A group of local real estate industry leaders recently returned from a trip to Cannes, France, where they spent the better part of a week promoting real estate opportunities in the Silver State to investors, developers and other key players from around the world.
Led by leaders of the Greater Las Vegas Association of Realtors, seven Nevadans represented the state at MIPIM, the world’s leading international real estate conference.
GLVAR President David J. Tina, a longtime local Realtor, noted it was only the second time that Nevada sent representatives to MIPIM. But he said it won’t be the last, adding that the consensus among those who attended was that the trip was well worth the investment.
“My overall impression was that MIPIM is a pretty big deal,” said GLVAR Chief Executive Officer Wendy DiVecchio, who attended the event from March 14-17.
“Imagine an international real estate convention with more than 23,000 people from nearly 100 different countries all meeting in one place.”
DiVecchio said she was impressed to see that so many of those who attended MIPIM “were not just there to look around.” On the contrary, she said, MIPIM attracted thousands of serious investors and people sent there to find good investments around the world.
“At the same time, I think we (Nevada) impressed people from all over the world just by being there,” she added. “I talked to many attendees who told us how happy they were to see Las Vegas, Nevada, and the U.S. having an increased presence at this year’s event.”
DiVecchio was joined by representatives of the Commercial Alliance Las Vegas, the Nevada Association of Realtors and the Reno-Sparks Association of Realtors. Jennifer Ott, this year’s CALV president; David R. Tina, the immediate past president of NVAR and a former GLVAR president; and Scott Beaudry, the immediate past president of GLVAR, met with investors and others to tour displays highlighting other cities and countries.
Ott said she was able to speak with people from several countries and “learned that people in the real estate investment world are fascinated with the U.S. and especially intrigued by Las Vegas.”
She enjoyed sharing information about Las Vegas and its real estate market, including providing details on nearly 20 major real estate developments taking shape around the state.
“I was also reminded how much our national politics and our economy affect the global economy,” she said. “During our trip, there was an interest rate adjustment, and I had several people comment on that and ask my thoughts on how it would affect cap rates and investment in the U.S.”
She said Nevada’s relatively low taxes and “pro-business climate” seemed to appeal to investors.
It’s too soon to say if the trip to France sparked any specific deals in Las Vegas, the Nevadan attendees said.
“But I can tell you that the dozens of people I talked to at MIPIM were interested in much more than the flashing Las Vegas pins that we handed out in our booth,” DiVecchio said.
DiVecchio and Beaudry said they came home with a better idea about how to make future trips to MIPIM even more productive. GLVAR is forming an advisory group to plan for next year’s event.
Among other things, GLVAR officials are looking to partner with other local economic development organizations and governments to provide more detailed information and enhanced presentations about local projects and developments, from Apex in North Las Vegas to plans for a domed football stadium near the Strip that will eventually be home to the Las Vegas Raiders of the NFL.
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GLVAR was founded in 1947 and provides its nearly 13,000 local members with education, training and political representation. The local representative of the National Association of Realtors, GLVAR is the largest professional organization in Southern Nevada. For more information, visit LasVegasRealtor.com. Email your real estate questions to email@example.com.