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Vacancy Gains Further From the City Center
Offset by Near-Term Losses in the Resort Corridor
Short-run movement should not temper long-term outlook. The resort corridor reported a 430-basis-point vacancy jump to 7.1 percent during 2024 — the third-highest rate in the metro. Recovery this year could be minimal as a result; however, multiple large-scale projects along Las Vegas Boulevard could improve future demand. A $300 million renovation of MGM Grand and the construction of a new hotel-condominium, including a basketball arena, will continue. Meanwhile, a handful of developments will likely improve long-term retail fundamentals metrowide. Construction on the baseball stadium for the former Oakland Athletics will begin this year. A highspeed rail connecting Las Vegas to Los Angeles also continues development, providing a direct link for tourists. In the near term, local consumer spending will be bolstered by an influx of residents drawn to the metro’s expanding multifamily sector. Despite record deliveries last year, apartment vacancy also fell across every submarket, and another wave of elevated completions in 2025 is expected to attract more newcomers.