New office building taking shape in southwest valley
A new office building in the southwest Las Vegas Valley that was tabled after the pandemic hit is starting to take shape.
Three walls have been put up for Narrative, street improvements are mostly done, and work crews are finishing the parking garage, the developers said Wednesday.
The first tenants are slated to move to the building, located just south of the 215 Beltway between Durango and Buffalo drives, by December, and just over 50 percent of Narrative is leased.
“We’ve got a lot of activity,” said LaPour Partners founder Jeff LaPour, who is developing the project with G2 Capital Development founder Frank Marretti.
Narrative, a four-story, roughly 100,000-square-foot project, is one of multiple new office developments underway in Southern Nevada nearly two years after the coronavirus outbreak sparked widespread office closures and work-from-home arrangements, among its near-countless other spillover effects.
Plenty of people have since returned to their buildings, and Las Vegas’ office vacancy rate shrunk last year as employers took more space.
But locally and nationally, people are still working remotely, raising questions about how much space some firms will need.
LaPour said it’s a “mixed bag” whether firms continue to work remotely. Work-from-home options will still exist, though some companies have experienced a “good amount of growth,” he said.
“The demand is good,” he said.
Overall, Southern Nevada’s office-vacancy rate was 12.8 percent in the fourth quarter last year, down from 14 percent during the same period in 2020, commercial real estate brokerage Colliers International reported.
LaPour and Marretti unveiled plans for Narrative in June 2019, and then announced that August that Colliers would move its local headquarters to the building.
In February 2020, the developers announced they had broken ground on the project. The next month, Las Vegas rapidly shut down over fears of the coronavirus outbreak.
Construction of Narrative resumed this past fall after being stopped for around 16 to 17 months, Marretti previously said.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.