Market Update – Q3 2023 – Denver Retail

  • Denver's retail market remains strong due to a low vacancy rate, limited new construction, and a resilient consumer base.
  • Retail availability is historically tight, with very little competitive space on the market. National chains are driving leasing activity, and Denver's construction pipeline remains subdued.
  • Denver's multifamily construction boom is driving the demolition of obsolete retail product across the metro, and rents have barely risen over the past year. Downtown continues to struggle with vacant storefronts and rents have contracted in the submarket, dragging down market-level performance.
  • Investment activity has slowed since the beginning of 2022, but buyer demand continues to run high. Few sellers are willing to divest of cash-flowing assets with low interest rates in place.
  • Large institutional buyers and REITs have largely retreated from the market, with nearly 80% of sales in the past year involving a private buyer.
  • Still, out-of-state buyers remain active in the Denver retail market, often targeting well-anchored assets in high-growth areas when opportunities present themselves.
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