Growth in LV Retail Market Looks Promising
Author: Diana Heeb Bivona
According to reports from Marcus & Millichap Real Estate Investment Services and CB Richard Ellis, the Las Vegas retail market will continue its prosperity throughout 2007 and in the years to come. Ongoing steady population growth has new retail developments under construction and retailers preleasing significant amounts of space. This is keeping vacancy numbers low and rates high.
Marcus & Millchap reports that developers are on track to deliver 3.2 million sf of space by year end, up from 2.1 million sf last year. Although more space is being delivered, vacancy rates are forecasted to remain unchanged at 4.2%. Asking and effective rents are forecasted to increase 5.6% in 2007.