Down, But Not Out
- Retail vacancy increased to 7 percent this quarter
- Net absorption was negative for the second consecutive quarter
- Retail asking rates remained stable
Southern Nevada posted its second consecutive quarter of negative net absorption in the third quarter of 2020, at negative 69,020 square feet. Those two quarters of negative net absorption were not enough to erase the strong demand of the first quarter of 2020, so year-to-date net absorption remained positive. Completions in the third quarter totaled only 36,114 square feet. Retail vacancy was 7 percent in the third quarter of 2020, even with one year ago. Retail asking rents remained at $1.55 per square foot (psf) on a triple-net (NNN) basis.
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