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Market Report

Denver Retail Market Report

2024 Investment Forecast

Marketwide Fundamentals Continue to Normalize,
Though Growing Corridors Present Opportunity

Expanding residential areas aid local retail space demand. Between 2019 and late 2023, Cherry Creek and Southeast Aurora each recorded an increase in occupied apartment stock of at least 11 percent. Residential popularity in these areas has corresponded with growing demand for retail space nearby, as both submarkets each held vacancy rates at least 100 basis points below the market measure. Businesses catering to an upper-income populace are at the forefront of leasing activity here, with restaurants, clothing retailers and a pickleball facility having all taken up space late last year. Upcoming move-ins by the Le Colonial restaurant and women’s fashion brand Garbarini headline this trend moving forward. Marketwide conditions, however, are set to moderately soften again in 2024 as the rate of household income growth has been outpaced by inflation since 2019. This will continue to impact discretionary spending and, in turn, results in net absorption falling to a five-year low, lifting Denver’s metrowide vacancy rate to match its pre-pandemic measure.

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