For those who lived through the recession in the Las Vegas area, you may recall for lease signs everywhere and pole and monument signs nearly empty of names. Despite being a busy corridor even during the recession, the Eastern corridor from the 215 to Anthem was not immune to trouble. Today, however, is a different story.
If we look at retail within a half-mile of the corridor, we find just 48 spaces. Although the square footage total seems noteworthy, if we subtract a nearly 60,000 sq.ft. former Albertsons, we have just 47 spaces, most between 1,000 and 3,000 sq.ft. With the former Albertsons removed, the availability rate drops from almost 6% (still below the five-year average) to 3.7%. This is relatively low but no longer surprising given that traffic near Eastern and Serene was almost 100,000 in 2014 and will surely be higher in the 2015 measurements.