Las Vegas retail market report

Q4 2024

The Las Vegas retail market showed strong performance in Q4 2024, with vacancy dropping to 5.3%, 200 basis points lower than Q4 2020 and well below the national average. Positive absorption of 619,000 square feet, driven by projects like the 500,000-square-foot “BLVD,” highlights sustained demand. Market-wide rents averaged $35.20 psf, or $29.08 psf excluding the high-priced Resort Corridor. Year-over-year rent growth reached 5.8%, outpacing the national average of 3%, reflecting the market’s ongoing strength despite slowing growth since its Q1 2021 peak.
5.3%

Vacancy 

Vacancy in the Las Vegas retail market slightly drops by 40 basis points from Q3 2024, supported by the surge in positive absorption of 619k sf in Q4 2024.

563K sf

Leasing 

Big pre-leased retail developments, including the 500k sf “BLVD” strip frontage, came to completion in Q4 2024.

$34.19

Direct asking rent psf

Las Vegas rent growth remains strong, with Q4 2024 rents reaching $35.20. Beside the Resort Corridor, other submarket rents would average at about $29.08 psf.

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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