December 16, 2020
There is a development boom in the St Rose Corridor, especially along the West end of St. Rose Parkway, which is due in part to the new Raider’s performance facility, an Amazon fulfillment center, and a 2,300,000 square foot manufacturing facility operated by Haas Automation. Partially in response to these development projects and the significant increase in population, many more developments have been announced, including a 550,000 square foot hospital, thousands of single-family homes, and hundreds of thousands of commercial spaces.
The City of Henderson, Nevada is one of the fastest growing communities in the United States and the St Rose Corridor is currently being developed into the industrial hub of the city. The Newmark Private Capital Group has seen a significant increase in demand in Henderson by the general population and among investors through our recent successful sale of 2779 W Horizon Ridge Parkway, a 39,761 square-foot medical office building in West Henderson.
St. Rose Corridor Supply
|Avg. Building Size||116,803||114,567||17,577||501,624|
|Vacancy (SF)||0||315,940||198,539||148 Units|
Since the city’s founding, major development projects and corporations have drawn residents to Henderson. Founded in 1929 as a site to house dam workers of the Hoover Dam, the city has recently experienced two large population spikes. From 1990-1998, Henderson was recognized as the fastest growing large city in the United States. To manage the economic boom, the community has worked with city planners and real estate developers to efficiently adjust to the population increase and to provide incentives around the city to influence development. As of 2020, Henderson is the 12th fastest growing city in the country.
Major employers and significant developments have helped spur the migration to Henderson. The Raiders’ are building a new facility, Amazon is occupying a major fulfillment center, Google is developing a $600 million data center, several mixed-use projects are under construction, and a new hospital was approved.
St Rose Corridor is defined as the general area along St. Rose Parkway between Maryland Parkway and the Interstate 15 Freeway. See the charts below for demographics.
City of Henderson Demographics
|Population||Percent Population Growth||Median Income||Percent Median Income Growth|
St. Rose Corridor Demographics
“Demand for industrial in West Henderson is seemingly endless and benefits greatly from proximity to California that North Las Vegas can’t compete with.”Mark Schuessler, Managing Director at Newmark Private Capital Group
As Henderson has grown, developers looked to vacant land in St Rose Corridor. The first industrial building in the St. Rose Corridor began construction in 2013, but multiple deliveries and major leasing activity truly started in 2017 to 2018. Since 2018, 23 of the 29 existing industrial buildings were delivered.
Following the industrial demand, the Panattoni Development Company significantly added to the area in 2019 by beginning the construction of a 600,000 square foot, built-to-suit, distribution center for Amazon. Additionally, Haas Automation, a California-based machine tool manufacturer, has proposed the construction of a 4,300,000 square foot commercial development, which includes a 2,300,000 square foot manufacturing facility. These two new facilities are estimated to bring 3,500 new jobs and more incentive for further development.
The full report includes, among other information, a map of the major ownership groups, the current development pipeline, and recent sales and leasing activity in the St Rose Corridor.
Disclaimer: The information contained in this article is provided for general informational purposes only, and should not be considered or treated as legal or tax advice and represents only general information that may or may not be applicable to the reader’s particular situation. The reader should consult its own attorney and/or tax advisor if specific guidance, information, or advise is required.