Northwest LV, Henderson remain retail hot spots

Thursday, Nov. 2, 2000 | 11:09 a.m.

With 1.8 million square feet of new buildings to be completed in the next 12 months, Henderson remains the largest retail submarket in Southern Nevada.

But real estate experts with Colliers International say the intersection of U.S. 95 and Centennial Parkway in northwest Las Vegas is likely to be the next retail hot spot in the next year and a half.

Officials with the Las Vegas office of Colliers gave their quarterly report on the status of retail, office and industrial property in the valley last month.

The 880,000-square-foot Centennial Centre is under construction near what eventually will be the northern leg of the Las Vegas Beltway. A report on suburban retail properties by Colliers said the northwest area eventually will be home to 1.9 million square feet of retail space.

"The northwest submarket has had very light construction activity so far this year, with no new product coming online this quarter," the Colliers report said. "However, all four corners of Charleston and Rampart (boulevards) are in predevelopment stages.

"This will be one of the highest quality retail intersections in the valley. As the Interstate 215 beltway is completed, the northwest should see an increase in new strip center development," the report said.

Currently in Henderson, there is 1.1 million square feet of retail space under construction with activity centered around the Galleria Mall and south of Lake Mead Drive. Colliers said vacancy rates in Henderson are at 0.9 percent this quarter due to strong leasing in the previous quarter.

The southwest submarket is expected to blossom in two to three years, Colliers said, with growth to increase as the residential communities of Summerlin and Rhodes Ranch spur future retail development.

The slowest submarkets in retail development for the quarter occurred in east Las Vegas and North Las Vegas, where only 67,000 square feet of new space was completed. Colliers said the retail center at Craig Road and Martin Luther King Boulevard "is certain to be the most sought after for retail expansion in the North Las Vegas submarket in the coming 18 months."