realestate

Las Vegas Real Estate Market: Navigating Uncertainty for Deals

Commercial real estate professionals gather in Las Vegas for three days of networking and deal-making.

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CSC Las Vegas will take place at the Las Vegas Convention Center from May 17-20, bringing together the commercial real estate world for three days of informative sessions, networking, and deal-making. The event is expected to attract around 25,000 attendees and 800 exhibitors, similar to last year's numbers.

    The current business landscape is strong despite economic uncertainty, with retail availability at a recent high due to store closures. This presents an opportunity for retailers to expand into vacant spaces. According to Stephanie Cegielski, VP of research and public relations at ICSC, "We're quickly seeing it leased by other brands" as soon as stores close.

    Record-high occupancy rates mean there's limited space available for lease, but discount retailers are looking to capitalize on this trend with price-sensitive consumers. Redevelopment of underperforming properties is also expected to create new opportunities for space.

    Landlords are being selective in who they bring in, prioritizing creditworthy tenants and those that will attract consumers. There has been a shift towards more diverse tenant compositions, with dining options, boutique fitness studios, and entertainment venues becoming increasingly popular.

    At the show, retailers will focus on networking and making deals, with connections being a primary reason for attending ICSC events. Cegielski advises attendees to "give yourself some time to get from hall to hall and wear comfortable shoes" as they navigate the convention center.

Las Vegas real estate market map with uncertain deals and negotiations underway.