Vegas Retail Real Estate Making Comeback
(Las Vegas, NV) — Colliers International Las Vegas released its second quarterly market report on retail real estate. It shows signs of comeback in that sector which struggled for a long time.
Colliers International’s John Stater compiled this latest report. Stater says shopping centers are being built in the Northwest part of town, which helps. He says the soon-to-be completion of the Downtown Summerlin Shopping Center helps too.
The vacancy rate for retail is 9.1 percent. Stater says a healthier number would be in 3 the percent range.
Following two consecutive quarters of negative net absorption in the retail sector, the second quarterly market report of 2014 by Colliers International – Las Vegas highlighted more than 200,000 square feet of retail net absorption and more than 30,000 square feet of new completions in the retail sector.