share among major markets — even as the Spring Valley submarket posted the nation's steepest year-over-year street-rate decline, between 7.8 and 9.9 percent, in early 2026.11 Las Vegas was the most active U.S. self-storage transaction market of 2025, at roughly 1.1 million square feet traded near $158 per square foot. The read is growth-driven demand meeting supply at or slightly above equilibrium: underwrite rate softness, not lease-up failure.

Office and data centers

The two metros' office markets diverge as sharply as their industrial ones. Las Vegas office is soft-to-balanced, with Q1 2026 leasing of 518,404 square feet down 20.3 percent year over year but still 3.1 percent above the five-year quarterly average, and a flight to quality favoring Class A in Summerlin, Henderson, and the southwest.17 Northern Nevada office defies the national narrative, with vacancy at a record-low 8.4 percent in Q2 2026, 173,200 square feet of quarterly leasing, and cap rates compressing to 6.05 percent — a tech- and manufacturing-driven demand story.16 Data centers are a statewide growth theme: Switch's Citadel Campus at the Tahoe-Reno Industrial Center is designed for up to 7.2 million square feet and 650 to 850 megawatts, with Google, Tract, Vantage, and others expanding nearby, drawn by power near 4.9 cents per kilowatt-hour and Nevada's tax structure — though Boulder City's rejection of a 2026 data-center proposal signals emerging local siting friction.15

Hotels, gaming, and the 2025 visitation correction

Las Vegas is the signature Nevada asset class and it is mid-correction. Visitor volume fell 7.5 percent to an estimated 38.5 million in 2025 — the lowest since the 2021 recovery year — with December the twelfth straight month of year-over-year declines, average hotel occupancy off 3.3 points to 80.3 percent, Strip ADR down 4.6 percent to $196.54, and Strip RevPAR down 8.2 percent to $163.52.34 CoStar recorded the largest RevPAR decline of any top-25 U.S. hotel market for Las Vegas, and downtown occupancy collapsed to 66.4 percent in November 2025.6 Gaming diverged sharply upward: statewide win set a record $15.8 billion, a fifth straight record year, even as Strip gaming was essentially flat at $8.82 billion and downtown set its own record at $951.2 million.4 Convention volume held near 6 million attendees, still below the 2019 peak of about 6.6 million.5 The early-2026 turn is real but unproven: May 2026 visitation rose about 2 percent, convention attendance 14.7 percent, and statewide gaming 7.43 percent, and UNLV projects a rebound toward 40.1 million visitors — a projection, not a result.7 Pro formas built on 2023–2024 RevPAR are stale, and the pipeline still matters: Fontainebleau opened in December 2023, and the Athletics' roughly $2 billion, 33,000-seat stadium on the former Tropicana site is on schedule for spring 2028.19

Senior housing and the retirement-migration signal

Retirement migration to Las Vegas and Henderson — warm climate, no income tax, affordability against California, master-planned age-restricted communities — is a durable demand tailwind, yet Las Vegas posted the lowest senior-housing occupancy of NIC MAP's 31 primary markets at 87.0 percent in Q1 2026, up from 85.9 percent in Q3 2025.18 The reason is structural: because Clark and Washoe counties fall outside Nevada's population-threshold Certificate of Need, skilled- nursing supply is elastic and can be added freely, so occupancy runs below high-CON markets such as Boston at 93.6 percent.1821 A metro senior-housing study must separate skilled nursing (market-driven, elevated oversupply risk) from assisted and independent living (demand tailwind, muted national construction).

The Funding-Routing Map

How a Nevada deal actually gets funded.

Feasibility work exists to satisfy a specific reviewer. Knowing which district and channel funds your asset in your region is half the battle. This is the routing most feasibility pages never publish.

SBA district coverage in Nevada
A single district office covers the entire state, with a northern branch in Carson City.24
OfficeRegion covered
Nevada District Office (Las Vegas)Statewide; main office serves Clark County and Southern Nevada
Carson City branchNorthern Nevada, incl. Reno–Washoe and the rural counties

On the 504 side, Nevada is served by the Nevada State Development Corporation — the state's oldest, largest, and only statewide Certified Development Company, with offices in Las Vegas and Reno, which facilitated 41 SBA 504 loans totaling $43.5 million in 2024 against a lifetime book above 2,350 loans and $1 billion — alongside California-based TMC Financing, which reports roughly $134 million of Nevada project financing in fiscal 2024; competing "largest in Nevada" claims are self-reported and metric-dependent, and unresolved without the SBA data file.25 On the 7(a) side, Live Oak Bank is the number-one national lender, but Nevada's own leaders are Meadows Bank — a Las Vegas-based national SBA lender ranked the number-16 504 lender in the country and number one in Nevada for fiscal 2024 — and Nevada State Bank, the district's fiscal 2024 Regional Lender of the Year with 72 SBA-backed loans above $25.5 million; statewide fiscal 2024 7(a) volume ran about 838 loans and $464.4 million, at an average loan near $554,164, roughly 25 percent above the national average.26 For rural credits, USDA Business and Industry guaranteed loans route through the Nevada Rural Development state office in Carson City, with offices in Elko and Las Vegas; because Nevada is roughly 86 to 90 percent federally or publicly owned, its vast rural interior is broadly USDA-eligible.27 The decisive new tool is the July 4, 2026 decoupling of the 7(a) and 504 caps to $10 million combined, the highest in agency history.28

  • Industrial or logistics in North Las Vegas or ApexNevada District Office (Las Vegas); SBA 504 via NSDC or Meadows Bank, with conventional or CMBS debt at institutional scale.
  • Manufacturing or a data center at the Tahoe-Reno Industrial Center or RenoCarson City branch; NSDC (Reno) or Nevada State Bank; large deals to regional banks; price GOED abatements first.
  • A rural or mining project in Elko, Humboldt, or WinnemuccaUSDA Business & Industry through Carson City or Elko; Meadows Bank or Nevada State Bank for the SBA leg.
  • Owner-occupied real estate plus long-life equipmentSBA 504 via a Nevada CDC; after July 4, 2026, stack a 7(a) and a 504 for up to $10M combined, sequencing the 7(a) first.
  • Senior housing or healthcare in Clark or WashoeNo CON barrier; route to SBA 504/7(a), HUD 232, or conventional and underwrite competition risk. In a rural county, confirm the NRS 439A threshold first.
Common Review Failures

How Nevada feasibility studies fail review.

Each failure below is tied to a real Nevada number. These are the recurring reasons a Nevada study loses credibility with a lender or agency, engineered out of our deliverables before they ship.

  1. Statewide-average error

    Blending Las Vegas, Reno, and rural mining Nevada into one number ignores that they run on different clocks: in the same Q1 2026, Southern Nevada industrial vacancy read about 9.4 percent and digesting while Northern Nevada was absorbing and land-constrained.12

  2. Tourism and gaming cyclicality

    Las Vegas tourism supports close to 300,000 jobs and is the most cyclically exposed base in the state. The 2025 softening is real — twelve straight months of visitor declines, down 7.5 percent for the year, and a reported 9 percent year-over-year Las Vegas EBITDA decline at Caesars through three quarters — and a hospitality or retail pro forma that does not model it is the signature Nevada error.331

  3. Boom-bust and housing-crash history

    Las Vegas home prices fell roughly 60 percent in the 2008–2012 crash, among the worst nationally, and the metro remains speculation- and migration-prone; the median was near $450,000 in mid-2026, up 6.2 percent year over year. Underwriting Nevada as low-volatility through the current 15,000-unit multifamily and big-box industrial digestion is a failure mode.298

  4. Water and the Colorado River

    About 90 percent of the Las Vegas Valley's drinking water comes from a Colorado River allocation that is the smallest of the seven basin states, and Lake Mead sat near 35 percent of capacity in mid-2026 with the 2007/2019 operating rules expiring at year-end and no seven-state agreement. A long-horizon Southern Nevada study that omits the water constraint is not defensible.20

  5. Supply-wave digestion mispricing

    Underwriting to 2021-boom metrics — 1.3 percent industrial vacancy, double-digit rent growth — rather than the current digestion (industrial vacancy from 8.8 to 13.8 percent by vendor, flat apartment rents) overstates both rents and absorption.12

  6. Rural Certificate-of-Need misread

    Treating rural Nevada as open-entry ignores that in counties under 100,000 population, NRS 439A gates new health-facility construction above $2 million; a rural skilled-nursing or hospital study that skips the Certificate-of-Need step misstates both timeline and barrier to entry.21

  7. Metro senior-housing oversupply blindness

    Because Clark and Washoe are non-CON, skilled-nursing supply is elastic, and Las Vegas already shows the lowest occupancy of NIC MAP's 31 primary markets at 87.0 percent. Underwriting metro senior housing to a national capture rate without pricing that supply elasticity fails review.1821

Regulatory Edges

The Nevada rules that decide feasibility outcomes.

Four regulatory realities separate a Nevada study that survives review from one that does not. The first is the one competitors most often state wrong — in both directions.

Certificate of Need: limited, population-threshold, and exempt in both metros

Nevada operates a narrow, population-threshold Certificate of Need. Under NRS 439A.100, CON approval is required only for new health-facility construction above $2 million in counties with fewer than 100,000 residents, which makes Clark County (Las Vegas) and Washoe County (Reno) statutorily exempt.21 In the two metros where nearly all feasibility work occurs, hospitals, ambulatory surgery centers, imaging, and skilled nursing are market-driven — elevated oversupply and competition risk, comparable to Texas or Arizona — while only the rural counties are CON-gated, with a $9,500 application fee and a 75-to-90-day review. Effective July 1, 2025, the program moved to the new Nevada Health Authority under SB 494; confirm no further change before relying on the metro exemption for a specific project. Competitors who say Nevada has full CON are wrong, and those who say it has none miss the rural mechanism.21

Water, the Colorado River, and Lake Mead

Nevada holds the smallest Colorado River allocation of the seven basin states — 300,000 acre-feet, under 2 percent — and about 90 percent of the Las Vegas Valley's water comes from the river.20 Lake Mead slipped below 1,050 feet in mid-2026, roughly 35 percent of capacity, with federal projections near 1,020 feet by July 2027; a Tier 1 shortage already cut Nevada 21,000 acre-feet a year and a Lower Basin proposal could cut up to 50,000. Conservation insulates the near term — per-capita use is down 58 percent since 2002, indoor water is almost entirely recycled, and Intake No. 3 secures access below dead pool — but the 2007/2019 operating rules expire at the end of 2026 with no successor agreement, a live governance risk for any long-horizon Southern Nevada pro forma.20

Power, incentives, and the data-center cluster

Nevada's tax and power profile is a genuine tailwind for capital-intensive projects. Power near 4.9 cents per kilowatt-hour, the Governor's Office of Economic Development abatements, and a data-center package of 2 percent sales-and-use tax with a 75 percent personal-property-tax reduction anchor the Reno and Las Vegas data-center clusters; Tesla's Gigafactory drew an incentive package around $1.3 billion.3015 For any large-load project, power availability, interconnection, and local siting — Boulder City rejected a 2026 data-center proposal — are now first-order feasibility variables.15

Tailwinds in the sponsor's favor

Three structural factors cut for the sponsor. Nevada levies no individual or corporate income tax, and its effective property tax is among the lowest nationally, near 0.5 to 0.6 percent under a 3-to-8-percent annual cap;2 GOED abatements are available for qualifying projects;30 and the SBA raised its combined 7(a)-plus-504 ceiling to $10 million effective July 4, 2026, materially enlarging bankable deal size.28

Region Divergence

Nevada regions, distinct demand fingerprints.

Each region carries its own economic base and its own supply position. These are the units of analysis for a Nevada study, and each anchors a dedicated market page.

Tourism, gaming & logistics

Las Vegas–Henderson–Paradise

Gaming, conventions, sports, and West Coast logistics across Clark County, about 73 percent of the state. Visitation fell 7.5 percent in 2025 even as gaming set records; multifamily and big-box industrial are digesting delivery waves while retail stays tight.31

Advanced manufacturing

Reno–Sparks

Tesla, the Tahoe-Reno Industrial Center, data centers, and California-overflow logistics anchor Washoe County, about 15 percent of the state. Industrial is absorbing and land-constrained, and office vacancy hit a record-low 8.4 percent in Q2 2026.1416

State government

Carson City

The capital economy runs on state government and Reno–Carson commuter spillover into Lyon County. Demand is steadier and less cyclical, but institutional product is thin; we build these studies with primary local research.1

I-80 distribution

Lyon County (Fernley / Dayton)

The I-80 industrial and distribution corridor east of Reno, plus a fast-growing Reno–Carson bedroom market. Demand tracks Northern Nevada manufacturing and warehousing rather than the Las Vegas tourism cycle.1

Gold mining

Elko

The Carlin Trend gold hub and the commercial center of northeastern Nevada. Real estate demand is mine-cycle and workforce-driven; underwrite to mine life and offtake, not metro comps.22

Lithium & ranching

Humboldt County (Winnemucca)

Ranching and the Thacker Pass lithium project — the largest known measured lithium reserve, with peak construction near 1,800 workers by end-2026 — drive episodic, project-based CRE demand.23

Luxury resort

Lake Tahoe (Nevada side)

A luxury ski-and-summer recreation economy on the Nevada shore. Demand is highly seasonal and second-home-driven; metro-level supply data is thin and best handled qualitatively with primary research.

Drive-in gaming

Laughlin

A regional drive-in gaming market on the Colorado River serving Arizona and Southern California. Demand is steadier than the Strip but smaller and sensitive to the regional economy and fuel prices.

By Asset Class

Nevada feasibility studies by asset class.

Each asset class carries its own Nevada demand drivers, from the Las Vegas visitation cycle to Tesla-driven industrial absorption to the Colorado River water constraint. Explore the analytical approach by property type.

Nevada Questions

Nevada feasibility study questions.

Does Nevada require a feasibility study for an SBA loan?

Under SBA SOP 50 10 8, a feasibility study is discretionary rather than universally mandated, and lenders commonly require one for special-purpose properties and startup or ground-up projects that lack operating history. Nevada carries a heavy concentration of special-purpose and hospitality collateral — hotels and casinos, gaming-adjacent retail, self-storage, and senior housing — so feasibility analysis is frequently expected on Nevada SBA credits.

Does Nevada have a Certificate of Need law?

Nevada operates a limited, population-threshold Certificate of Need. Under NRS 439A.100, CON approval is required only for new health-facility construction over $2 million in counties with fewer than 100,000 residents, so Clark County (Las Vegas) and Washoe County (Reno) are exempt, and their hospitals, ambulatory surgery centers, and skilled-nursing facilities face market-driven supply. Only the rural counties are CON-gated. Claims that Nevada has full CON, or none at all, are both wrong.

Which Nevada real estate markets are oversupplied right now?

As of Q2 2026 the pressure is digestion rather than durable oversupply, and it splits by region. Southern Nevada industrial climbed from a 1.3 percent vacancy in 2022 to a 10.1 percent peak in Q3 2025 and is working it off; Las Vegas multifamily is digesting a roughly 15,000-unit delivery wave with flat rents; and self-storage sits at or just above equilibrium. Reno–Sparks has returned to balance and its industrial market is still absorbing, with office vacancy at a record-low 8.4 percent.

How does Las Vegas tourism affect a Nevada feasibility study?

Las Vegas tourism supports close to 300,000 jobs and is the most cyclically exposed base in the state. Visitor volume fell 7.5 percent to an estimated 38.5 million in 2025, with twelve straight months of year-over-year declines, even as statewide gaming set a record $15.8 billion. Hospitality and retail pro formas built on 2023–2024 RevPAR are stale, and any Las Vegas study must model the visitation cycle explicitly rather than annualize a peak year.

Who funds SBA and USDA loans in Nevada?

A single SBA Nevada District Office covers the state from Las Vegas, with a branch in Carson City serving the north. SBA 504 credits route through the Nevada State Development Corporation, the only statewide CDC, with TMC Financing also active; Meadows Bank and Nevada State Bank lead in-state 7(a) volume, and Live Oak Bank is the national leader. USDA Business and Industry loans route through the Rural Development state office in Carson City, and Nevada's largely federal, rural interior is broadly USDA-eligible.

How is a Nevada feasibility study different from a national one?

Nevada is really four economies on different clocks — Las Vegas tourism and gaming, Reno advanced manufacturing, rural mining and lithium, and Lake Tahoe luxury resort — so the same asset class is digesting in one region and tightening in another. A defensible Nevada study is built region-by-region against the current supply pipeline, the SBA and USDA channel, and Nevada-specific factors most studies miss: tourism cyclicality, the Colorado River and Lake Mead constraint, the data-center power draw, and the population-threshold Certificate of Need.

Underwriting a Nevada project? Start with the market read.

A methodology briefing walks through the analytical framework, the deliverable composition, and the current Nevada market data for your region and asset class — including the tourism-cycle, water, and Certificate-of-Need factors that decide Nevada outcomes.

Request a methodology briefing
Sources

Data sources and dates.

Every figure on this page traces to a named authority. Real-estate readings are point-in-time and vendor-dependent; where vendors disagree, the range is shown and each is attributed at its point of use.

  1. U.S. Census Bureau Vintage 2025 population estimates and the Nevada State Demographer; county population shares and California in-migration via Nevada Political Journal (2026).
  2. Tax Foundation, Nevada tax-climate data (2026); Nevada Department of Taxation (no income tax; 6.85% base sales tax; Commerce Tax; Modified Business Tax; ~0.5–0.6% effective property tax under the 3%/8% cap, NRS 361.4723).
  3. Las Vegas Review-Journal (January 28, 2026), citing the Las Vegas Convention and Visitors Authority (38.5M visitors, −7.5%; average occupancy 80.3%; twelve straight months of declines).
  4. Casino.org (January 28, 2026), citing the Nevada Gaming Control Board and the American Gaming Association (statewide record $15.8B; Strip $8.82B; Strip ADR $196.54; Strip RevPAR $163.52; downtown record $951.2M).
  5. Las Vegas Sun (January 28, 2026), citing the LVCVA (convention volume near 6 million attendees against a 2019 peak of ~6.6 million).
  6. CoStar / STR via PSS (January 2026) (largest RevPAR decline of any top-25 U.S. hotel market; downtown November 2025 occupancy 66.4%, RevPAR −14.8%).
  7. LVCVA and Nevada Gaming Control Board via InterGame (June 2026); UNLV Center for Business and Economic Research via Casino.org (December 2025 projection of ~40.1M 2026 visitors).
  8. Colliers, Southern Nevada multifamily report (Q1 2026); Institutional Property Advisors and IRES vendor reads (stabilized 9.4% vs. occupancy-based ~5.3% divergence; ~15,000-unit wave; ~$1,465 average asking rent).
  9. Northmarq via IRES (2026, ~4,200 units delivering); UNLV CBER via IRES (2026, Clark County adding ~41,000–42,000 residents in 2025 and 2026, rising to ~49,000 in 2027).
  10. Colliers, Northern Nevada multifamily (Q1 2026); TenantBase (Q2 2026); Marcus & Millichap (2Q 2026).
  11. StorageCafe / Yardi Matrix, Las Vegas self-storage report (March 2026); RentCafe (January–February 2026, Spring Valley street-rate decline).
  12. Colliers, Southern Nevada industrial report (Q1 2026); vendor reads from CBRE, Cushman & Wakefield, and Avison Young (Q1 2026): 8.8% / 11.4% / 13.8% by inventory definition; 2025 net absorption 5.13M sf; ~1.7M sf under construction.
  13. Colliers, with Jerry Doty, via Las Vegas Review-Journal (May 2026) (North Las Vegas 78.2M of 188.9M sf; 10.7% vacancy; ~8.4M sf vacant large-format; −591,201 sf Q1 2026 absorption).
  14. Colliers and TenantBase, Northern Nevada industrial (Q1 2026); Nevada Real Estate Group (April 2026, Tesla >$3.5B added capital since 2023 and ~11,000 employees); KiTalent (2026, Redwood Materials and supplier hiring).
  15. Switch and Baxtel (2026); Brightlio (2026) (Citadel Campus up to 7.2M sf and 650–850 MW; power ~4.9¢/kWh, 100% renewable; Boulder City data-center rejection).
  16. Colliers, Northern Nevada office (Q2 2026) (record-low 8.4% vacancy; 173,200 sf quarterly leasing; cap rates 6.05%).
  17. Cushman & Wakefield, Las Vegas office (Q1 2026) (leasing 518,404 sf, −20.3% YoY, +3.1% above the five-year quarterly average).
  18. NIC MAP Vision, senior housing occupancy (Q1 2026 / April 2026 release) (Las Vegas 87.0%, lowest of 31 primary markets; 85.9% in Q3 2025; Reno added to coverage in 2026; Boston 93.6%).
  19. ESPN (May 2026) and Las Vegas Review-Journal (2025–2026) (Athletics ~$2B, 33,000-seat retractable-roof stadium, spring 2028, $380M public financing; Fontainebleau, 3,000+ rooms, opened December 2023).
  20. Las Vegas Sun (June 7, 2026), citing the U.S. Bureau of Reclamation, with the Southern Nevada Water Authority (Lake Mead below 1,050 ft, ~35% of capacity; ~1,020 ft projected by July 2027; 300,000 acre-feet, <2% allocation; ~90% of valley water; per-capita use down 58% since 2002; Intake No. 3; operating rules expire end-2026).
  21. Nevada Revised Statutes 439A.100 and 439A.015; Nevada Division of Public and Behavioral Health; RPC Consulting; Institute for Justice; Nevada Senate Bill 494 (2025) transferring the program to the Nevada Health Authority effective July 1, 2025.
  22. Barrick 40-F (fiscal 2025); Discovery Alert and Farmonaut (2025) (Nevada largest gold-producing state, >60% of U.S. output, ~5.6M oz; Nevada Gold Mines, Barrick 61.5% / Newmont 38.5%, ~1,591k oz attributable to Barrick in 2025).
  23. Lithium Americas 8-K and 10-Q filings (fiscal 2026); U.S. Department of Energy loan (Thacker Pass, Lithium Americas 62% / GM 38%; $2.23B DOE loan; Phase 1 40,000 t/yr, mechanical completion late 2027; ~1,800 peak construction workers by end-2026).
  24. U.S. Small Business Administration, Nevada District Office directory (2026) (statewide district office in Las Vegas with a Carson City branch).
  25. Nevada State Development Corporation public disclosures (2026, 41 SBA 504 loans / $43.5M in 2024; lifetime 2,350+ loans and $1B+); TMC Financing via Nevada Business Magazine (October 2024, ~$134M Nevada project financing in FY2024).
  26. Nevada State Bank via Northern Nevada Business Weekly (January–February 2025, Regional Lender of the Year, 72 loans / $25.5M); Meadows Bank via EIN Presswire (November 2024, #16 U.S. 504 lender / #1 in Nevada); SBA loan-level data via Nautix (FY2024 ~838 loans / $464.4M, average ~$554,164) and GoSBA (FY2025).
  27. USDA Rural Development, Nevada state office, Carson City (2026), with offices in Elko and Las Vegas; Nevada is roughly 86–90% federally or publicly owned.
  28. U.S. Small Business Administration, Policy Notice 5000-879058 (effective July 4, 2026); SBA.gov (combined 7(a)-plus-504 cap of $10 million; FY2026 manufacturing fee waivers and 90% guarantee for NAICS 31–33, sunsetting September 30, 2026).
  29. Las Vegas REALTORS via Nevada Real Estate Group (2026) (median home price ~$450,000 mid-2026, +6.2% YoY; ~60% price decline in the 2008–2012 crash).
  30. Nevada Governor's Office of Economic Development (GOED); Switch and Baxtel (2026) (Tesla incentive package ~$1.3B; data-center 2% sales/use tax and 75% personal-property-tax reduction).
  31. Crexi via BPM commercial real estate outlook (2026); Yogonet (2025–2026) (Las Vegas tourism supports ~300,000 jobs; Caesars reported a ~9% year-over-year Las Vegas EBITDA decline through three quarters of 2025).