Las Vegas Retail Market

The Las Vegas retail market has remained relatively strong given the slow market conditions that are being experienced in the "recession of 2008."  Retail buildings are at times considered separately from shopping centers.  Some consider retail as the "stand-alone" buildings and the shopping centers as the "multiple-tenant" buildings.  

While building sales are off from their 2006 high prices, our market sources have indicated that retail properties currently have a relatively strong occupancy, and an overall vacancy rate of about 6.0% was the consensus opinion among local brokerage firms.  Importantly, retail rental rates are on the increase.  While the economic slow down has negatively affected the residential market the retail market segment appears to have remained relatively strong.  

Expectations for Las Vegas and its short-term future are consistent with the recent past.  The slow market conditions that are being experienced in mid-2008 will likely continue until upward changes / increases in employment begin to influence the market.  Las Vegas is anticipating large employment gains due in part to the opening of the six (6) high-rise towers, casino and 4,000 room hotel that will have cost approximate $ 9.0 Billion dollars at the MGM Mirage CityCenter on the Las Vegas Strip just south of the Bellagio Hotel & Casino.  Early reports indicated that 12,000 new permanent jobs would be created by this project which now has a "late 2009" expected opening date.     

The long-term prospects for the Las Vegas retail market, like those of the other Las Vegas commercial markets is considered to be good.  The fact that the retail market has held its own in a time of dramatic downturns is evidence of its strength.            

Contact us with your questions or concerns regarding the Las Vegas retail market or regarding your specific appraisal assignment in Nevada at 1-702-568-6699.  We can also be e-mailed at grigdon@cox.net.  

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.