Las Vegas retail market report
Q3 2025
The Las Vegas retail market remained resilient through Q3 2025, with vacancy increasing slightly to 5.4% and net absorption reaching 290,538 SF, marking the first positive gain of the year and rents fell slightly to $35.43/SF. Approximately 826K SF of retail is under construction, focused on mixed-use and experiential projects that reflect evolving consumer preferences. Investor activity remains robust, with average sale prices increasing nearly 20% to $343/SF as buyers target well-leased, strategically located assets. Commitments from Island Pacific Supermarket and Whole Foods in Q3 further underscore ongoing demand and the market’s diversification beyond tourism.
Net occupancy
Las Vegas retail recorded a 290,538 SF net occupancy gain, its first positive absorption of 2025.
Under construction
Following a Q2 peak, Las Vegas’ retail construction pipeline stands at 826,000 SF, focused on lifestyle and mixed-use projects that cater to evolving consumer demand.
Asking rents
Las Vegas retail average price per square foot rose nearly 20% in Q3 to $343/SF, reflecting a competitive market for high-quality retail assets.
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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.
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