LAS VEGAS-The local retail market continued to sizzle during the first three months of the year, with 1.8 million sf of new deliveries offset by just over 1.8 million sf of leasing activity. The result was a 2.5% vacancy rate as of the end of March, down from 2.7% at the end of the year and 2.6% one year ago, according to research by Applied Analysis, a local advisory services firm. To accommodate demand, another 4.8 million sf is under construction and about three times that total is on the drawing board.

“The latest figures demonstrate the relaitve health of the retail real estate sector as substantial pent-up demand during the past two years was fulfilled,” says Applied Analysis principal Brian Gordon. “A lack of new inventory prior to this quarter was partially driven by an overheated residential market that had land owners seeking high-density residential builders rather than commercial space developers. A more balanced land distribution is likely to prevail in the coming quarters.”

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