Las Vegas Retail Market Report
Third Quarter 2022
Inventory
Total retail inventory in the Las Vegas market area amounted to 119,541,302 square feet, up 586,855 square feet from one year ago. There are currently 1,250,469 square feet under construction.
Sale Activity
In the third quarter, 132 retail transactions closed with a total volume of $409,571,189. The 132 buildings totaled 1,534,869 square feet and the average price per square foot equated to $336.91 per square foot. The average Cap Rates were 4.8%
That brings the total for the 2022 calendar year to 434 transactions totaling $3,683,058,561 in sales volume. The total square footage sold was 5,731,970 square feet for an average price per square foot of $733.83. The average Cap Rate was 5.5%
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 Fashion Village at Boca Park at 750 S. Rampart Blvd. This 139,195 square foot shopping center sold for $36,083,117 or $259.23 per square foot. The property was sold on 9/1/2022. The Buyer was Kevin Elder. The Seller was C-III Asset Management.
The information in this post has been sourced by and is credited to ©2022 CoStar Group, Inc.
