World Market Center Las Vegas Real Estate Expects Huge Growth
World Market Center Las Vegas real estate is headed for an exponential expansion. Las Vegas Market, the organizing entity of the World Market Center, is looking at producing over a dozen additional trade shows per year, including a gift-industry market in Las Vegas. The gift-industry market would have a building only for the gift exhibitors.
Approximately 14 annual trade expos will be held at the World Market Center real estate once the market reaches its build out of eight buildings and 12 million square feet of exhibit space in 2013.
The Las Vegas Redevelopment Agency initially anticipated six shows, with that number growing to 15, including the two furniture shows. The third World Market Center building, Building C, 16-story tower, a 2.1 million square-foot, is expected to open in the summer 2008.
The market would eventually grow to produce trade shows focusing on furniture-related industries. There could be two large markets and 10 to 12 smaller markets. We’ll probably open up to a couple segments like lighting fixtures and floor coverings.
Facilitating the production of those trade shows will be 400,000 square feet of exhibit space built into both Buildings D and E. That space can be used to house other trades.
The opening of the third building will be critical to the timetable. It is 30 percent leased, and which exhibitors go into Building D will be dependent on how many home-furnishing clients are still wanting space.
Other show directions might also boost attendance. A lighting-fixtures show could bring in about 6,500 attendees, making it among the smaller events the World Market Center in Las Vegas would handle. A rug-and-bedding or a kitchen-and-bath show, are other contenders to be produced by the Las Vegas Market.
The World Market Center’s Building F is being the most likely candidate to be the gift building. Building F will be about 1.5 million square feet and is scheduled to open in 2011 or 2012. The gift space could become a reality sooner if there are not enough home-furnishings clients before Building D starts leasing.
The earliest of the gift building and market would be is 2009 or 2010. There would be more of a chance it would be in buildings four and five.
In the next six to eight months, plans to produce other shows and to select the gift building will solidify. The gift market could take on different forms including a joint venture with other Las Vegas gift shows. Or it could be entirely produced by the World Market Center Las Vegas. The following gift shows the Dallas National Gift & Home Accessories Market, the Atlanta International Gift & Home Furnishings Market, and the Chicago Gift & Home Market as the equivalent to the Las Vegas model.
The gift-show industry has many events with 81 percent of 253 shows planned for the U.S. and Canada being held in the U.S. According to the 2006 Data Book the gift-show industry ranks ninth among industry sectors.
The proposed gift show would potentially be one of the biggest events. It is estimated it could bring in at least 20,000 to 30,000 per event. The gift market could become one of the nation’s largest shows.
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World Market Center Las Vegas real estate expects 12 million square feet with 14 annual trade expos.