Page 18 - Las Vegas LVQR Market Research Report Q1 2024

Retail
Las Vegas 24Q1 Key Takeaways
Retail vacancy decreased to 4.2% this quarter
Net absorption was 146,168 SF
The asking rate increased to $1.66 psf NNN

YOY YOY Under YOY Overall Asking YOY
Vacancy Rate Net Absorption Construction Lease Rates (NNN)
4.2% FORECAST 146K SF FORECAST 158K SF FORECAST $1.66/ SF FORECAST

Southern Nevada Retail Starts Year Strong

Southern Nevada’s retail market had 146,168 square feet of net absorption in the first quarter of 2024, a significant
improvement over the negative net absorption experienced last quarter. Vacancy decreased to 4.2%. A total of 72,480 square
feet of new retail was added to inventory this quarter. The asking rental rate increased to $1.66 psf on a triple-net (NNN) basis.

Market Indicators Market Graph

6.74% 2.85% 4.192% 800,000 8.0%
Unemployment GDP - Quarterly % U.S. 10 Year
Rate change yr/yr Treasury Note 600,000 7.0%

Historic Comparison 400,000 6.0%
200,000 5.0%
23Q1 23Q4 24Q1
0 4.0%
Total Inventory -200,000 3.0%
(in Millions of SF) 71.0 70.9 71.0
-400,000 2.0%
New Supply 59.2 30.5 72.5
(in Thousands of SF) -600,000 1.0%
-800,000 0.0%
Net Absorption 280.8 -16.2 146.2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
(in Thousands of SF)
2021 2022 2023

Total Vacancy 4.3% 4.3% 4.2% Absorption New Supply Total Vacancy

Under Construction 428.9 254.0 157.9 After three consecutive quarters of negative net absorption in
(in Thousands of SF) 2023, demand for retail bounced back this quarter with 146,168
square feet of net absorption
Overall Asking Lease
Rates (NNN) $1.62 $1.65 $1.66

Recent Transactions

Lease Lease Lease Lease Lease Lease
Colliers | Salt Lake County| 21Q1 | Office Report
3220 E Flamingo 6920 Arroyo Crossing 3220 E Flamingo 1200 S Rainbow 8050 N Buffalo 6550 S Decatur
11,303 sf 10,058 sf 7,185 sf 4,900 sf 2,325 sf 2,325 sf