Future Uncertain Despite A Strong Start To 2020
- 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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