Las Vegas Retail Market Report
Third Quarter 2018
Inventory
Total retail inventory in the Las Vegas market area amounted to 116,140,331 square feet in 7,506 buildings and 1083 centers as of the end of the third quarter 2018.
Sales Activity
In the second quarter, 18 retail transactions closed with a total volume of $147,215,154. The 18 buildings totaled 759,992 square feet and the average price per square foot equated to $193.71 per square foot. That compares to 21 transactions totaling $238,790,127 in the first quarter 2018. The total square footage in the first quarter was 1,834,075 square feet for an average price per square foot of $130.20.
Cap rates have been higher in 2018, averaging 7.20% compared to the same period in 2017 when they averaged 6.99%.
Tallying retail building sales of 15,000 square feet or larger.
Mark of a Market.
One of the largest transactions that has occurred within the last four quarters in the Las Vegas market is the sale of Best in the West in Las Vegas. This 464,917 square foot retail center sold for $87,000,000, or $187.13 per square foot. The property sold on 2/9/2018, at a 7.85% cap rate.
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.
