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Vegas Retail Market Holds Steady

LAS VEGAS-Some 2.7 million sf of new retail development has come online this year but strong preleasing is keeping vacancy in the low single digits.

By Brian K. Miller | Updated on December 10, 2007

LAS VEGAS-Retail vacancy in the Las Vegas Valley remains low despite a record number of new construction deliveries in 2007. Some 2.7 million sf of new retail development has come online this year, a new high-water mark, and the total will crest 3 million sf by the end of the year, but strong preleasing is keeping vacancy in check.

Overall vacancy was 3.2% at the end of the third quarter, the same as one year ago, and won’t be rising a whole lot farther in the near term, says Jeremy Aguero, principal of Applied Analysis, a local business research and advisory firm that tracks the real estate market.

“Fundamentals within the commercial retail market remain stable despite quarter-to-quarter variances in supply and demand,” he says. “By the end of 2007, the market will expand by its largest annual tally in recent history. It is worth noting that a substantial share of space entering the market has been pre-leased, which will continue to hold average vacancies below 5%.”

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