Northern Nevada
By Gary Tremaine, Dickson Commercial
In Q3 2025, retail investment in Washoe County posted another strong quarter, with transaction volume reaching $101,439,945, reflecting a sharp increase from the previous quarter. Activity was driven by sustained demand from both investors and owner-users, underscoring continued confidence in the local retail market. While leasing activity began to level off at a more measured pace, sales momentum remained a standout, with retail properties continuing to attract significant capital across the region.
Single-tenant transactions accounted for 32.38% of total retail investment volume during Q3 2025, trailing multi-tenant sales. Both in-state and out-of-state investors were active in multi-tenant retail acquisitions during Q3 2025. Multi-tenant centers accounted for 67.62% of sales volume, totaling $68,597,500.
The retail market in Washoe County remained steady in Q3, with vacancy edging down to 3.9%, reflecting sustained demand for retail space. With vacancy trending lower, the retail sector is expected to remain stable and competitive through the remainder of the year.
While net absorption was steady in Q3, active projects illustrate sustained developer confidence in the regional retail market and consistent demand for modern, well-located space.
Southern Nevada
By Hillary Steinberg, Vice President, Avison Young
The Las Vegas retail property market continued to display resilience in Q3 2025, despite a mixed broader economy. Retail inventory grew by approximately 170,000 square feet (sf) during the quarter and included the completion of a new Costco in the Southwest submarket along the I-215 Beltway.
Net absorption was positive, at just under 90,000 sf. Meanwhile the overall vacancy rate closed out slightly higher at just over 4% as compared to Q2 2025 and landlords pushed rents a little more than in the previous quarter.
A notable share of recent leasing activity has been driven by local businesses rather than large national chains, reflecting a broader shift in the market. This trend suggests an increasing openness to neighborhood-focused, independent, and service-oriented retailers, even as traditional big-box and national brands continue to play an important role. The tenant mix is gradually diversifying, with local operators, specialty shops, and food-and-beverage concepts becoming a more prominent part of the retail landscape.
Overall, Q3 underlines a retail market in Las Vegas that remains relatively healthy — benefiting from limited new supply, steady demand, and modest rent growth.
