Search
 

Denver Vacancies to Drop

DENVER-The strongest sector of commercial real estate in the Denver area is retail, and Marcus & Millichap projects that trend will continue.

By John Rebchook | Updated on October 03, 2005

DENVER-Denver’s overall vacancy rate is forecast to drop by 40 basis points to 7.7% by the end of the year, projects the latest Retail Research Report by Marcus & Millichap. The rising occupancy rate should allow owners to raise rents an average of 4% this year, to an average per sf price of $18.09.

Retail follows rooftops, as well as the employment base, and the metro area is expected to see 29,500 new jobs in 2005, a 2.5% boost from the previous year and the second consecutive year of expansion, the report notes. “The continued recovery of the local economy is expected to foster retail sales growth of 3.6% this year,” states the report.

Developers are taking advantage of the strong fundamentals. The metro area is on track to deliver 2.3 million sf of retail space this year. While that may seem like a lot, it’s an 8% drop from the 2.5 million sf delivered last year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.