Proposed Upper Level Layout
According to Commerce CRG in its Q2 2008 Office Market report, despite the Las Vegas office market as a whole experiencing softened demand for new office space, the Downtown Las Vegas office submarket vacancy rates for Class A office space stands at 3.1% (the lowest of all nine reported submarkets) and asking rental rates average $3.11 per square foot with a high of $3.50 per square foot (the highest average and high for all nine reported submarkets). In the next few years, the continued renovation of the downtown submarket will offer high-quality office product that will give many business owners several options to relocate closer to an increased amount of new amenities and attractions. The 38,040 square feet of creative office space included in THE MISSION will comprise approximately 2.0% of the Downtown office market. The nine other Class A office buildings in the Downtown submarket are typically under-parked and not as easily accessible by public transit. They also don’t include attractive amenities such as the dining options and the art and music experiences as proposed at THE MISSION. With the exception of the Molasky Corporate Center, none of the other Class A office buildings have focused on sustainability or obtained a LEED certification like THE MISSION.
CMS is reserving the upper floor office studio space in Buildings A and B at THE MISSION for tenants that are engaged in either the “creative sciences” or “applied arts”. These tenants include architects, engineers, graphic designers, ad agencies, talent agencies, magazines, publishers, radio stations, internet companies, marketing firms, theatre companies, production companies, post-production studios, musicians, performing arts organizations, non-profit organizations, LEED consultants, photographers, glass blowers, ceramicists, fine artists, visual artists, performing artists, dance studios, martial arts studios, and media production. As of this writing, both Cirque du Soleil (performing arts) and Bergman Walls & Associates Ltd (architects) are considering THE MISSION for the relocation of their Las Vegas area offices.
October 20, 2009 at 6:45 pm
Hi David,
What are the tenant office studio spaces sqft specs? How many are there? Their facing, (N,S, E, W)? Do you have a floor plan layout with spacial designations showing stair and elevator access? When is that area going to be available for occupancy?
Thanks much for FU.
November 1, 2009 at 3:11 am
The entire second level of both Building A and Building B will be allocated for creative office space. We are not predetermining the layout of the office spaces, but the total space is divisible any which way a prospective tenant would like. There is approximately 20,000 square feet of creative office space in each building. Building A is approximately 180′ by 120′. Building B is approximately 250′ by 120′. Each of the office spaces is approximately 40-50′ deep, which is generally considered to be ideal by office users.
Some or all of the creative office space could also potentially be rented to second floor museums or galleries, but the interior art gallery corridors will remain in place unless a prospective office, museum, or gallery tenant occupies the entire floor, in which case the art gallery corridor for that floor may be eliminated. Because there is approximately 40,000 square feet of creative office space available, there can be anywhere from 1 to 40 potential creative office space occupants.
The above layout shows the approximate locations of stairs and elevator access, but those designations are subject to change. I can get you full-size PDFs of these layouts on request if you’d like to see them.
I cannot project at this time when the first creative office space will be available for occupancy because it is all contingent on when we begin construction. We are focusing on recruiting tenants so that we can qualify for construction financing. Approximately 50% of our available leasable space will need to be pre-leased prior to THE MISSION being eligible for typical construction financing.