Trong holiday season

to combine the channels and in that context real estate remains a key focus. It’s what you do with the real estate that’s changing.”

What’s changing and fascinating to watch, Cordero said, is the merger of the retail and industrial sectors. As retailers do more online, they’re changing the distribution and supply chains.

The old model of one major hub in the middle of the country to service all of its stores won’t work if retailers are trying to get products to consumers quickly. They’re dispersing their distribution footprint with smaller hubs closer to consumers, especially on the coasts, to become “more nimble and agile,” she said.

That’s prompting more demand for industrial space, especially in markets like Las Vegas, Cordero said.

In its third-quarter market report, CBRE said Las Vegas is recording record growth in the industrial sector.

There was 2.7 million square feet of net absorption in the quarter and it’s reached 5.7 million for the year, the highest in history. That demand is expected to continue, and the region has a 4 percent vacancy rate, according to CBRE. There’s nearly 4 million square feet under construction.

JJ Peck, CBRE’s research manager, said most of the new industrial construction is in North Las Vegas and is attributed to e-commerce, with Southern Nevada serving a regional distribution hub for major retailers.

“We’re seeing unprecedented transactions that we’ve have never seen before,” Peck said.

In his assessment on the nation’s economy, Vance said it’s headed for “slower times,” and pointed to monthly jobs reports that shows a deceleration in employment, especially as employers have trouble finding talent to fill jobs. There are concerns about rising interest rates and the rising value of the dollar, he said.

The economy will remain stable through 2018 but could go into recession by mid-2019 and emerge in 2020,

Chitose Suzuki RJRealEstate.Vegas Shoppers walk through Las Vegas North Premium Outlets in Las Vegas Nov. 15.