Las Vegas retail market report

Q4 2022

94.6 msf


Retail inventory (10,000 sf & up) totaled 2,416 buildings and accounted for 94,559,108 sf in the greater Las Vegas area to end 2022.

829.9 ksf

Net absorption

Total net absorption was down in 2022 - posting a year-over-year decrease of 587,529 sf (down 41.45%). Although net absorption was down year-over-year, 2022 was the second largest year of positive net absorption for Las Vegas retail over the past 6 years.
503.7 ksf

Development activity

Retail development in Las Vegas is still lagging pre-pandemic levels – with deliveries decreasing from 516,171 sf in 2021 to 503,694 sf in 2022. 

However, development is expected to pick up in 2023, as 868,495 sf currently under construction heading into the new year.

Vacancy rate

Vacancy for Las Vegas retail continued its downward trend across all Las Vegas markets in 2022, coming in at 6.0% to end Q4.  

The decline in vacancies has been largely fueled by rising tenant demand post-pandemic – with grocery stores, fitness clubs, and big box retailers making a resurgence by leasing larger vacant spaces in shopping centers and new mixed-use developments.
$31.57 psf

Rental rates

Rental rates for retail properties have increased to $31.57 psf in 2022 – up $2.42 (8.30%) over the prior year. 

This large year-over-year increase in rental rates shows that tenants are willing to pay a premium to secure space in Vegas’s rebounding retail market.

Investment sales volume

Investors and tenants capitalized on investment opportunities in 2022 - with investment sales volume and sales price per square foot numbers both reaching their second and third-highest numbers on record.

Total sales volume increased from $746M in 2021 to $1.2B in 2022 – a 58.1% increase year-over-year. Average price per sf on retail sales increased $93 psf (45.5%) to $296 psf over the same period.
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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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