Northern Nevada
By Gary Tremaine, Dickson Commercial Group (DCG)
The retail market in Washoe County remained steady in Q4, with vacancy moving down slightly to 3.8%, reflecting sustained demand for retail space. The quarter did not include any leases exceeding 6,000 sq. ft., indicating limited large-format leasing activity. The largest direct lease was Anthropologie’s 5,995 sq. ft. lease at the Summit Mall. Remaining leasing activity consisted primarily of smaller-format retail spaces, totaling 105,782 sq. ft. of net absorption in 2025. While large-format leasing was limited, the lack of movement reflects a tightly held market with constrained availability rather than weakened tenant demand. With vacancy continuing to trend lower, the retail sector is expected to remain stable and competitive heading into the new year.
As 2025 came to a close, retail investment activity in Washoe County recorded its strongest quarter of the year, with transaction volume reaching $127,169,334. Retail investment volume increased each quarter sequentially throughout 2025, culminating in a notable quarter-over-quarter gain in the fourth quarter. Activity was driven primarily by national quick-service brands and the sale of large multi-tenant shopping centers. While leasing activity picked up slightly, sales momentum remained strong, underscoring continued investor confidence and sustained capital interest across the region’s retail sector.
Southern Nevada
By Liz Clare, Principal-Capital Markets, Avison Young – Las Vegas Office
The retail property market in Las Vegas ended Q4 2025 with steady fundamentals despite a moderate increase in vacancy and a more cautious retail environment.
By the end of 2025, overall retail vacancy in Las Vegas rose to just over 6%, reflecting a slight increase both quarter-over-quarter and year-over-year as some retailers consolidated locations and leasing activity slowed earlier in the year. Overall, vacancy remains relatively low compared with historical levels, indicating a healthy market.
Retail rents showed modest growth in 2025. Average asking rates reached just over $25 per square foot, representing an increase of about 1% compared with 2024. The limited availability of developable land, along with high construction costs, has restrained new supply and helped support rent levels across many strip and power centers.
Development activity remained active but measured. Nearly 1 million square feet was under construction at year-end. Much of the new inventory is concentrated in high growth suburban corridors with strong population growth.
Overall, Q4 2025 market data signals a stable Las Vegas retail market with modest vacancy increases balanced by steady rent growth and ongoing development tied to the region’s long-term population and tourism growth.
