Retail construction in the Las Vegas Metro area is still growing at a rapid pace. During this year’s first quarter, the area expanded by 1.8 million sf, increasing total inventory to 46.2 million sf, according to a report by local research firm Applied Analysis. Vacancy rates fell to 2.5%, from 2.7% during the last year’s Q4. And there is more to come, with 4.8 million sf currently under construction and a significant amount of space, nearly three times that much, in developers’ pipelines for projects all around the area. Brian Gordon, a principal at Applied Analysis, spoke with GSR Ticket about what’s happening in the vibrant market.

GSR: What is unique about the Las Vegas area retail-wise as opposed to other parts of the country?

Gordon: The most significant difference from other major metropolitan areas is the level of growth that we’re experiencing here in Las Vegas. We’re welcoming somewhere between 80,000 and 90,000 new residents every year, and that has residential-development activity remaining relatively healthy.

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