Las Vegas Retail Market Report
Second Quarter 2023
Inventory
Total retail inventory in the Las Vegas market area amounted to 121,187,686 square feet, up 521,816 square feet from one year ago. There are currently 1,401,414 square feet under construction.
Sale Activity
In the second quarter, 36 retail transactions closed with a total volume of $89,488,960. The 36 buildings totaled 414,511 square feet and the average price per square foot equated to $215.89 per square foot. The average Cap Rates were 5.7%
That brings the total for the 2023 calendar year to 72 transactions totaling $217,765,246 in sales volume. The total square footage sold was 820,103 square feet for an average price per square foot of $246.26. The average Cap Rate was 5.9%
Tallying all retail building sales.
Mark of a Market
One of the largest transactions (excluding the resort corridor and specialty properties) that has occurred within the Las Vegas market is the sale of KinderCare at 7380 South Buffalo Dr. This 12,931 square foot day care sold for $7,475,000 or $578.07 per square foot. The property was sold on 5/5/2023. The Buyer was Len Robinson. The Seller was Ramesh Rao.
The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.
