The UNLV Lied Institute for Real Estate Studies will host the two-day roundtable Aug. 22 and 23. The panel of experts will also discuss issues plaguing office developers in the Las Vegas Valley.

But it's the industrial sector that has the more pressing concerns — especially for big-box distribution — with a reported vacancy rate of 2 percent for warehouse and distribution space. Among the concerns cited by observers:

• The Restrepo Consulting Group and Colliers International reported last month that the overall vacancy rate of 3.1 percent in the second quarter was the lowest since the two companies began tracking industrial activity in 1999. There have been 10 consecutive quarters of declining vacancy rates since 2004.

• Real estate services firm Cushman Wakefield reported the industrial vacancy rate at 5.45 percent in Clark County and 3 percent in the Las Vegas metropolitan area. It cited how industrial land has become harder to find and purchase with land costs nearly tripling in the past five years. Increasing land prices, coupled with rising construction costs, have forced big industrial users, particularly distributors, to look at alternative markets.

• Consulting firm Applied Analysis warned that the current wave of construction of industrial buildings in the Las Vegas Valley could be the last one of its size. There is 5 million square feet under construction with another 6.6 million square feet planned for future development.

The Las Vegas chapter of the National Association of Industrial and Office Properties has taken a leadership role on the issue by meeting with elected officials locally and in Washington to shed light on the problem. NAIOP has done its own study to help understand the issue. The chapter is looking at land availability in south Clark County near the proposed Ivanpah Valley Airport as a likely solution to the scarcity. It's about to launch a second study to gauge the impact on the region of not having enough warehouse distribution facilities.

NAIOP estimates there is about 1,200 acres of industrial land available for development today for big-box distribution. Given the existing rate of growth, the region will run out of industrial land in about four to five years, said Rick Myers, a past president of NAIOP and executive vice president of Thomas & Mack Development Group.

"When you talk about industrial, the connotation is manufacturing plants and smoke stacks, but we are talking about large bay warehouse distribution," Myers said. "I think everyone agrees that the lack of available industrial land is a concern. It affects cost of living. What if you have to ship in everything from Southern California? We are doing development of gaming and residential property. Where does that material go? Where do the toasters and milk and drywall come from?"

The scarcity of industrial property is attributed to the rising cost of land. While developers can build homes at higher prices, it isn't feasible for industrial developers to charge rents at the acquisition costs they must pay, according to industry observers. Another factor was property owners across the Las Vegas Valley petitioning local governments to exchange industrial zoning for a more lucrative residential zoning, they said.

The industry's eyes will be turned to the development of a proposed airport in the Ivanpah Valley between Jean and Primm for a solution for the lack of industrial land in the Las Vegas Valley. Clark County has acquired nearly 6,000 acres from the federal government for the airport and surrounding development.

The county doesn't want residential development to interfere with the airport's growth, and industrial development would offer a buffer, Myers said. The group's first priority is ensuring the airport gets built, but the industrial community would like any land that might be auctioned to be limited to industrial-development only.

The airport is projected to open in 2017, and there is no timetable for when the county would make land available for industrial development. That keeps the spotlight on the Apex Industrial Park northeast of Las Vegas as a potential solution as well.

About 6,000 acres in Apex is available for development, but its growth has been slowed by the lack of utilities.

Outside of Apex, local governments are encouraged to maintain existing zoning as a way to help deal with the problem.

Industrial land is not a sexy topic, but industry leaders said political leaders have an increasing understanding of the issue's importance. They don't want their city to be simply a bedroom community.

Developers can also opt for infill projects and redevelopment.

"Developers have to get more creative," said Doug Roberts, a partner with Panattoni Development Co. "Our partners in Orange County demonstrated that even in buildings not that old, you can make way for new buildings."

This marks the ninth roundtable of the Lied Institute, which a year ago focused on creating affordable housing in Southern Nevada. Previous roundtables dealt with infill development, federal land auctions, balancing conservation and development, transportation, regional planning and growth management, and redevelopment.

Six weeks after the roundtable, the Lied Institute will release a white paper that is expected to serve as a blueprint for solutions and further dialogue. Many recommendations made in previous white papers have been implemented by public agencies, said Debra March, executive director of the Lied Institute.

A presenter at the upcoming roundtable, Tim Snow, the president of Thomas & Mack Development Group, said he believes last year's roundtable served as an impetus for Sens. Harry Reid, D-Nev., and John Ensign, R-Nev., to draft a bill that encourages developers to build affordable housing in the valley.

"In the past, there have been a lot of different issues like affordable housing, transportation, planning and land auctions," Snow said. "All of those kinds of things were very timely to the issues within the valley, and I think this is one too. ... What we see with Sens. Ensign and Reid doing with affordable housing, hopefully this roundtable can be a foundation of ideas that can lead to legislation, political action or the business community getting involved."

When it comes to the office market, the problems aren't as acute in comparison to the industrial sector, but some of the same issues exist, Myers said. Construction costs have shot up because condominium developers and homebuilders are willing to pay a premium for land. Massive construction in China and areas damaged by Hurricane Katrina has created a drag on construction materials and available equipment, he said.

Another concern is developers waiting months for local governments to process projects.

"The office sector is not as critical for us because it adapts much more easily," said John Restrepo, a principal at the Restrepo Consulting Group. "It's easier for them to raise rents than for the industrial developer. They can also deal with rising construction costs because of higher densities of employees."

As is the customary practice, the roundtable won't be open to the media and the public. Snow said that stifles the open exchange of panel members.