Retail Market Update – Q4 2023 – Nationwide Overview & Denver Highlights


  • The U.S. retail space markets have displayed resilience, which can be attributed to steady demand across a diverse array of sectors, a significant reduction in store closures, and minimal new supply entering the market.
  • Rent increases have been strongest in Sun Belt markets, experiencing strong population and buying power growth, especially for smaller shop spaces along prime corridors.
  • Leasing activity continues to concentrate in smaller spaces under 3,000 square feet, largely propelled by the expansion of quick-service restaurants.
  • In 23Q4, nationwide retail vacancies hit a historic low of 4.04%, significantly below the 10-year average of 4.71%.

Denver Highlights

  • Denver’s retail market continues to demonstrate strength, characterized by exceptionally low availability rates, limited new construction, and a resilient consumer base.
  • National chains, particularly quick-service restaurants, convenience stores, and banks, are driving leasing activity in smaller formats.
  • Overall, Denver's retail market remains resilient and continues to attract investor interest.

With access to over 386 retail markets nationwide, we provide invaluable insight to support your commercial real estate investment goals. Reach out to us today to begin a conversation about how we can help you navigate the complexities of the retail real estate landscape.


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