Las Vegas retail market report

Q2 2024

1.2m

New multi-tenant retail is under construction (sf)

Despite minimal single-tenant construction, the Las Vegas retail market is experiencing a resurgence with several new multi-tenant projects underway. After a period of slowed growth in 2023, construction activity has picked up in 2024. Notable developments include BLVD, a high-profile, 500,000-square-foot shopping destination on the strip. Big-name tenants such as H&M, Adidas, and Puma have already signed on.

5.7%

Retail vacancies remain limited across the valley

The Las Vegas retail market remains a national leader, boasting low vacancy rates and attracting large numbers of visitors as a popular tourist destination. Notably, there is increasing expansion into southern residential submarkets. Overall, the valley's vacancy rate stands at 5.7% in Q2 2024, with specific submarkets like Northwest Las Vegas and East Las Vegas reporting vacancies under 3%, while most other submarkets fall between 3% to 8%.

$33.05

High retail rents may stabilize upon decelerated growth

Las Vegas retail asking rents average $33.05 per square foot across the valley in Q2 2024, a 28% increase from Q2 2020 and about $1.50 higher than Q2 2023. While rents have consistently risen over the past seven years, the rate of increase has slowed. Rents in the Resort Corridor submarket (The Strip), averaging over $88 per square foot, reflect high demand and limited supply. Outer submarkets range from $20 to $30 per square foot, emphasizing the competitive nature of prime retail locations in high-traffic areas.

Your source for the latest Las Vegas retail market reports

Get in-depth retail market reports and insights from commercial real estate experts in the Greater Las Vegas area. Avison Young advisors look at Nevada's commercial real estate activities and the latest Las Vegas statistics to provide you expert market research on the area's retail properties.

Explore different topics like the latest retail market pricing trends and analysis of Las Vegas's current retail real estate market conditions. Gain a better understanding of the city’s retail real estate outlook and stay ahead of current retail space trends. Make smart decisions when it comes to investing in retail properties in Las Vegas's competitive retail real estate market. Avison Young is your trusted source for commercial real estate retail market insights in Las Vegas.

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