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Retail Vacancies to Drop

DENVER-The strongest sector of commercial real estate in the Denver area is retail, and projections indicate that the trend will continue. According to one recent report, the city's overall vacancy is expected to drop by 40 basis points by year's end.

By John Rebchook | Updated on October 03, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

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