Co Star I Market Trend: Denver’s Retail Vacancy Decreases to 6.6%

ImageThe Denver retail market did not experience much change in market conditions in the second quarter 2013.

The vacancy rate went from 6.7% in the previous quarter to 6.6% in the current quarter. Net absorption was positive 698,548 square feet, and vacant sublease space increased by 3,864 square feet. In first quarter 2013, net absorption was positive 789,143 square feet.

The largest lease signings occurring in 2013 included: the 44,171-square-foot-lease signed by Mi Pueblo Latin Market Inc at 5908 E 64th Ave; the 40,000-square-foot-deal signed by Urban Lights at 1385 S Santa Fe Dr; and the 28,940-square-foot-lease signed by Better Bodies at Aurora City Square.

Quoted rental rates increased from first quarter 2013 levels, ending at $14.75 per square foot per year.

A total of 20 retail buildings with 480,381 square feet of retail space were delivered to the market in the quarter, with 352,514 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.7% from the previous quarter, with net absorption positive 23.11 million square feet in the second quarter. Average rental rates increased to $14.50 this quarter, and 593 retail buildings delivered to the market totaling almost 9.6 million square feet.

Read more: Co Star I Market Trend: Denver’s Retail Vacancy Decreases to 6.6%
Re-posted by: Crosbie Real Estate Group

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