Market Report
Las Vegas Retail Market Report
3Q 2026
Retailers’ Response to Localized Growth
Translates to Standout Vacancy Compression
Leasing centered in areas of increased residential density. Las Vegas’ vacancy rate fell 60 basis points in the first half of this year, tying for the largest compression among major U.S. markets. Over those six months, tenants absorbed a net of nearly 800,000 square feet, with demand more than tripling the volume of space added. Move-ins were concentrated in Southwest Las Vegas, Northwest Las Vegas, and Henderson, submarkets where the number of occupied apartments rose by 2,200 to 3,500 over the past three years. With another 2,000 units, or 9 percent of existing stock, underway in Southwest Las Vegas this August, the area will attract expanding retailers. However, a low-3 percent local vacancy may limit their options.
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