The Northern Nevada Retail sector hit its highest quarterly sales volume in more than five years during Q3 2025.
Colliers recently released its Q3 Northern Nevada Retail Market Report, which was optimistic about the future of the sector in the region.
The total number of active retail projects decreased in Q3 after several deliveries. The Central/Airport submarket saw an increase in freestanding retail.
The pipeline is described as homing in on small, targeted projects that focus on tenant demand and the strengths of each submarket. Colliers said this shows the market is pivoting toward strategic growth, as opposed to speculative expansion.
New leasing activity in the region was strong despite the overall negative absorption. The negative absorption was primarily caused by tenants vacating large spaces.
Sales volume reached $118.9M, which is 67.7% higher than the previous quarter. Despite this, the price/SF fell to $221.79, which is an overall 10.3% decrease.
Overview
The Retail sector in the region had an overall vacancy rate of 5.7%. Net absorption totaled -44KSF, while there is currently 19KSF of retail space under construction. The overall asking lease rate sat at 1.67SF. To read the report, click here.
