Retail Leasing Velocity Stays High in Las Vegas

With headlines blaring retail’s struggles, Las Vegas leasing tells another tale, says Liz Clare, principal-capital markets, Avison Young Las Vegas office. In fact, from a national perspective, she says this year is the first in many to have more stores expanding and opening than closing – which bodes well for retail-abundant Las Vegas.

“Retail leasing velocity has been high in Las Vegas with the market currently hovering around a low 6 percent vacancy with new and expanding brands filling vacant spaces,” says Clare. “I have been stunned as a few retail centers I represent that have always had historical vacancy are now fully occupied, and I continue to have inquiries from interested tenants on a regular basis.”

Vacant big-box stores are being divided and new tenants are leasing the space in categories such as plasma centers, dollar stores, fitness centers and sporting goods stores, Clare points out. Moreover, restaurant space is extremely competitive and hard to find.

“Ghost kitchens are also popular and have been ideal for B and C retail spaces,” she says. “Landlords are thrilled to see hard-to-fill units occupied by this concept.”