Territory Inc.'s Nick Hannon

Territory Inc. is no stranger to the Las Vegas retail market. The locally-based developer has built more than three-million sf of shopping centers in the area and has another two-million sf in the pipeline. Much of Territory’s assets are grocery- and big-box-anchored, such as the one-million sf Centennial Center, which counts Circuit City, Petco and Wal-Mart as anchors. Nick Hannon, Territory’s senior vice president spoke to GlobeSt.com about the market in Las Vegas and the upcoming RECon convention.

GlobeSt.com: There are reports out there about difficulties in the Las Vegas retail market. Do you agree with that outlook?

Hannon: Not at all. There are several perspectives on that. One perspective would be to look at the data as to overall vacancy in the retail market of shopping centers in the Greater Las Vegas market. Depending on whose stats you pick, what side of town or what submarket you use, the best might be 4% to 6% vacant, and some parts of the markets are sub-3% and in the mid-2%. How can that be bad? That’s not some statistical imagination. The latest data supports that.