Las Vegas Retail Market Report
First Quarter 2018
Total retail inventory in the Las Vegas market area amounted to 115,857,037 square feet in 7,463 buildings and 1,082 centers as of the end of the first quarter 2018.
Total retail center sales activity in 2017 was down compared to 2016. In the twelve months of 2017, the market saw
54 retail sales transactions with a total volume of $551,977,607. The price per square foot averaged $143.56. In the same twelve months of 2016, the market posted 69 transactions with a total volume of $4,170,702,814. The price per square foot averaged $694.52.
Cap rates have been higher in 2017, averaging 7.13% compared to the same period in 2016 when they averaged 6.95%.
Tallying retail building sales of 15,000 square feet or larger.
Mark of a Market.
One of the largest transactions that has occurred within the last four quarters in the Las Vegas market is the sale of Best in the West in Las Vegas. This 464,917 square foot retail center sold for $87,000,000, or $187.13 per square foot. The property sold on 2/9/2018, at a 7.85% cap rate.