Search
 

Vegas Retail Demand Keeps Pace

LAS VEGAS-The local retail market expanded by 1.8 million sf during the first quarter of the year and demand kept pace, lowering average vacancy 20 basis points to a scant 2.5%.

By Brian K. Miller | Updated on May 01, 2007

LAS VEGAS-The local retail market continued to sizzle during the first three months of the year, with 1.8 million sf of new deliveries offset by just over 1.8 million sf of leasing activity. The result was a 2.5% vacancy rate as of the end of March, down from 2.7% at the end of the year and 2.6% one year ago, according to research by Applied Analysis, a local advisory services firm. To accommodate demand, another 4.8 million sf is under construction and about three times that total is on the drawing board.

“The latest figures demonstrate the relaitve health of the retail real estate sector as substantial pent-up demand during the past two years was fulfilled,” says Applied Analysis principal Brian Gordon. “A lack of new inventory prior to this quarter was partially driven by an overheated residential market that had land owners seeking high-density residential builders rather than commercial space developers. A more balanced land distribution is likely to prevail in the coming quarters.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.