Las Vegas retail market report
Q4 2025
The Las Vegas retail market showed mixed signals in FY 2025. Vacancy remained low throughout the year, ending at just 5.6% with 5.59 msf of available space. Despite positive vacancy metrics, market asking rent growth has stalled to +2.4% YoY. Absorption lost momentum from FY 2024, falling to +40k sf in FY 2025. Approximately 880k sf of retail space is under construction across Las Vegas, with a focus on mixed-use and experiential projects like The Bend and UnCommons. The market remains well positioned to capitalize on previously withheld dry powder in FY 2026.
Vacancy rate at year-end 2025
Vacancy remained stable throughout FY 2025, with available sf falling 218k sf in the year.
Market asking rent at year-end 2025
Market asking rent reached $34.93 in Q4 2025. YoY growth rate fell significantly, finishing FY 2025 below pandemic levels.
Retail space under development at year-end 2025
Retail product under development across the market has been concentrated in Central West and Southwest Las Vegas.
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