Taco Bell | Absolute NNN | 20-year Lease 7950 N Decatur Blvd

Over the next five years, the Las Vegas market’s population is expected to expand by nearly 10 percent, roughly five times the national pace. That rate of growth is projected to rank second nationally behind only Austin. Las Vegas’ comparably milder cost-of-living pressures will meanwhile allow for greater household creation, with the metro’s 14 percent rate of expansion through 2028 expected to lead all other major U.S. markets by at least 150 basis points. The broadening local consumer base will enhance spending and drive tenant demand for available retail space. Locations with sizable multifamily construction pipelines may capture a notable share of household formation, underpinning retail tailwinds. As of May 2024, Southwest Las Vegas led the market with over 2,800 rentals underway. Northwest and South Las Vegas also each had at least 1,500 units under construction.