This October when CCIM Live! attendees arrive in Las Vegas -- one of the markets hardest hit by the housing collapse and recession -- they'll see some signs of life in the city’s retail sector. According to local valuation firm Applied Analysis, Las Vegas' retail vacancy rate has remained in the 10 percent range for the past 12 quarters, averaging 10.5 percent for 1Q12. Positive net absorption has continued for three of the last four quarters, with 203,300 sf leased in 1Q12.
Yes, they are still building in the desert: 300,000 sf will complete in 2013, and another planned 4.3 million sf is in being actively marketed. Average asking rents fell from $1.53 psf to $1.45 psf YOY, indicating "that landlords have become increasingly aggressive in their efforts to attract tenants," says Brian Gordon, principal of Applied Analysis. Overall, rents are down 34.1 percent from the peak. Of product types, power centers are outperforming neighborhood and community centers both in leasing and rents.
On Day 2 of CCIM Live!, attendees can learn more about current economic conditions and the impact on commercial real estate during the session "Economic Outlook for Real Estate Investors and Decision Makers."
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| The Forum Shops at Caesars Palace |
On Day 2 of CCIM Live!, attendees can learn more about current economic conditions and the impact on commercial real estate during the session "Economic Outlook for Real Estate Investors and Decision Makers."
