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Retail Market Holding Its Own, Report Says

DENVER-Layoffs and new office space are likely to push vacancies up and rental rates flat, according to a report by Marcus & Millichap, but fewer construction starts and low interest rates will keep the market stable.

By John Rebchook | Updated on November 13, 2001

DENVER-Despite about 30,000 layoffs and about 2 million sf of new space, the retail market is holding its own, according to a report by the Denver office of Marcus & Millichap. ”Recent evidence has indicated that the demand for retail is slowing, but the Denver retail market is expected to remain healthy over the next year,” says David Osborne, regional manager of the Marcus & Millichap office.

”The reduction in construction starts combined with lower interest rates are expected to keep the Denver retail market relatively stable,” he adds. ”In the near term, demand for new space is expected to remain moderate, pushing vacancies up slightly.”

Despite the recent round of layoffs, estimated by state budget czar Nancy McCallin at 30,000, the business service sector will create at least 25,000 new jobs this year, Osborne notes.

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