CBRE Las Vegas Retail MarketView Q2 2021

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As of June 1, all COVID-19 restrictions were lifted, in Clark County, allowing businesses to operate at 100%, resulting in retailers continuing their expansion plans in Las Vegas. The renewed retailer optimism pushed net absorption to 171,425 sq. ft. for Q2 2021. Leasing activity by restaurants have especially been strong over the past couple of quarters, particularly pad spaces with drive- throughs. Other active retailers include gyms, home improvement stores, and hard goods retailers. Several of the store closures during Q2 2021 include a Stein Mart in the West submarket, a Family Music Center location in the West submarket, and Lumber Liquidators in the East submarket. The total amount of space under construction increased during the second quarter, to 615,200 sq. ft. all concentrated in the Southeast (386,700 sq. ft.) and the Southwest (228,500 sq. ft.) submarkets. 

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