Retail space in the Denver metro area is getting hard to find. The vacancy rate has fallen to an 18-year low.
Ninety-four percent of retail space in the Denver area is filled, according to a new report from real estate firm CBRE. Retail hasn’t been this full since 1998. Yet, in a bit of good news for tenets, lease rates have stabilized over the last year at about $17 a square foot.
Developers have recognized the need for space, and are trying to keep up. About 700,000 square feet of new retail is under construction. That should keep lease rates from spiking.
CBRE noted that certain businesses are driving the growth, including grocery stores, medical centers and quick-serve restaurants.