Southern Nevada's retail market was heading for a lackluster year in 2017 until the fourth quarter. With a last second save, the market produced 497,892 square feet of net absorption, dropping retail vacancy to 8.1 percent. Asking rental rates managed a tiny bump, year-over-year, to $1.35 per square foot (psf) on a triple-net (NNN) basis.
According to the Nevada Department of Employment, Training and Rehabilitation, Southern Nevada's retail job market suffered in October 2017, losing approximately 1,000 jobs over the past twelve months. After gaining retail jobs from 2012 to 2015, the Valley has now lost retail jobs for the past two years. Unemployment in the Las Vegas-Paradise MSA stood at 5.1 percent in October 2017, down from 5.5 percent in October 2016. From October 2016 to October 2017, total employment in Southern Nevada increased by 41,600 jobs, a 4.4 percent increase.