Page 22 - Las Vegas LVQR Market Research Report Q1 2024

Colliers 5
Retail
Las Vegas 24Q1

Glossary

General Definitions Retail Subtypes

Direct Lease: Space in a building offered for lease directly by Community Center (CC): Retail centers anchored by
the owner of the building. supermarkets, drug stores and discount department stores.
Tenants include off-price retailers selling apparel, home
Sublease: Space in a building that is offered for sublease by
furnishings, toys, electronics or sporting goods.
the primary tenant.
Neighborhood Center (NC): Retail centers anchored by
Net Absorption: The difference in occupied square footage
supermarkets and drug stores. Neighborhood centers are
from one period to another.
intended for day-to-day convenience shopping.
Direct Availability Rate: The percentage of total inventory
Power Center (PC): Retail centers dominated by several large
available for direct lease, regardless of whether it is vacant.
anchors including discount department stores, off-price
Sublease Availability Rate: The percentage of total inventory stores, warehouse clubs or “category killers”. Power centers
available for sublease, regardless of whether it is vacant. generally do not include much inline space.
Availability Rate: The percentage of total inventory available Strip Center (SC): Unanchored retail centers that are 20,000
for direct lease or sublease, regardless of whether that space square feet in size or larger.
is vacant or occupied.
Freestanding (FR): Freestanding retail buildings that are
Vacancy Rate: The percentage of total inventory that is 10,000 square feet in size or larger.
available for direct lease or sublease that is vacant.
Under Construction: Project has gone vertical; i.e. foundation
poured, walls framed or tilted, etc.
Planned Construction: Project is scheduled to begin
construction within the next twelve months.

Retail Demographics

Average Household
Households Occupied Retail SF Occupied Retail SF
Submarket Income
(2023) (2023) (2024)
(2023)
Downtown 41,697 $52,848 2,839,308 2,824,466
Henderson 139,276 $119,640 11,836,637 11,881,322
North Las Vegas 89,500 $87,197 6,999,852 6,991,154
Northeast 87,054 $65,621 3,807,184 3,831,511
Northwest 204,772 $113,998 15,035,254 15,042,569
Southwest 125,549 $112,995 9,363,413 9,400,220
University East 112,963 $76,812 9,687,328 9,563,515
West Central 54,859 $68,836 8,276,020 8,294,025

Colliers | Las Vegas | 24Q1 | Retail Report