Northern Nevada
By Gary Tremaine, Dickson Commercial
Moving into 2025, the retail market in Washoe County continued to show strength, consistent with previous quarters. Transaction volume totaled $55,036,029—making it the second-highest quarterly volume recorded over the past year. Single-tenant sales in Washoe County remained strong in Q1 2025, making up 47.90 percent of total retail transaction volume for the quarter. Regional buyers remained active throughout the quarter, totaling $28,675,000 in transactional volume.
The retail leasing market in Washoe County held steady, with a slight increase in vacancy to 3.8 percent, reflecting sustained demand for retail space. Unlike the previous quarter, which saw three lease deals exceeding 20,000 square feet, Q1 recorded only one transaction of that size—Inspire Nevada’s 26,258-square-foot lease near Downtown Reno.
Q1 2025 saw a measured start, but development activity remains strong across the region. In Downtown Reno, mixed-use projects are gaining momentum. Although net absorption has slowed from the previous quarter, these ongoing projects reflect sustained developer confidence in the region’s retail market, driven by demand for modern, well-located spaces.
Southern Nevada
By Giovanna Abraham, Avison Young
The Las Vegas retail commercial real estate market remains exceptionally tight, marked by low vacancy, limited new supply, and rising rents. Tenant demand continues to outstrip supply, particularly in top-performing corridors, where site selection is further constrained by land scarcity. With over 800,000 square feet under construction and most of it already spoken for, the competitive leasing environment shows little sign of easing. As retailers chase high-visibility locations and landlords maintain leverage, the market dynamic favors owners, especially in single-tenant and drive-thru formats, despite broader economic headwinds and elevated construction costs.
Las Vegas retail vacancy continues to hover near 15-year lows, a reflection of tight market conditions where tenant demand has kept pace with supply. Limited availability, particularly for single tenant spaces, has made it increasingly difficult for retailers to secure ideal locations, especially in high-demand submarkets like Henderson and Summerlin. Retail rents in Las Vegas remain strong, supported by scarce availability and persistent tenant interest. 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.
