The retail market in Southern Nevada experienced a more substantial absorption in Q1 2026 than in the entirety of 2025.
Colliers recently released its Q1 2026 Las Vegas Retail market report, which found the region’s retail inventory expanded by 89.6KSF during Q1. The total retail inventory in the Las Vegas metropolitan area currently sits at 70.7MSF. Total inventory was at 70.6MSF to end 2025, and 70.2MSF one year ago.
Absorption reached 234.7KSF to start the year. The previous quarter had a net absorption of 79.6KSF, while Q1 2025 had an absorption of -104.5KSF.
To coincide with the increased absorption, vacancy rates have also started to come down. Vacancy rates fell by 0.2% both quarter-over-quarter and year-over-year from 4.5% to 4.3%.
The average asking rental rate for a triple-net lease rose to $1.96/SF. This is a $0.06/SF increase QoQ, and a $0.18/SF increase YoY.
The next four quarters are expected to see 505.4KSF of freshly completed retail space. Of that total, roughly 56.8% is pre-leased.
There is currently 568.8KSF of space under construction. Q4 2025 had 498.5KSF of retail space under construction, while there was only 266.3KSF of retail space under construction to start 2025. To view the report in its entirety, click here.
