Las Vegas retail market report

Q2 2025

The Las Vegas retail market remains strong in Q2 2025, with vacancy dropping to a historic low of 5.3%, signaling sustained demand and limited new supply. While asking rents reached $35.74 per square foot, rent growth has slowed compared to previous quarters, reflecting a more balanced market.Approximately1.2 million square feet of retail space is under construction, with a focus on mixed-use and experiential projects such as HyloPark, The Bend, and AREA15’s ongoing expansion. Suburban growth is also active, led by developments like Cadence Village Center in Henderson, expected to deliver in 2026.The market remains well-positioned, with tight vacancy and evolving retail formats driving long-term stability.
5.3%

Vacancy 

Vacancy remains at historic lows, recorded at 5.3% in Q2 2025, with less than 6 million square feet of available retail space across the valley—reflecting steady consumer demand and limited new supply.

1.2m sf

Under construction 

Development is increasingly focused on mixed-use and experiential retail, with over 1 million square feet currently in the pipeline throughout the Las Vegas Valley.

$35.74

Asking rents 

Rent growth has moderated but remains healthy, with average asking rents reaching $35.74 per square foot annually across the market.

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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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