Las Vegas Retail Market Report
Fourth Quarter 2024
Inventory
Total retail inventory in the Las Vegas market area amounted to 123,980,221 square feet, up 704,394 square feet from one year ago. There are currently 442,062 square feet under construction.
Sale Activity
In the fourth quarter, 67 retail transactions closed with a total volume of $232,777,404. The 67 buildings totaled 606,039 square feet and the average price per square foot equated to $394.48 per square foot. The average Cap Rates were 6.2%.
Tallying all retail building sales.
Mark of a Market
One of the largest transactions that occurred within the Las Vegas market was the sale of Gibson Center at 171 N Gibson Road. This 10,523 square foot shopping center was sold for $3,400,000 or $323.10 per square foot. The property was sold on 12/19/2024. The Buyer was Techrevive NV LLC. The Seller was GC South LLC.
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