Retail Runs Wild
- Retail vacancy decreased to 6.2% in 21q3
- Net absorption was a very strong 519,319 square feet
- Retail asking rates increased to $1.58 psf NNN
Southern Nevada’s retail market registered its strongest net absorption number since 2019. Retail vacancy was 6.2% in the third quarter of 2021, down 1 point from one year ago. This is the Valley’s lowest vacancy rate since the first quarter of 2009; perhaps we could say the market has finally recovered from both the 2020 lockdowns and the Great Recession. The asking rental rate increased to $1.58 psf on a triple net (NNN) basis, the highest asking rental rate for retail recorded since 2010.
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