Valley retail market left reeling in fourth quarter

January 2009
Las Vegas Business Press (10712186);1/12/2009, Vol. 26 Issue 2, p10
The article reports on the decline of the retail market in Las Vegas, Nevada in the fourth quarter of 2008 due to the credit crunch and recession according to CB Richard Ellis. Vacancies and negative absorption rose in the city while rents have decreased. Developers have difficulty securing financing for planned projects while retail construction fell by nearly 20%. Some of the retail projects that were halted due to investor and developer wariness are the Summerlin Centre of General Growth Properties and Clock Tower of Citation Property Group.


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