Valley Retail Sector Struggles in Second Quarter

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Southern Nevada retail sector still struggled during the second quarter, continuing an eight-quarter decline, reports Colliers International Las Vegas. Valley retail vacancy was 9.5% at the end of June, with 100,229 square feet of net absorption for a year-over-year decrease of more than 50,000 square feet. Meanwhile, distressed retail properties sales accounted for $11.3 million in the second quarter, with a higher average price per square foot than non-distressed properties. Overall, it indicates that distressed properties are better designed or located. New retailers are also expected to enter or expand in Southern Nevada over the next four quarters, which will positively impact the sector. “With new construction at a stand-still, we predict the next 12 months will see things continue much as they have for the last 12 months, with demand for retail space keeping pace with growth in retail sales and employment,” said Colliers research manager John Stater. For the full report, CLICK HERE.