Northern Nevada
By Gary Tremaine, Dickson Commercial
As we moved through Q2 2025, retail investment in Washoe County saw a notable surge, with transaction volume reaching over $75 million and marking a strong increase from the previous quarter. Single-tenant sales in Washoe County remained strong through Q2 2025, accounting for 76.47% of total retail transaction volume for the quarter.
California investors played a significant role in multi-tenant retail acquisitions during Q2 2025. Multi-tenant retail centers accounted for the remaining quarter of sales volume for the quarter, totaling $21,650,000 in transactional activity. The retail market in Washoe County remained steady in Q2, with vacancy ticking up slightly to 4.3%, signaling continued demand for retail space.
Unlike the previous quarter, which featured a lease over 20,000 square feet, Q2 saw no transactions of that scale. Despite the modest increase in vacancy, the retail sector is expected to remain stable and competitive through the remainder of the year.
The midpoint of the year continued to see a measured start, and targeted development activity continues in the region. Although net absorption has backtracked, these ongoing projects reflect sustained developer confidence in the region’s retail market, driven by demand for modern, well-located spaces.
Southern Nevada
By Liz Clare, Avison Young
The Las Vegas retail market remained strong in Q2 2025, with vacancy dropping to a decade low of 5.3%, signaling sustained demand and limited new supply. This drop is driven by population growth, tourism recovery, and steady consumer spending. Limited availability—especially in areas like Summerlin, Henderson, and the Southwest Valley—has led to strong tenant retention and demand for long-term leases. Retailers in food, wellness, and entertainment continue to expand as the city’s economy diversifies beyond tourism.
While asking rents reached $35.74 per square foot, rent growth has slowed compared to previous quarters, reflecting a more balanced market. Although rent growth has moderated since the 2021 peak, it continues to outpace national trends, especially in high-traffic areas. Landlords retain leverage, often offering limited concessions while facing upward pressure on construction-related tenant improvement costs.
Approximately 1.2 million square feet of retail space is under construction, with a focus on mixed-use and experiential projects such as The Bend and AREA15’s ongoing expansion. Suburban growth is also active, led by developments like Cadence Village Center II in Henderson, expected to deliver in 2026. The market remains well-positioned, with tight vacancy and evolving retail formats driving long-term stability.
