Las Vegas retail market report

Q1 2025

The Las Vegas retail commercial real estate market remains exceptionally tight, marked by low vacancy, limited new supply, and rising rents. Tenant demand continues to outstrip supply, particularly in top-performing corridors, where site selection is further constrained by land scarcity. With over 800,000 square feet under construction and most of it already spoken for, the competitive leasing environment shows little sign of easing. As retailers chase high-visibility locations and landlords maintain leverage, the market dynamic favors owners, especially in single-tenant and drive-thru formats, despite broader economic headwinds and elevated construction costs.
5.7%

Vacancy 

Retail vacancy in Las Vegas is at 5.7%, near its lowest level in 15 years.

818.7K sf

Under construction 

Nearly 819,000 square feet of retail space is under construction, driven by lack of existing availability.

$35.34

Asking rent psf

Asking rents have reached $35.34 per square foot, supported by sustained demand and limited concessions.

Your source for the latest Las Vegas retail market reports

Get in-depth retail market reports and insights from commercial real estate experts in the Greater Las Vegas area. Avison Young advisors look at Nevada's commercial real estate activities and the latest Las Vegas statistics to provide you expert market research on the area's retail properties.

Explore different topics like the latest retail market pricing trends and analysis of Las Vegas's current retail real estate market conditions. Gain a better understanding of the city’s retail real estate outlook and stay ahead of current retail space trends. Make smart decisions when it comes to investing in retail properties in Las Vegas's competitive retail real estate market. Avison Young is your trusted source for commercial real estate retail market insights in Las Vegas.

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