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2020 Q1 Las Vegas Retail Market Research Report

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Future Uncertain Despite A Strong Start To 2020

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  • Retail vacancy decreased in the first quarter of 2020
  • Net absorption posted a healthy improvement over last quarter
  • Retail asking rates also posted a healthy increase

Given all those headwinds we have been hearing about (and writing about in these reports), one could be excused for not expecting the strong performance posted by Southern Nevada’s retail market in 2019. If you thought 2019 was a quirk, the first quarter of 2020 may disappoint you, as net absorption continued to improve and vacancy fell to just 6.4 percent. Retail asking rents increased to $1.52 per square foot (psf) on a triple-net (NNN) basis. Unfortunately, the first quarter of 2020 is probably an outlier for 2020 as a whole, as numerous retail outlets have been shuttered in Southern Nevada due to the COVID-19 pandemic.

 

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2020 Q1 Las Vegas Retail Market Research Report

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John Stater

Research Manager

Las Vegas

John has managed the research and GIS (Geographic Information Services) departments at Colliers’ Las Vegas office for more than two decades. During that time he has been collecting, analyzing and reporting on the commercial real estate market of Las Vegas, NV, building the research department at Colliers International's Las Vegas from the ground up, establishing a database of properties, availabilities and lease and sales comps with over 20,000 records covering the industrial, office, retail, land, multifamily, hospitality, medical office markets, as well as Southern Nevada's economy in general. He also writes for the Vegas CRE Insider blog. As his office's GIS manager, he produces local, regional and national maps.

In his spare time, John writes, designs and publishes games and does freelance work in the game industry and economic research.

 

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