Las Vegas retail market report

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.

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.

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.