Las Vegas retail market report

Q1 2024 

Three key market themes:


Net absorption (sf)

In Q1 2024, the Las Vegas retail market saw a net absorption of -34,937 square feet, breaking the positive absorption streak that was witnessed quarter over quarter in 2023.

The Resort Corridor contributed greatly to this negative absorption, while Southeast/Henderson and West Las Vegas submarkets showed positive trends; overall, the market remains strong and positive.


Direct Vacancy (%)

The Las Vegas retail vacancy rate continues to sit near historic lows, registering at 5.4% for direct vacancy, 6.6% for multi-tenant vacancy, and 2.9% for single-tenant vacancy. The current market condition shows improved performance compared to pre-pandemic levels. In Q1 2019, the direct vacancy rate was 6.3%, which increased to 7.1% during the peak of the pandemic in Q3 2020. The market’s current condition represents a 24% decrease in vacancy from Q3 2020 to the end of Q1 2024.


Direct asking rents ($/sf)

In the past 7 years, asking rents in the Las Vegas retail market have grown by 43.5% and by 5.7% in the past year - jumping from $31.09 in Q1 2023 to $32.86 in Q1 2024. Even through the pandemic, asking rents continued climbing, showing the resilience and competitiveness of the market. Las Vegas retail rents are growing at a rate that outperforms many other major retail markets and is not anticipated to slow down.

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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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