Industry News

Las Vegas real estate expected to double within 25 years

Paper details metropolitan growth trends through 2030

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In 2030, about half of the buildings in which Americans live, work and shop will have been built after 2000, according to a discussion paper prepared for the Brookings Institution Metropolitan Policy Program. The nation had about 300 billion square feet of built space in 2000. By 2030, the nation will need about 427 billion square feet of built space to accommodate growth projections. About 82 billion of that will be from replacement of existing space and 131 billion will be new space. The paper, "Toward New Metropolis: The Opportunity to Rebuild America," states that most of the space built between 2000 and 2030 will be residential space. The largest component of this space will be homes. Over 100 billion square feet of new residential space will be needed by 2030. However, percentage-wise, the commercial and industrial sectors will have the most new space with more than 60 percent of the space in 2030 less than 30 years old. Las Vegas is expected to have 1.34 million housing unit...