Las Vegas Retail Market Report
Fourth Quarter 2023
Total retail inventory in the Las Vegas market area amounted to 122,132,886 square feet, up 561,928 square feet from one year ago. There are currently 885,989 square feet under construction.
In the fourth quarter, 38 retail transactions closed with a total volume of $129,153,610. The 38 buildings totaled 410,216 square feet and the average price per square foot equated to $314.84 per square foot. The average Cap Rates were 5.9%.
Tallying all retail building sales.
Mark of a Market
One of the largest transactions (excluding the resort corridor and specialty properties) that have occurred within the Las Vegas market is the sale of The Shoppes on Rainbow at 1200-1250 South Rainbow Blvd. This 64,610 square foot shopping center was sold for $11,300,000 or $174.90 per square foot. The property was sold on 12/29/2023. The Buyer was LVREIS, Inc. The Seller was Richard S. Vanden Boomen.
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