The Las Vegas retail market experienced a slight improvement in market conditions in the fourth quarter 2012.
The vacancy rate went from 10.6% in the previous quarter to 10.3% in the current quarter. Net absorption was positive 365,387 square feet, and vacant sublease space increased by 21,107 square feet. In third quarter 2012, net absorption was positive 58,705 square feet.
Tenants moving into large blocks of space in 2012 include: Big's Furniture moving into 77,318 square feet at 4500 N Tenaya Way; Hobby Lobby moving into 66,496 square feet at 4955 S Fort Apache Rd; and Big Lots moving into 33,432 square feet at Centennial Center.
Quoted rental rates decreased from third quarter 2012 levels, ending at $15.83 per square foot per year.
A total of one retail building with 2,446 square feet of retail space were delivered to the market in the quarter, with 1,823,806 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Retail
vacancy rate, which decreased to 6.8% from the previous quarter, with net absorption positive 26.998 million square feet in the fourth quarter. Average rental rates decreased to $14.43, and 804 retail buildings delivered in the quarter.
The information in this news report is based on CoStar’s Fourth Quarter 2012 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.