Las Vegas Retail Market Report
Returning Tourism and New Residents
Drive Record High in Occupied Space
Retailers look to capitalize on growing tourism foot traffic. Visitation to southern Nevada so far this year continues to exceed travel figures from 2022. In August alone, Las Vegas welcomed 3.3 million visitors, a 4.0 percent increase from last year. Particularly, a resurgence of convention activity has boosted visitation to Las Vegas as attendance grew 64.3 percent year-over-year in August. Climbing tourism levels will contribute to foot traffic and direct additional consumers into the metro’s brick-and-mortar stores. Tenant demand for retail space has subsequently stayed elevated. Despite a slight uptick in vacancy during 2023, total occupied stock will reach an all-time high by year-end, eclipsing 93.3 million square feet. Net absorption will also be positive for the 12th consecutive year.