Denver Retail Market Report
Lower-Cost Submarket a Top Performer;
Strong Spending Leads to Strong Rebound
Aurora's retail resurgence is noteworthy. Following the market's economic recovery from the health crisis, suburban fundamentals have strengthened. Aurora, in particular, is having an impressive retail rebound, as its growing apartment renter base is heightening local consumer demand for goods and services. Over the past year ended in the second quarter, the submarket's retail sector experienced year-over-year vacancy compression of 240 basis points and average asking rent expansion of 8.0 percent, leading all submarkets. Inventory here grew by just 0.4 percent during the four-quarter period, guiding expanding retailers to existing options. Local supply growth is expected to further dwindle in the near term, as a minimal volume of space was underway in the submarket as of August.