Big Box Blues
After three quarters of strong net absorption, Southern Nevada's retail market experienced negative 25,803 square feet of net absorption in the first quarter of 2018. Net absorption often decreases when new completions are light, and new completions totaled only 18,237 square feet this quarter. In addition, the closure of anchor retail locations continued to take a toll on the market. This cause the retail vacancy rate to increase to 8.2 percent from last quarter's 8.1 percent. Asking rental rates increased to $1.36 per square foot (psf) on a triple-net (NNN) basis from last quarter's $1.35 psf NNN.
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