Las Vegas Retail Market Report
Second Quarter 2018
Total retail inventory in the Las Vegas market area amounted to 116,232,738 square feet in 7,480 buildings and 1080 centers as of the end of the second quarter 2018.
In the first quarter, 21 retail transactions closed with a total volume of $238,790,127. The 21 buildings totaled 1,695,302 square feet with an average of $140.85 per square foot. That compares to 10 transactions totaling $97,097,517 in the fourth quarter 2017. The total square footage in the fourth quarter was 616,301 square feet for an average price per square foot of $157.55.
Cap rates have been higher in 2018, averaging 7.59% compared to the same period in 2017 when they averaged 6.75%.
Tallying retail building sales of 15,000 square feet or larger.
Mark of a Market.
One of the largest transactions that has occurred in the second quarter in the Las Vegas market is the sale of Eastern Commons at 10525 S. Eastern Avenue. This 64,954 square foot retail center sold for $26,035,354 million, or $400.83 per square foot. The property sold on 5/25/2018, at a 6.20% cap rate.
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.