Las Vegas Retail Figures Q4 2023

January 24, 2024 5 Minute Read

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‒  The vacancy rate decreased by 50 basis points (bps) to 4.5% in Q4. Total availability decreased 50 bps quarter-over-quarter to 5.0% and year-over-year by 150 bps.
‒  Construction volume increased dramatically, with 751,055 sq. ft. of projects in progress. This boom was led by the Southwest submarket, which accounted for 466,562 sq. ft.
‒  The average asking lease rate decreased for the first time in 2023, to $2.05 per sq. ft. NNN per month; however, this reflects a $0.40 uptick year-over-year.
‒  The Southwest submarket was the most expensive, ending the year with an average asking lease rate of $2.65 per sq. ft. NNN.
‒  Total net absorption declined for the first time since Q3 2022, at negative 162,642 sq. ft. Over 85% of the negative net absorption was concentrated in the Southeast submarket.
‒  Retail sales volume decreased slightly during Q4 2023. Total sales (combined investment and owner-user sales) stalled at $119 million, with owner-user sales volume increasing to $6.9 million.