Las Vegas Retail Market Report

Retailers overcome tourism fluctuations on back of household growth. Despite hotel bookings falling 8 percent in 2025, vacancy among Resort Corridor retail properties decreased by a market-leading 110 basis points to end the year at 4.8 percent. An anticipated 15 percent boost to trade show attendance at the renovated Las Vegas Convention Center also bodes well for local retail in 2026. Operations are even tighter in many residential submarkets, with availability at or below 3 percent entering this year in northwest and southwest Las Vegas. Ongoing population growth and residential development aid foot traffic here, while demand for space in north and northeast Las Vegas may improve in the long term from planned industrial construction and job creation at the Apex Industrial Park. Availability also remains limited across bars, restaurants, and convenience stores, as well as among specialized vendors such as auto repair shops. As such, both single- and multi-tenant vacancy rates will remain more than 100 basis points below their historical averages this year, even if they rise modestly.