Southern Nevada’s retail market slowed modestly from prior quarters but continued to improve with 87,204 square feet (sf) of positive absorption. The overall vacancy rate declined by 0.6 percentage points (pps) on a year-over-year basis representing a very resilient market when considering the just over 2.1 msf of new product that was added to the market over that same period. Lease rates climbed by 11.5% over the last year showing that demand is on the rise.
