Las Vegas Retail Market Report
First Quarter 2024
Inventory
Total retail inventory in the Las Vegas market area amounted to 122,626,881 square feet, up 498,453 square feet from one year ago. There are currently 1,194,097 square feet under construction.
Sale Activity
In the first quarter, 38 retail transactions closed with a total sales volume of $144,710,310. The 38 buildings totaled 506,252 square feet and the average price per square foot equated to $270.78 per square foot. The average Cap Rate was 6.0%
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 a Supermarket Building at 8540 West Desert Inn Road. This 58,016 square foot supermarket sold for $7,150,000 or $123.24 per square foot. The property was sold on 2/09/2024. The Buyer was Stephen A Mao. The Seller was Albertsons Companies, Inc.
The information in this post has been sourced by and is credited to ©2024 CoStar Group, Inc.
