Las Vegas retail market report

Q3 2024

In Q3 2024, the Las Vegas retail market remained highly competitive, with historically low vacancy rates of 5.7%, unchanged from the previous quarter and well below the national average. Vacancy has plateaued below 6% over the past two years, a significant improvement from 7.5% in Q3 2020. New leasing activity remains low, with just 450,000 SF leased in Q3 and 1.3 million SF year-to-date, primarily due to the limited supply of available space. Despite the tight market, rent growth continues to outperform national trends, with a year-over-year increase of 5.6% compared to 3.1% nationally.

5.7%

Vacancy

Vacancy in the Las Vegas retail market remains historically low at 5.7% in Q3 2024, unchanged from the previous quarter.

452K sf

Leasing

Leasing has slowed since its 2021 peak, with 450,000 SF in Q3 2024 and 1.3 million SF year-to-date.

$34.19

Rent Growth

Las Vegas rent growth remains strong, outpacing national rates. Q3 2024 rents reached $34.19, up $0.56 from the previous quarter.

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Get in-depth retail market reports and insights from commercial real estate experts in the Greater Las Vegas area. Avison Young advisors look at Nevada's commercial real estate activities and the latest Las Vegas statistics to provide you expert market research on the area's retail properties.

Explore different topics like the latest retail market pricing trends and analysis of Las Vegas's current retail real estate market conditions. Gain a better understanding of the city’s retail real estate outlook and stay ahead of current retail space trends. Make smart decisions when it comes to investing in retail properties in Las Vegas's competitive retail real estate market. Avison Young is your trusted source for commercial real estate retail market insights in Las Vegas.