Despite this wonderful sector news, analysts caution that the increase in construction doesn't mean there has been an improvement in the business. Apartment vacancy is at a record high and unemployment, essential to the sector's health, remains elevated.

Demand within the professionally-managed apartment market in Las Vegas continued to weaken as pricing accelerated downward and vacancies ticked up.

This brief analysis focuses on 26 residential towers in Las Vegas with a current inventory of nearly 8,700 units (pre CityCenter), which includes all relevant projects in the resort corridor, downtown, the south Strip and the suburbs. These statistics do not go beyond high-rises but one can appreciate the magnitude of the scale of our Las Vegas "shadow" market and depressed real estate market.

Amid signs of a stuttering recovery, senior real estate executives report that declining fundamentals and deterioration in Net Operating Income (NOI) pose formidable challenges to the commercial real estate sector - encompassing office buildings, shopping malls, warehouses, hotels, and apartment buildings - according to The Real Estate Roundtable's 1st quarter 2010 Sentiment Index.

2010 could very well end up being a big "reassessment" year for multi-family, where every established practice gets analyzed to find out whether it really is achieving the goals we want to achieve! This is one expensive piece of paper you cannot afford to ignore.