John Ramous
Responses provided by John Ramous, Nevada Region Partner at Dermody Properties.
1. Of the projects you have built in northern Nevada, which are you most proud of and why?
Dermody Properties has a longstanding history in this community—one that spans more than 60 years. Since joining the company in 2019, two projects have stood out to me.
The first is The Park at McCarran, a combined 1.35 million square feet state-of-the-art logistics project. The Park at McCarran was a joint venture with Locus Development and is one of the largest developments Dermody Properties has contributed to in the last decade in northern Nevada. It offers a strategic opportunity for our customers due to its Class A logistics offerings, incredible infill location within the City of Reno and position within the western U.S.
What some people may not realize about this park is that it was initially slated to be a five-building spec development, whereby buildings are vacant without a specific customer in tow. Then, when the pandemic hit, we pivoted to a build-to-suit model for a rapidly expanding, one million square foot customer, with a couple of spec buildings surrounding that.
This agility helped address the uncertainty within the market-place, de-risking a majority of the development, and making it one of the largest build-to-suit projects in northern Nevada—and in the country—at the time.
The other project that stands out is LogistiCenter® at I-80 West Phase II on the west side of town totaling 430,000 SF.
We worked closely with the City of Reno and the surrounding neighborhood groups to ensure community feedback was incorporated into the final project design. Additionally, it offers great visibility & access fronting Interstate 80 and is in the closest logistics submarket to California, which is something our customers are especially interested in.
Both The Park at McCarran and LogistiCenter® at I-80 West Phase II are strategic, infill locations, offering a compatible and sustainable workplace. These locations provide minimal commuting distances, good proximity to childcare facilities and schools, abundant amenities, incorporate ESG and attract nationally recognized customers and well-paying jobs to the state.
2. What projects do you have planned in the next 12-24 months?
Over the next 12 to 24 months, our project pipeline shows sustained strength and exciting potential. Construction is underway at LogistiCenter® at Kiley Ranch, with two buildings offering nearly 400,000 SF of logistics space. These Class A facilities cater to the local market with their optimal location in Sparks. There are currently limited new construction starts in the market and we’re confident these facilities will attract logistics customers from advanced manufacturing, light industrial, third-party logistic providers, last mile and distribution uses.
We have also broken ground on Phase I of the Reno AirLogistics Park in the North Valleys. This entails two buildings that offer access to many amenities, a strong labor base, as well as major arterials and distribution hubs. Building 1 will be 654,500 SF, and Building 2 will be 468,740 SF, divisible to 218,980 SF. Both facilities are available for lease with Building 2 available initially and ready for occupancy early 2025..
3. In a rapidly changing market conditions, what do you expect to see in the coming year? Can you address all product types you build?
While we have seen a shift in demand within the logistics sector in northern Nevada, we believe it to be temporary.
Throughout the first three quarters of 2024, companies gave up space they no longer needed and are now rightsizing—space they were planning for during the pandemic. Coupled with recent new construction, we currently have an excess of space. As a result, the vacancy rate in northern Nevada is currently 10.5%. It is also the first time we have seen a year with negative net absorption in more than six years. Sublease space flowing into the market contributed 2.7 million additional SF of total available space. By mid-to-late 2025,we anticipate the market will begin to level out.
The expectation in 2025 is that corporate America, which has primarily been on the sidelines for the last 12-18 months, will re-engage in leasing activity as the elections are over and as interest rates continue to decrease. We are starting to see larger customers wanting to be in northern Nevada and we are still seeing strong interest in requirements for over 250,000 SF. Transactions are simply taking longer as companies have more considerations and now require more internal approvals.
Dermody Properties is highly specialized in the type of product we build—Class A logistics facilities. The nationally known LogistiCenter® brand was developed by Dermody Properties and represents the company’s business philosophy for meeting corporate America’s supply-chain requirements for Class A industrial distribution facilities, including warehouses, manufacturing, assembly, processing, and research and development.
4. What product type or asset does northern Nevada need most?
Northern Nevada will benefit most from well-located, well-thought-out facilities. As demand grows, areas outside of the core cities will become more viable options, but the desire to be near residential communities and a strong labor force will still be preferred. Companies want to be where their employees can live near where they work, with shorter commutes and access to quality education and childcare.
They want to work with a developer that not only understands the advantages of being located in northern Nevada, but also understands and works well within the community. At Dermody Properties, we’re committed to an owner-operator approach that emphasizes community integration and customer-centered solutions. Our focus on operational efficiency and value-driven asset management enables us to create and maintain facilities that serve both the businesses and the communities in northern Nevada, fostering local opportunities for residents to live and work close to home.
5. How important is it to you and to Dermody Properties to give back to the communities where you work?
At Dermody Properties, we believe it is our responsibility to share our success with the communities in which we do business. There are several ways in which Dermody Properties gives back, including through an employee-managed Foundation, which provides funds and volunteer support to worthwhile nonprofit organizations and community causes across the country. The Dermody Properties Thanksgiving Capstone Award is another way we show our appreciation for the communities where we live and work. During the
Thanksgiving season, Dermody Properties makes a substantial donation to one or more nonprofit organizations in the community to help them continue their vital efforts throughout the holiday season.
6. How long have you been involved in NAIOP and what made you choose to get involved?
I’ve been involved with NAIOP, the Commercial Real Estate Development Association, for nearly 25 years. When I first joined the Southern Nevada Chapter, it was clear NAIOP was really the voice for commercial real estate. While active on the board, I participated on many of the various committees, including chairing the Government Affairs Committee, which offered ongoing interactions and collaboration within the community and municipalities. This was critical as we strived to have a balanced land-use model for the region.
In northern Nevada, NAIOP continues to serve as a key networking, advocacy and educational platform for the commercial real estate industry. It allows me, along with many of my colleagues, to also give back and serve newer professionals starting out in their careers. Through the Developing Leaders Institute, designed for professionals 35 years and younger, I’ve taught course work around feasibility analysis, entitlements, leasing/marketing and other areas within the development process. It’s been especially rewarding to witness the diverse demographics that NAIOP is recruiting within the community.
This is especially critical as it will help positively impact developments and the projects we look at in the future.
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John Ramous is the Partner in Nevada for Dermody Properties and is responsible for the company’s existing Nevada portfolio as well as new industrial speculative and build-to-suit projects and acquisitions throughout the state.
Mr. Ramous was previously Senior Vice President and Regional Manager for Schnitzer Properties where he managed an industrial portfolio of more than 10 million square feet in southern Nevada. While with the company, he was responsible for the sourcing and oversight of all acquisition and development projects in southern Nevada as well as major leasing, capital, operating, budget and management decisions within the region.
A 30 + year real estate veteran, Mr. Ramous has also served as Portfolio Manager with First Industrial Realty Trust, Senior Real Estate Manager with Mutual Benefit Life Assurance Corporation and Senior Acquisition Associate at Prudential’s PGIM.
Mr. Ramous holds a bachelor’s degree in finance from the University of Connecticut. He is a recent Corporate Board Member of the NAIOP, the Commercial Real Estate Development Association, and an active member of the Urban Land Institute (ULI) and the Society of Industrial and Office Realtors (SIOR). He is a Past Chair of the Henderson Chamber of Commerce and Past President of its Henderson Development Association. He’s also an Executive Advisory Board member at the University of Nevada, Las Vegas’ Lee Business School. Ramous served as a North Las Vegas Mayor’s Financial Advisory Council member and was a member of Congressman Heck’s Economic Advisory Task Force.
