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Report: Retail Vacancy Drops to 2.5%

LAS VEGAS-Approximately 713,000 sf of retail was added to the Vegas Valley in the fourth quarter but net absorption was 787,000 sf, pushing vacancy down by another 20 basis points.

By Brian K. Miller | Updated on January 21, 2007

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

LAS VEGAS-The retail sector here continued to perform through the fourth quarter, according to a report from locally based Applied Analysis. Net Absorption of 787,000 sf during the quarter outpaced 713,000 sf of new development, pushing vacancy down by another 20 basis points to 2.5%. Breaking it down by sector, power centers had the lowest vacancy rate at 1.5% while neighborhood centers had the highest vacancy rate at 3.6%.

For the entire year, net absorption was 1.8 million sf while new additions totaled 1.9 million sf. Despite the stability in demand and supply, rental rates continued to climb. The average asking rate at the end of the year was $2.04 per sf per month, up from $1.99 at the end of the third quarter and $1.69 one year ago. Two years ago, the average asking rate was $1.46.

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