First Quarter 2023 Las Vegas Retail Market Report

April 19, 2023
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Las Vegas Retail Market Report

First Quarter 2023

Total retail inventory in the Las Vegas market area amounted to 120,972,063 square feet, up 511,575 square feet from one year ago. There are currently 1,389,850 square feet under construction.

Sale Activity
In the first quarter, 36 retail transactions closed with a total volume of $128,187,045. The 36 buildings totaled 407,017 square feet and the average price per square foot equated to $276.10 per square foot. The average Cap Rates were 6.1%

Tallying all retail building sales.

Mark of a Market

One of the largest transactions (excluding the resort corridor and specialty properties) that occurred within the Las Vegas market is the sale of an Auto Dealership Building at 2025 E. Sahara Avenue. This 56,315 square foot dealership sold for $8,710,000 or $154.67 per square foot. The property was sold on 1/10/2023. The Buyer was Odyssey Partners. The Seller was Schwartz Family RE Holdings, LLC.

The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.

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