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Net Absorption Keeps Q2 Retail Vacancy Low

LAS VEGAS-Approximately 780,000 sf of retail was added to the Vegas Valley in the second quarter and was offset by approximately 690,000 sf of net absorption.

By Brian K. Miller | Updated on July 29, 2007

LAS VEGAS-Retail vacancy in the Las Vegas Valley stayed below 3% during the second quarter thanks to strong net absorption, according to the latest market report from Applied Analysis, a locally based research and consulting firm. Approximately 780,000 sf of retail was added to the Vegas Valley during the quarter but was offset by approximately 690,000 sf of net absorption. The result was a 20 basis point rise in vacancy to 2.8%.

The new deliveries, including the second phase of Montecito Marketplace and a portion of Southwest Marketplace, brought the six-month total to 2.6 million sf, well above the historical 10-year historical average of 1.9 million sf, according to the report. Net absorption through the first six months of the year was 2.5 million sf.

“The Las Vegas commercial retail sector continues to respond to continued population growth and increasing development opportunities,” says Jeremy Aguero, a principal of Applied Analysis. “While reporting some signals of slower growth, a substantial number of residents continue to seek out Las Vegas as their future home.”

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