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Demand Keeps Retail Vacancy Down, Rates Up

LAS VEGAS-The 43.7-million-sf Vegas retail market finishes the third quarter with a scant 2.7% vacancy rate. An additional 5.2 million sf is under construction but absorption is expected to keep pace.

By Brian K. Miller | Updated on October 24, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-The 43.7-million-sf Las Vegas Valley retail market continued to perform well in the third quarter, with 210,000 sf of new additions offset by 188,000 sf of net absorption, keeping vacancy at 2.7%, according to a third quarter report by Applied Analysis, a locally based business advisory. Through the first nine months of the year, 1.3 million sf has been delivered and 1.2 million sf has been absorbed.

The delivery of new product is expected to pick up in 2007, as some 5.2 million sf of space is under construction. Despite that, vacancy is expected to remain low if a bit higher and rental rates should continue to rise, says Applied Analysis principal Brian Gordon.

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