Healthy Las Vegas Retail Market For 2006
Rapid Las Vegas population growth and rising median household incomes are keeping the Las Vegas retail market healthy through the first half of the year. Las Vegas fell to No. 19 from No. 12 in 2005 in a report from Marcus & Millichap brokerage firm that ranked 42 cities based on a series of supply-and-demand indicators such as population, employment, retail construction and vacancy rates.
Part of the problem is that retail developers have not been able to compete with Las Vegas home builders for 10 and 15 acre potential retail sites, Hank Gordon of Las Vegas-based Laurich Properties said.
The market is still enjoying healthy retail sales growth and tightening vacancy rates among retail properties, said Christopher LoBello, regional manager of Marcus & Millichap in Las Vegas.
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