Expansion in the Air for Vegas Retail
After a strong finish in 2018, Southern Nevada’s retail market continued that trend into 2019. Net absorption was 263,918 square feet, a significant improvement over the negative net absorption experienced in the first quarter of 2018. New completions totaled 373,266 square feet, the largest increase in retail inventory in a decade. Vacancy was 7.7 percent, 0.6 points lower than one year ago, but 0.1-point higher than in the fourth quarter of 2018. The average asking rental rate increased to $1.45 per square foot (psf) on a triplenet (NNN) basis.
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